LONDON (Alliance News) - Arricano Real Estate PLC Friday said it is negotiating an extension to the USD30 million lent to Weather Empire Ltd, which is yet to repay the money.
The repayment date was set for December 31, 2014.
"Weather Empire Ltd is ultimately controlled by Hillar Teder, who holds an interest in 63.8% of the company's issued ordinary share capital. As a result, any amendment to the Loan would constitute a related party transaction in accordance with Rule 13 of the AIM rules for companies," Arricano Real Estate said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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