4 Sep 2014 07:00
4 September 2014
Arricano Real Estate plc
("Arricano" or the "Company")
Shopping and Entertainment Complex ("SEC") RayON
Further to the announcements made on 12 March and 3 June 2014, Arricano (AIM:ARO), a leading retail real estate developer and operator in Ukraine, confirms that the claim lodged with the Commercial Court in Kiev that resulted in an ex-parte ruling imposing a temporary ban on the alienation of SEC RayON, has been resolved in favour of Arricano. Consequently, further to all restrictions being lifted in June, the claim has now been dismissed.
Acting Chief Executive Officer, Yarema Kovaliv, said: "Whilst the claim did not influence Arricano's business activities we are very pleased that the case has now been resolved. The Court's decision demonstrates that there was no foundation to their case and that Arricano's ownership of SEC RayON can be legally demonstrated."
For further information please contact:
Arricano Real Estate plc | Tel: +380 44 569 6708 |
Yarema Kovaliv, Acting 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 |
ARO.L (ARO)