Business
US$1 Million Received and New York Wheel Update
US$1 Million Received and New York Wheel Update.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \nRNS Number : 6711E Challenger Acquisitions Limited 20 July 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 20 July 2016\nChallenger Acquisitions Limited\n(\"Challenger\" or the \"Company\")\n \nUS$1 Million Received and New York Wheel Update\n \nChallenger Acquisitions Limited (LSE: CHAL), a leader in the Giant Observation Wheel industry, announces that it has received US$1 million from New York Wheel Investor LLC (\"NYWI\"). These funds, raised by Challenger in January 2016 (see announcement 29.01.16), were held in escrow by NYWI until final funding arrangements for completion of the New York Wheel Project (the \"NYW Project\") were in place. Challenger has been informed by NYWI that it has now received sufficient funding commitments from its sponsoring investors and therefore does not require these funds.\n \nNYWI is the company set up to fund the equity component of the NYW Project on New York Harbor which commenced construction in May 2015. Challenger now has a firm investment of US$3 million in the equity of NYWI, representing an interest of approximately 2% in the US$590 million NYW Project. The NYW Project includes a 630ft observation wheel, a 68,000 sq ft terminal and retail building, a 950 space parking garage and a 5,000 person capacity green roof for events.\n \nWith funding formally secured to ensure completion of the NYW Project, the project continues to advance toward...