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Loan Maturity

13 Feb 2015 18:17

RNS Number : 9356E
Arricano Real Estate PLC
13 February 2015
 



 13 February 2015

 

Arricano Real Estate plc

("Arricano" or the "Company")

 

Loan Maturity

 

As disclosed in the Company's admission document dated 6 September 2013, and on 14 July 2011, the Company entered into a loan agreement, as restated and amended on 16 August 2013, under which the Company loaned to Weather Empire Limited an amount of US$30 million (the "Loan") with a repayment date of 31 December 2014. The Loan has not yet been repaid and the Company is negotiating an extension to the Loan.

 

Weather Empire Limited 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.

 

Further announcements in this regard will be made in due course, as appropriate.

 

 

 

 

For further information please contact:

 

Arricano Real Estate plc

Tel: +380 44 569 6708

Mikhailo Merkulov, CEO

Nominated Adviser and Joint Broker

Smith & Williamson Corporate Finance Limited

Tel: +44 (0)20 7131 4000

Azhic Basirov

Joint Broker

Whitman Howard Limited

Tel: +44 (0)20 7087 4555

Ranald McGregor-Smith

Financial PR

Novella

Tel: +44 (0)20 3151 7008

Tim Robertson / Ben Heath

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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