LONDON (Alliance News) - Arricano Real Estate PLC Monday said its outstanding loan owed to International Baltic Investments Ltd has been reassigned to Barleypark Ltd.
Arricano's outstanding loan stands at USD15.3 million with a further USD1.9 million of accrued interest. The loan carries a 10.55% annual interest rate and is repayable on August 13, 2017.
International Baltic Investments has now reassigned the loan to Barleypark in return for USD17.2 million, the terms of which are still yet to be agreed by the two parties. Arricano has consented to the move and said its terms remain unaffected by the deal.
Both International Baltic Investments and Barleypark are controlled by the founder of Arricano, Hillar Teder, who owns a 55.5% stake in Arricano.
Arricano shares were untraded on Monday, last trading at 1.15 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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