Business
Cost Control Measures and Allotment of Shares
Cost Control Measures and Allotment of Shares.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \nRNS Number : 0490W Challenger Acquisitions Limited 06 February 2017 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \nFor Immediate Release \n 6 February 2017\nChallenger Acquisitions Limited\n(\"Challenger\" or the \"Company\")\n \nCost Control Measures and Allotment of Shares re Convertible Notes\n \nChallenger Acquisitions Limited (LSE: CHAL) announces that it has commenced a strategy to implement specific cost control measures and to actively manage the conversion of a portion of its outstanding convertible notes.\n \nEffective from 1 February 2017, Mark Gustafson, Chief Executive Officer of the Company, has agreed to a compensation arrangement of £1,000 per month until further notice. The board of directors has also been reduced to three members with the retirement of Markus Kameisis as an executive director. Mr. Kameisis retains his position as Chief Financial Officer of the Company. Going forward, the Company will continue to review public company costs to ensure these are minimised wherever possible.\n \nThe Company also announces that it has allotted 8,323,476 new Ordinary Shares of £0.01 each (\"Share\") on the conversion of £630,431 of the 12% unsecured convertible notes due 6 May 2017 (issued at 8.2p per share) and £50,000 of the unsecured convertible notes due 13 April 2018 (issued at 7.8p per share). An additional 15,536 Shares were allotted to settle interest of £1,274 due up until the date of conversion...