Arricano Real Estate Plc: Proposed appointment of acting CEO (868021)

 
 Arricano Real Estate Plc (ARO) 
Arricano Real Estate Plc: Proposed appointment of acting CEO 
 
04-Sep-2019 / 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. 
 
 This announcement contains inside information for the purposes of Article 7 
                     of EU Regulation 596/2014. 
 
                     4th September 2019 
 
          Arricano Real Estate Plc 
 
          ("Arricano" or the "Company") 
 
          Proposed appointment of acting CEO 
 
 On 11 July 2019, Arricano announced that Mykhailo Merkulov would act as its 
                     Chief Executive Officer until 8 September 2019. 
 
         The Board yesterday agreed to appoint Mrs Ganna ("Anna") Chubotina, 
currently the Company's Director of Retail Leasing Department, to succeed Mr 
         Merkulov as Acting CEO (but not a Director of the Company) upon the 
satisfactory completion of due diligence enquiries by the Company's NOMAD. A 
                     further announcement will be made at that time. 
 
 The Board anticipates a permanent appointment within three months, upon the 
                     conclusion of its candidate appraisal process. 
 
Anna (aged 40) has over 17 years' experience in the field of commercial real 
    estate, nine of which were at JLL Ukraine. Companies she has worked with 
    include SvitLand Ukraine LLC, King Cross Group, DCH Real Estate and Kray 
       Property. Anna graduated from the Romano-Germanic Philology and World 
  Literature faculty of M. P. Dragomanov National Pedagogical University and 
         also has a degree in Economics and Marketing from the Kyiv National 
                     University of Trade and Economics. 
 
    The Board wishes to place on record its gratitude to Mr Merkulov for his 
     significant contribution to the Group and wishes him well in his future 
                     endeavours. 
 
    Commenting on the proposed changes, Urmas Somelar, Chairman of Arricano, 
                     said: 
 
"Arricano has made significant progress over the five years of Mr Merkulov's 
  engagement, having gained market leading positions and a stable reputation 
                     for its projects. 
 
          The professional approach of Mr Merkulov as CEO contributed to the 
       development of the management team, enhanced the company's portfolio, 
 delivering double digit growth of Net Operating Income, excellent occupancy 
rates and a significant increase in NAV from the end of 2014. Arricano plans 
   to continue its development, focusing on new projects to be opened in the 
                     coming years." 
 
                     Mykhailo Merkulov added: 
 
"My five years in Arricano were difficult, but fruitful. I wish Anna and her 
team every success in growing and maintaining the successful track record of 
                     the Company". 
 
                     Enquiries: 
 
Arricano Real Estate plc       Tel: [phone] 
 
Urmas Somelar 
 
Nominated Adviser and Broker:  Tel: [phone] 
 
WH Ireland Limited 
 
Chris Fielding 
 
Financial PR:                  Tel: [phone] 
 
Novella Communications Limited 
 
Tim Robertson/Fergus Young 
 
ISIN:           CY0102941610 
Category Code:  BOA 
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.:   18885 
EQS News ID:    868021 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

September 04, 2019 02:00 ET (06:00 GMT)