Challenger Acquisitions Ltd - previously observation wheels, now "focused on securing a new project" - Signs agreement with renewable energy-focused company Cindrigo Energy Ltd by acquiring one share in the company in exchange for one new share in Challenger.
As a result, shareholders in Cindrigo would hold 97% of Challenger Acquisitions, and if all loan notes are converted, acquisition will constitute a reverse takeover for the company.
As a result, shares in Cindrigo Ltd, which is Cindrigo Energy's parent firm will be distributed to Challenger and Cindrigo Energy liquidated.
Deal is conditional on shareholder approval, as well as approval from the Supreme Court of British Columbia and Challenger delisting in London and relisting under the name Cindrigo Holdings Ltd.
Current stock price: 0.13 pence
Year-to-date change: unchanged
By Dayo Laniyan; dayolaniyan@alliancenews.com
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