Allotment of Shares re Convertible Loan Notes

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

For Immediate Release

12 September 2016

Challenger Acquisitions Limited

("Challenger" or the "Company")

Allotment of Shares re Convertible Loan Notes

Challenger Acquisitions Limited (LSE: CHAL), a leader in the Giant Observation Wheel industry announces that it has allotted 4,214,203 new Ordinary Shares of £0.01 each ("Shares") on the conversion of £750,128 of the 12% Convertible Loan Notes due 2017 (as extended in 2016) and a further 62,059 Shares to settle interest of £11,046.52 due up until the date of conversion. These Shares were issued at a conversion price of 17.8p per Share.

Application has been made to the Financial Conduct Authority ("FCA") for 4,276,262 Shares to be admitted to listing on the standard listing segment of the Official List and to the London Stock Exchange for such shares to be admitted to trading on the Main Market for listed securities. It is expected that Admission will become effective, and dealings in the new ordinary shares will commence, at 8.00 a.m. on 15 September 2016.

Following this allotment, the total number of Shares in issue and the total number of voting rights in the Company is 21,178,451. There are no Shares held in treasury. The figure of 21,178,451 Shares and voting rights may be used by shareholders in the Company as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

**ENDS**

For more information visit www.challengeracquisitions.com or enquire to:

Notes to Editors:

Challenger (LSE: CHAL) is focused on the design, engineering, project management and investment in select giant observation wheels. By combining its world-class team of technical engineering and project management skills with proven international financial expertise, the Company is ideally positioned to become a leader in the giant observation wheel sector.

The Company, which also has a ~3% equity interest in the US$500 million New York Wheel Project, is currently focusing on appraising approximately 25 opportunities in its project pipeline where it believes that it can utilise its expertise. With a team that has worked on four of the largest giant observation wheels constructed over the last 16 years, including the iconic London Eye, the Company is building on its unique position to deliver projects and generate shareholder value.