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ARO Arricano Real Estate Plc

0.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Arricano Real Estate Plc LSE:ARO London Ordinary Share CY0102941610 ORD EUR0.0005 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.25 0.15 0.35 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Arricano Real Estate PLC Repayment Extensions (9499J)

03/07/2017 1:41pm

UK Regulatory


Arricano Real Estate (LSE:ARO)
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TIDMARO

RNS Number : 9499J

Arricano Real Estate PLC

03 July 2017

3 July 2017

Arricano Real Estate plc

("Arricano" or the "Company")

Repayment Extensions

Arricano (AIM: ARO) has agreed to amend the repayment terms of two existing loan agreements: one between Arricano and Barleypark Limited ("Barleypark") and the other between Arricano and Vunderbuilt S.A. ("Vunderbuilt"). Details of the deeds of amendment (the "Transactions") are set out below.

Amendment to loan agreement with Barleypark

In July 2013 the Company and International Baltic Investments Ltd ("IBI") agreed the terms of an unsecured loan facility of US$28.5 million. In March 2014, the loan facility was decreased to US$15.3 million, with an interest rate of 10.55% per annum and the maturity date was extended to 17 August 2017. In October 2015, the loan facility was assigned from IBI to Barleypark (the "Barleypark Loan").

The Company has entered into a deed of amendment with Barleypark to further extend the maturity date of the Barleypark Loan (outstanding principal US$15.0 million plus accrued interest of approximately US$4.6 million as at 30 June 2017) to 31 July 2020. No other terms or conditions of the Barleypark Loan have been changed. Barleypark is ultimately controlled by Tanel Tarro.

Amendment to share exchange agreement with Vunderbuilt

In September 2013 the Group agreed to pay Vunderbuilt deferred consideration of US$20.0 million related to the acquisition of shares in Wayfield Limited (the "Share Exchange Agreement"). This liability is unsecured, carries an interest rate of 9.75%, and its payment date was 30 June 2017, having been previously extended.

The Company has entered into a deed of amendment with Vunderbuilt to further extend the payment of the deferred consideration (outstanding principal US$20.0 million plus accrued interest of approximately US$6.1 million as at 30 June 2017) under the Share Exchange Agreement to 30 June 2020. No other terms or conditions of the Share Exchange Agreement have been changed. Vunderbuilt is ultimately controlled by Tanel Tarro.

The Transactions enhance the Company's working capital resources over the period before the relevant liabilities become payable in 2020.

For further information please contact:

 
 
   CEO:                                  Tel: +380 44 569 6708 
   Arricano Real Estate plc 
   Mykhailo Merkulov 
 Financial PR: 
  Novella Communications Limited         Tel: +44 (0)20 3151 
  Tim Robertson/Toby Andrews             7008 
 Nominated Adviser and Joint Broker: 
  Smith & Williamson Corporate           Tel: +44 (0)20 7131 
  Finance Limited                        4000 
  Azhic Basirov 
 Joint Broker: 
  Whitman Howard Limited                 Tel: +44 (0)20 7087 
  Ranald McGregor-Smith                  4555 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCRJMTTMBJMBRR

(END) Dow Jones Newswires

July 03, 2017 08:41 ET (12:41 GMT)

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