Arricano Real Estate PLC Petrovka Development Project (5714I)

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

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