Arricano Real Estate Plc: Update on Credit Facilities and Results Date (879219)

 
 Arricano Real Estate Plc (ARO) 
Arricano Real Estate Plc: Update on Credit Facilities and Results Date 
 
25-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. 
 
            Arricano Real Estate Plc ("Arricano" or the "Group") 
 
          Update re credit facilities and preliminary results date 
 
    The Board of Arricano (AIM: ARO) is pleased to provide an update on loan 
        facilities provided by three lenders. The Group on 23 September 2019 
                                      received written representations from: 
 
1) Retail Real Estate OU ("RRE"), which is interested in 55.04% of the 
issued share capital of Arricano, that the Group will not be required to 
settle before 31 December 2020 short-term loans and outstanding accrued 
interest (otherwise due by 30 June 2020 and 24 September 2019, with 
interest at between 10.5% and 12% payable semi-annually) in the total 
amount of USD 38,209 thousand plus further interest accruing during the 
period ending 31 December 2020; and 
 
2) Bytenem Co. Limited ("Bytenem"), which is associated with RRE, that the 
Group will not be required to settle before 31 December 2020 deferred 
consideration, outstanding accrued interest and other accounts payable 
(otherwise due by 30 June 2020, with interest at between 0% and 9.75% % 
payable quarterly) in the amount of USD 30,005 thousand plus further 
interest accruing during t he period ending 31 December 2020; and 
 
3) Barleypark Limited waiving its right to claim early repayment of the 
loan or any part thereof, including, but not limited to all or any part of 
the interest accrued, amounting in aggregate to USD 22,800 thousand, plus 
further interest accruing (at 10.55%) during the period ending 31 December 
2020, until 31 December 2020. 
 
The amendments to the repayment dates set out in the various agreements with 
RRE and Bytenem constitute related party transactions under AIM Rule 13. The 
Independent Directors (Mr. Frank Lewis and Mr. Volodymyr Tymochko) having 
consulted with WH Ireland, the Company's nominated advisor, consider that 
the amendments to the repayment dates are fair and reasonable in so far as 
the Arricano shareholders are concerned. 
 
     Finally, the Board anticipates releasing the preliminary results of the 
       Group for the 6 months ended ended 30 June 2019 on 26 September 2019. 
 
                                    For further information, please contact: 
 
                              Arricano Real Estate plc Tel: [phone] 
 
                                                 Ganna Chubotina, Acting CEO 
 
                       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:  MSCM 
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.:   21177 
EQS News ID:    879219 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

September 25, 2019 02:00 ET (06:00 GMT)