16th Jan 2019 10:47
LONDON (Alliance News) - Shares jumped in Challenger Acquisitions Ltd on Wednesday as it agreed with the developers of a wheel project in Dallas, Texas to sell its USD300,000 investment in the project back to them.
Shares in the observation wheels-focused investment company leapt 68% to 0.12 pence on Wednesday.
So far, Challenger has received USD27,000 in interest, and will receive USD50,000 per month from the end of January for six months.
The company will receive interest with each monthly payment, and until the full USD300,000 has been received, Challenger will retain all legal rights from the original promissory note.
The disposal is in line with Challenger's strategy to find a project which can utilise the public company platform.
"This transaction helps maintain the ongoing viability of our company as we continue the search for a suitable project with a view to garnering near-term shareholder value," said Chief Executive Mark Gustafson.
Related Shares:
CHAL.L