Arricano Real Estate Plc: Appointment of Director, Change of Adviser (753075)
November 30 2018 - 2:01AM
UK Regulatory
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release.
Arricano Real Estate Plc (ARO)
Arricano Real Estate Plc: Appointment of Director, Change of Adviser
30-Nov-2018 / 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.
30 November 2018
Arricano Real Estate plc
("Arricano" or the "Company")
New relationship agreement, appointment of new director, and change of
adviser
Arricano (AIM: ARO) is pleased to announce:
· the appointment yesterday of Frank Lewis as a non-executive director of
the Company;
· a new relationship agreement with its principal shareholder, Retail Real
Estate OU; and
· the appointment yesterday of WH Ireland Limited ("WH Ireland") as its
new nominated adviser and sole broker.
Frank Lewis
Frank Lewis has a wealth of public company experience, having served as
Non-Executive Chairman and Director for a number of international
publicly-quoted firms with interests across Europe, the Far East, Middle
East and Africa, which has given him a sound understanding of different
business cultures and working practices, as well as considerable expertise
in numerous business sectors.
In addition to his non-executive roles, Frank had over 25 years of public
and private company boardroom-level experience, including as Finance
Director, CEO and Chairman, during which time he has been involved in
numerous areas of business, including strategic planning, growth management,
IPOs, corporate governance and regulatory compliance.
He is a Fellow of the Institute of Chartered Accountants in England & Wales,
and was previously a member of the AIM Advisory Council, which advises the
London Stock Exchange on matters relating to the AIM market.
New relationship agreement
Arricano yesterday entered into a new relationship agreement with its
principal shareholder, Retail Real Estate OU ("RRE"). RRE, which owns 55.04%
of the issued voting rights of the Company, and is itself wholly owned by
Hillar Teder.
In connection with the appointment of WH Ireland as the Company's new
nominated adviser and broker, the Company yesterday entered into a new
relationship agreement with Mr Teder, RRE and WH Ireland (the "Agreement") .
Under the Agreement, Hillar Teder and RRE agreed inter alia (i) to forego
all voting rights attaching to their 56,835,940 ordinary shares of the
Company and (ii) not to enter into any agreement with the Company to provide
any finance to the Company (in whatever form), until the earlier of (i) the
whole of his interest in the Company being transferred to a third party
reasonably deemed independent to the satisfaction of the Board of directors
of the Company and WH Ireland; or (iii) WH Ireland ceasing to act as
nominated adviser and broker to Arricano.
Commenting on the appointment of Mr Lewis, Mykhailo Merkulov, CEO, said: "We
are delighted to welcome to the board a man with such considerable
experience of the UK market and look forward to benefitting from that
experience."
Regulatory Information:
Frank Lewis (aged 72) currently holds or has held the following
directorships and partnerships in the last five years:
Current Directorships/LLP memberships:
Herbeos Limited
Past Directorships/LLP memberships:
Herts Traffic Management Systems Limited
Community Solar UK Limited
Staffordshire Holdco Ltd
Century Galaxy Holdings Plc
Active Energy Group Plc
Pembridge Resources Limited
China Africa Resources Plc
CIC Capital Limited
Asia Ceramics Holdings Plc
Durham Infrastructure 5 Limited
Frank Lewis has been a Non-Executive Director to the following companies
that have been placed into liquidation or receivership/administration:
The Industry Limited
Placed in administrative receivership on 4 December 2003; deficit to
unsecured creditors of GBP1.14 million. Mr Lewis was a Non-Executive Director
for less than eight months, representing a private equity firm.
Telephone Maintenance Group Plc
Placed in administrative receivership on 26 September 2007; deficit to
unsecured creditors of GBP1.65 million. Mr Lewis resigned as Non-Executive
Director on 25 January 2007 after serving only three and half months.
WGL Realisations 2010 Limited (formerly Welconstruct Group Limited)
Placed in administrative receivership on 10 September 2009, when Mr Lewis
resigned as Non-Executive Director. On 27 August 2010 the administrators
sought a Court Order to enable a distribution in the administration and move
the company into a Creditors Voluntary Liquidation. The administrators
achieved realisations in excess of the amounts due to secured and
preferential creditors. An interim dividend of 7p in the GBP has been paid to
unsecured creditors. A second and final dividend will be paid once all asset
realisations have been completed.
Mr Lewis does not hold any shares in the Company.
No further disclosure is required under Paragraph (g) to Schedule Two of the
AIM Rules for Companies.
For further information, please contact:
CEO: Tel: +380 44 569 6708
Arricano Real Estate plc
Mykhailo Merkulov
Financial PR: Tel: +44 (0)20 3151 7008
Novella Communications Limited
Tim Robertson/Toby Andrews
Nominated Adviser and Broker: Tel: +44 (0)20 7220 1666
WH Ireland Limited
Chris Fielding
ISIN: CY0102941610
Category Code: MSCL
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.: 6706
EQS News ID: 753075
End of Announcement EQS News Service
(END) Dow Jones Newswires
November 30, 2018 02:01 ET (07:01 GMT)
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