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Challenger Acquisitions
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In a statement, the AIM-listed firm simply said: “Challenger looks forward to updating the market when a new contractor is formally appointed and a new date is set for the completion of the New York Wheel”
Reports from New York said the project is set for major delays after Mammoet-Starneth, the design/build contractor, downed tools in May
"These amendments will allow us the flexibility and time to pursue additional projects over the course of 2017."
The group sees other acquisition opportunities in the attractions sector this year after realigning its relationship with engineering group Starneth.
() is selling its interest in the engineering group Starneth in a deal worth up to US$6mln.
Separately, Challenger has brokered a five-year cooperation agreement under which Starneth can provide the design, engineering and project management for observation wheel projects and Challenger can provide potential funding options for the developers of select projects.
Challenger CEO Mark Gustafesen tells Proactive: ''[The deal] was a very good way of addressing the long term timelines to get these projects moving forward''.
The buyer is a company controlled by Chiel Smits, Starneth’s chief executive.
Giant observation wheel investor () has said its New York wheel project is making “fantastic” progress and is on schedule to open in April 2018.
Chief executive Mark Gustafson tells Proactive: ''I was just there on a tour the other week. It's really fascinating to see the developments.''
''Basically, the entire ground work is complete. What we're going to see over the next 18 months is everything being constructed from the ground up and that will include the terminal building and all the major components for the giant observation wheel starting with these four massive legs'', Gustafson added.
Once finished, the New York wheel will be around 50% bigger than the London Eye and it is hoped it will be able to carry around 3.5 mln passengers each year.
The wheel’s foundations have now been completed, while the legs which the wheel will sit on have been delivered to the site in Brooklyn
The giant observation wheel investor has issued just over 4mln shares to pay off the £750,000 loan
A closer examination of the big wheel builder Challenger Acquisitions. We look at what it does, how much it's worth and where it has set its sights.
The company has a 2% stake in the New York wheel, expected to open early in 2018
Challenger Acquisitions 1 Madison Capital Markets 0
The payment had been due last month but has been deferred, although Challenger will pay 5% interest on the owed amount
The company says the US$590mln New York wheel project – in which it has a 2% interest – is now fully funded through to completion
Mark Gustafson, Challenger Acquisitions' () chief executive, has doubled his stake in the company as the development of a giant wheel in New York and one in Jakarta build momentum.
Previously, the firm outsourced the manufacturing and testing of the control systems for Giant Observation Wheels
Chief executive officer Mark Gustafson has purchased a total of 110,000 shares in the company
The company will receive £475,000 once fees have been deducted
The CEO bought a ton of shares in the last week of April and he was at it again in the first week of May
The chief executive of Challenger Acquisitions Limited spent a good deal of time buying shares in the company last week.
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.block-map-3 .block-head {
color: #2d3e50 ;
}
.block-contacts ul li:after,
.block-contacts ul li:before {
border-color: #2d3e50 ;
background-color: #2d3e50 ;
}
.block-contacts ul li:before {
background-color: #fff;
}
.block-contacts ul li span {
border-bottom-color: #2d3e50 ;
}
.block-contacts ul .active {
color: #2d3e50 ;
}
.block-contacts ul .active:before {
background-color: #2d3e50 ;
}
.block-contacts ol {
border-top-color: #2d3e50 ;
}
.block-contacts ol li {
color: #2d3e50 ;
}
.block-contacts ol li i:after {
background-color: #2d3e50 ;
}
.block-feedback .message i,
.block-feedback-2 .message i {
color: #2d3e50 ;
}
.block-not-found h3 {
color: #2d3e50 ;
}
.block-not-found .pic:before {
background-color: #2d3e50 ;
}
.block-not-found .pic div:before {
background-color: #2d3e50 ;
}
.block-not-found-2 .button {
color: #2d3e50 ;
}
.block-not-found-2 .button:hover {
background: #2d3e50 ;
}
.block-coming-soon li:before {
background-color: #2d3e50 ;
}
.block-coming-soon-2 li:after {
background-color: #2d3e50 ;
}
.widget-categories a:hover,
.widget-categories a.active {
color: #2d3e50 ;
}
.widget-top-posts a:hover {
color: #2d3e50 ;
}
.widget-text hr {
border-top-color: #2d3e50 ;
}
.widget-text em {
color: #2d3e50 ;
}
.widget-archive a:hover,
.widget-archive a.active {
color: #2d3e50 ;
}
.widget-tags a:hover {
color: #2d3e50 ;
}
.widget-categories-filter a:hover {
color: #2d3e50 ;
}
.widget-categories-filter .active {
color: #2d3e50 ;
}
.widget-categories-filter .active span {
background-color: #2d3e50 ;
}
.widget-price-filter .ui-slider-range {
background-color: #2d3e50 ;
}
.widget-price-filter .ui-slider-handle {
background-color: #2d3e50 ;
}
.widget-color-filter .active:before {
border-color: #2d3e50 ;
}
.widget-top-products .pic i {
background-color: #2d3e50 ;
}
.main-nav ul {
background-color: #2d3e50 ;
}
