Arricano Real Estate Plc: Appointment of Director, Change of Adviser (753075)

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 Arricano Real Estate Plc (ARO) 
Arricano Real Estate Plc: Appointment of Director, Change of Adviser 
 
30-Nov-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                     30 November 2018 
 
          Arricano Real Estate plc 
 
          ("Arricano" or the "Company") 
 
   New relationship agreement, appointment of new director, and change of 
          adviser 
 
Arricano (AIM: ARO) is pleased to announce: 
 
  · the appointment yesterday of Frank Lewis as a non-executive director of 
  the Company; 
 
  · a new relationship agreement with its principal shareholder, Retail Real 
  Estate OU; and 
 
  · the appointment yesterday of WH Ireland Limited ("WH Ireland") as its 
  new nominated adviser and sole broker. 
 
Frank Lewis 
 
Frank Lewis has a wealth of public company experience, having served as 
Non-Executive Chairman and Director for a number of international 
publicly-quoted firms with interests across Europe, the Far East, Middle 
East and Africa, which has given him a sound understanding of different 
business cultures and working practices, as well as considerable expertise 
in numerous business sectors. 
 
In addition to his non-executive roles, Frank had over 25 years of public 
and private company boardroom-level experience, including as Finance 
Director, CEO and Chairman, during which time he has been involved in 
numerous areas of business, including strategic planning, growth management, 
IPOs, corporate governance and regulatory compliance. 
 
He is a Fellow of the Institute of Chartered Accountants in England & Wales, 
and was previously a member of the AIM Advisory Council, which advises the 
London Stock Exchange on matters relating to the AIM market. 
 
New relationship agreement 
 
Arricano yesterday entered into a new relationship agreement with its 
principal shareholder, Retail Real Estate OU ("RRE"). RRE, which owns 55.04% 
of the issued voting rights of the Company, and is itself wholly owned by 
Hillar Teder. 
 
In connection with the appointment of WH Ireland as the Company's new 
nominated adviser and broker, the Company yesterday entered into a new 
relationship agreement with Mr Teder, RRE and WH Ireland (the "Agreement") . 
Under the Agreement, Hillar Teder and RRE agreed inter alia (i) to forego 
all voting rights attaching to their 56,835,940 ordinary shares of the 
Company and (ii) not to enter into any agreement with the Company to provide 
any finance to the Company (in whatever form), until the earlier of (i) the 
whole of his interest in the Company being transferred to a third party 
reasonably deemed independent to the satisfaction of the Board of directors 
of the Company and WH Ireland; or (iii) WH Ireland ceasing to act as 
nominated adviser and broker to Arricano. 
 
Commenting on the appointment of Mr Lewis, Mykhailo Merkulov, CEO, said: "We 
are delighted to welcome to the board a man with such considerable 
experience of the UK market and look forward to benefitting from that 
experience." 
 
Regulatory Information: 
 
Frank Lewis (aged 72) currently holds or has held the following 
directorships and partnerships in the last five years: 
 
Current Directorships/LLP memberships: 
 
Herbeos Limited 
 
Past Directorships/LLP memberships: 
 
Herts Traffic Management Systems Limited 
 
Community Solar UK Limited 
 
Staffordshire Holdco Ltd 
 
Century Galaxy Holdings Plc 
 
Active Energy Group Plc 
 
Pembridge Resources Limited 
 
China Africa Resources Plc 
 
CIC Capital Limited 
 
Asia Ceramics Holdings Plc 
 
Durham Infrastructure 5 Limited 
 
Frank Lewis has been a Non-Executive Director to the following companies 
that have been placed into liquidation or receivership/administration: 
 
The Industry Limited 
 
Placed in administrative receivership on 4 December 2003; deficit to 
unsecured creditors of GBP1.14 million. Mr Lewis was a Non-Executive Director 
for less than eight months, representing a private equity firm. 
 
Telephone Maintenance Group Plc 
 
Placed in administrative receivership on 26 September 2007; deficit to 
unsecured creditors of GBP1.65 million. Mr Lewis resigned as Non-Executive 
Director on 25 January 2007 after serving only three and half months. 
 
WGL Realisations 2010 Limited (formerly Welconstruct Group Limited) 
 
Placed in administrative receivership on 10 September 2009, when Mr Lewis 
resigned as Non-Executive Director. On 27 August 2010 the administrators 
sought a Court Order to enable a distribution in the administration and move 
the company into a Creditors Voluntary Liquidation. The administrators 
achieved realisations in excess of the amounts due to secured and 
preferential creditors. An interim dividend of 7p in the GBP has been paid to 
unsecured creditors. A second and final dividend will be paid once all asset 
realisations have been completed. 
 
Mr Lewis does not hold any shares in the Company. 
 
No further disclosure is required under Paragraph (g) to Schedule Two of the 
AIM Rules for Companies. 
 
For further information, please contact: 
 
CEO:                           Tel: [phone] 
 
Arricano Real Estate plc 
 
Mykhailo Merkulov 
 
Financial PR:                  Tel: [phone] 
 
Novella Communications Limited 
 
Tim Robertson/Toby Andrews 
 
Nominated Adviser and Broker:  Tel: [phone] 
 
WH Ireland Limited 
 
Chris Fielding 
 
ISIN:           CY0102941610 
Category Code:  MSCL 
TIDM:           ARO 
LEI Code:       213800F8AMPULEKXFX22 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   6706 
EQS News ID:    753075 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

November 30, 2018 02:01 ET (07:01 GMT)