Business
Increases Investment in New York Wheel
Increases Investment in New York Wheel.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \nRNS Number : 3580N Challenger Acquisitions Limited 29 January 2016 \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 29 January 2016\nChallenger Acquisitions Limited\n(\"Challenger\" or the \"Company\")\n \nIssue of £1.0m secured convertible notes\nFurther Investment in New York Wheel Investor LLC \n \nChallenger Acquisitions Limited (LSE: CHAL), the leader in the Giant Observation Wheel industry is pleased to announce it has raised £1.0 million by means of the issue of secured convertible notes (\"Secured Convertible Notes\").\n \nThe Company has also signed an agreement to invest a further US$1.0 million for one additional common unit in New York Wheel Investor LLC (\"Additional Investment\"), the company set up to fund the equity component of the US$500 million New York Wheel Project on Staten Island (\"NYW Project\") which commenced construction in May 2015. The NYW Project includes a 630ft observation wheel, a 68,000 sq ft terminal and retail building and a 950 space parking garage and is expected to be operational in mid 2017. Challenger made an initial investment of US$3.0 million in New York Wheel Investor LLC in May 2015 for an interest of 2.4%. On completion of the Additional Investment, which is being undertaken on the same terms as the initial investment, Challenger will hold four common units which currently represents an approximate 3% interest in New York Wheel Investor LL...