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Challenger dives on announcement of new shares application to FCA
Shares in entertainment and leisure sector investor Challenger Acquisitions tumbled on Tuesday after the Guernsey-based group made an application to the Financial Conduct Authority for the admission of almost 39m new shares to the London Stock Exchange.
Challenger alloted 38,826,686 new ordinary shares of £0.01 each, made up of 31,159,458 shares in relation to the conversion of certain convertible notes and a further 7,667,228 shares relating to the interest applied to the convertible notes.
The group expects admission and dealings in the new shares to begin at 0800 GMT on 12 March.
Following this allotment, the total number of ordinary shares in issue was 221,407,872.
As of 1040 GMT, shares had lost 13.04% to 0.500p.