Arricano Real Estate PLC Petrovka Development Project (5714I)
June 02 2014 - 3:42AM
UK Regulatory
TIDMARO
RNS Number : 5714I
Arricano Real Estate PLC
02 June 2014
2 June 2014
Arricano Real Estate plc
("Arricano" or the "Company" or, together with its subsidiaries,
the "Group")
Petrovka Development Project
Arricano (AIM:ARO), a leading retail real estate developer and
operator in Ukraine, confirms that a claim has been lodged with the
Commercial Court in Kiev (the "Court") contesting the leasehold
rights of one of the project development companies of the Arricano
Group, Mezokred Holding LLC, which holds leasehold title to the
land plot, underlying the Petrovka Development Project
("Petrovka"). The Court has issued an initial judgement in favour
of the claimant, which has not become effective as yet and is
subject to a challenge by the Company.
Arricano is confident this claim is without foundation or merit
and its right as to lease and to develop the land plot of Petrovka
is legally demonstrable.
The Company will provide further updates on this issue, as
appropriate.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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