27th May 2015 15:22
LONDON (Alliance News) - Teathers Financial PLC Wednesday said it has purchased 142,858 shares in Challenger Acquisitions Ltd, or a 1.3% stake in the company, at a price of 35 pence per share.
Challenger Acquisitions, which invests in acquisitions of entertainment and leisure companies, had its shares suspended on Tuesday after it said it had signed a letter of intent for the reverse takeover of US-based engineering and manufacturing company Starneth's main operating business and it invested in the New York Wheel project.
"Teathers is very happy to have acquired a position in Challenger at a discount to the suspension price from an existing shareholder. The board intends to pursue further investments whilst looking to build new relationships with brokers," Chairman Jason Drummond said in a statement.
Shares in Teathers were trading down 0.7% at 3.40 pence on Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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