Cooperation Agreement with Starneth signed
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For Immediate Release
18 March 2015
Challenger Acquisitions Limited
(“Challenger” or the “Company”)
Challenger Targets Attractions Sector by Signing Cooperation Agreement with Starneth Holding BV
Challenger Acquisitions Limited, a company formed to undertake one or more acquisitions of target companies or businesses in the entertainment and leisure sectors, is pleased to announce the signing of a cooperation agreement which confirms its focus on the attractions sector. This specific sector includes amusement parks, which is a segment that the Directors believe generates significant economic returns for the parks’ owners and the surrounding regions.
Recent discussions between Challenger and Starneth Holding BV (“Starneth”) have resulted in a Cooperation Agreement being signed by both companies.
Starneth together with its subsidaries form an engineering and manufacturing company specialized in the design and construction of Giant Observation Wheels and Structures.
The Starneth team is made up of a number of the people behind the design and construction of the highly successful London Eye. Several members of the former London Eye engineering, construction and erection team are current members in Starneth; while others are long-term, strategic partners working with Starneth when required. The CEO of Starneth was the Project Manager for the London Eye project.
With this experienced team Starneth possesses a unique capability to offer a Giant Observation Wheel on a lump sum, turnkey basis. The Starneth team is currently working on the Dubai–I Wheel and the New York Wheel. See www.starneth.com.
Chiel Smits, the Managing Director and CEO of Starneth, states:
“We are very excited and pleased that, based on our new relationship with Challenger, we are now able to selectively offer a strategic financial engineering and funding option to local developers of Giant Observation Wheels through the public market of the London Stock Exchange.”
Highlights of the Cooperation Agreement
- Starneth can provide the engineering (concept and detailed), design, project management, capsules, drive and control systems, and erection procedures on any Giant Observation Wheels that Challenger becomes actively involved in.
- From its four main offices in the Netherlands, Dubai, Singapore and Florida, Starneth has developed a pipeline of potential international projects that Challenger may now access.
- Challenger can provide the financial engineering and the related capital raising capability, including equity and debt, required for select early stage projects.
- Challenger has the potential to provide the financial capital for the development of select projects involving Starneth.
- Challenger can provide the opportunity for equity ownership in a publicly listed vehicle for potential local development teams on select projects involving Starneth.
- Challenger can provide the opportunity for equity ownership in a publicly listed vehicle for Starneth by collaborating on select projects involving Starneth.
Mark Gustafson, the Company’s Executive Chairman, said:
“We look forward to working with a world-class team such as Starneth on assessing and participating in a select number of its portfolio of currently 36 potential developments. This is exactly the direction and sector we want to pursue within Challenger.”
For more information:
Challenger Acquisitions Limited, www.challengeracquisitions.com
Mark Gustafson, Executive Chairman, +1 604 454 8677
Beaumont Cornish Limited (Financial Adviser)
Roland Cornish, +44 (0) 20 7628 3396