28th Apr 2015 07:42
LONDON (Alliance News) - Investment vehicle Challenger Acquisitions Ltd on Tuesday said it is planning to raise GBP3 million via the issue of convertible notes.
Challenger, which has been created to make investments in the entertainment and leisure sectors, did not provide any further information on the pricing of the forthcoming notes.
"Based on our successful Initial Public Offering and the Cooperation Agreement recently signed with Starneth, certain shareholders and new investors have expressed interest in providing additional capital to Challenger. We are raising the capital to position Challenger with a stronger balance sheet in order to fund an acquisition or investment at the lower end of the value range as stated in our strategy," said Executive Chairman Mark Gustafson.
Challenger Acquisitions shares were up 10% to 44.75 pence in early trade, one of the best performers in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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