Arricano Real Estate PLC Loan Assignment and Amendment (1983L)
September 29 2016 - 4:45AM
UK Regulatory
TIDMARO
RNS Number : 1983L
Arricano Real Estate PLC
29 September 2016
29 September 2016
Arricano Real Estate plc
("Arricano" or the "Company")
Loan Assignment and Amendment
Arricano (AIM: ARO) announces that the loan facility it
currently has with Bytenem Co Limited ("Bytenem") (the "Loan") is
being assigned by Bytenem to Retail Real Estate OU ("RRE OU"), a
company controlled by Hillar Teder. The principal outstanding under
the Loan is US$16.14 million plus accrued interest of approximately
US$4.69 million. The Loan has a repayment date of 30 June 2017 and
is subject to an interest rate of 12.00% per annum.
Arricano and Bytenem have agreed that on assignment, the Loan
principal amount will be increased to a maximum amount of US$18
million which will provide Arricano an additional facility to
drawdown a further US$1.86 million, at RRE's sole discretion and
subject to availability of funds.
As consideration for the assignment, RRE OU will pay Bytenem
US$20.84 million (comprising the principal outstanding and the
accrued interest above). The Company has consented to the
assignment and amendment of the Loan, which will remain in place as
a liability of the Company with its other terms unaffected by the
assignment.
Bytenem and RRE OU are controlled by Hillar Teder, who controls
55.45% of the issued ordinary share capital of the Company, and
consequently the assignment of the Loan is deemed to be a Related
Party Transaction under the AIM Rules. The independent directors of
the Company (Rupert Cottrell, Philip Scales and Michael Zampelas)
consider, having consulted with its nominated adviser, that the
terms of the transaction are fair and reasonable insofar as its
shareholders are concerned.
For further information, please contact:
Arricano Real Estate plc Tel: +380 44 569
Mykhailo Merkulov 6708
Nominated Adviser and Joint
Broker Tel: +44 (0)20
Smith & Williamson Corporate 7131 4000
Finance Limited
Azhic Basirov
Joint Broker
Whitman Howard Limited Tel: +44 (0)20
Ranald McGregor-Smith 7659 1234
Financial PR
Novella Tel: +44 (0)20
Tim Robertson/Ben Heath 3151 7008
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAPNNADPKEEF
(END) Dow Jones Newswires
September 29, 2016 04:45 ET (08:45 GMT)
Arricano Real Estate (LSE:ARO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Arricano Real Estate (LSE:ARO)
Historical Stock Chart
From Sep 2023 to Sep 2024