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Challenger Acquisitions

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22May15

Funding Update

22 May 2015

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

For Immediate Release
20 May 2015
Challenger Acquisitions Limited
(“Challenger” or the “Company”)

Funding update

Challenger Acquisitions Limited (LSE: CHAL), a company formed to undertake one or more acquisitions of target
companies or businesses in the entertainment and leisure sectors with the particular focus on the attractions sector, is
pleased to provide the following update on its proposed funding of up to £3 million by means of issue of convertible notes
(“Notes”) announced on 28 April 2015. The principal terms of the Notes are set out below.

Highlights:

  •  Total funds formally committed to date: £3,067,200.
  •  Total funds received by the Company to date: £2,217,200.

To date the Company has received £2,217,200 out of the total of £3,067,200 formally committed to and accordingly the
Notes for the amount of £2,217,200 have been issued. The outstanding balance of £850,000 is expected within the next
25 days.

As previously announced, the funds from the Notes are for general balance sheet strength and, in accordance with
Challenger’s acquisition strategy, will be used to fund an acquisition or investment.

Mark Gustafson, the Company’s Executive Chairman, said:
“We are very pleased that new investors and existing shareholders have provided additional capital for our Company.
Whilst there may be additional demand for our funding instrument, we are keen to move forward with our acquisition
strategy.”

Principal terms of the Notes:

  •  The Notes are unlisted, unsecured, transferable and convertible with a twelve month maturity date.
  •  Interest is accrued at 12% per annum and payable quarterly, or upon conversion, in cash or in ordinary shares
     of the Company (“Ordinary Shares”) at the Company’s discretion.
  • The Notes can be converted into Ordinary Shares at a price per Ordinary Share equal to the lower of:
    (A) 50p (“Fixed Conversion Price”); and
    (B) market price (“Market Price”) less 7.5%.
    Market Price is defined as the average of the lowest 3 VWAP as quoted by Bloomberg for the period of 10
    trading days prior to the conversion date. Provided that if the Volume Weighted Average Price (VWAP) is at any
    time less than 25p for 3 consecutive trading days, then the noteholder is unable to convert for a period of 30
    calendar days, without the consent of the Company. The requirement of consent applies only on the first such
    occasion.
  •  The maximum amount of Notes that may be converted in any 30 day period by a noteholder is 10% of the total
     amount of any Notes subscribed by that noteholder.
  •  Challenger can redeem the Notes at a 10% premium anytime the Market Price is lower than the Fixed
     Conversion Price.
  •  There is an introduction or arrangement fee of up to 6% payable in cash or ordinary shares, at the Company’s
     discretion.

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

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