With the Challenger Acquisition (CHAL) car-crash continuing, I had to take a look at why Rich Marin would want to join the Board of such a quality enterprise, but after a bit of digging it all became clear.
Following on from my earlier piece on Challenger Acquisitions (CHAL), I thought I'd write a more balanced update following Friday's RNS.
I was interested to see the prospectus for a new cash shell called Falcon Acquisitions published yesterday. The business is headed up by Mark Gustafson and Gert Rieder and the IPO is scheduled for Monday 18 January.
Challenger Acquisitions (CHAL) was always going to be a car-crash in slow motion. The IPO on 19 February 2015 raised £1.1 million with significant support from Yorkville Advisors so Challenger started life as a public company with a 30% overhang. It then funded its first acquisition, the investment in the New York Wheel, via £3 million of relatively short-term convertible debt – there was clearly potential for death spiral funding to come.
I’ve watched the Challenger Acquisitions (CHAL) story unfold with great interest and think the current share price represents a buying opportunity.
I met up with Mark Gustafson of main market listed Challenger Acquisitions (CHAL) before UK Investor Show 2015 and he seemed very switched on indeed. His presentation and the show was captured on video so see what you think.
