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13 Feb 2015 18:17
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 |
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