Arricano Real Estate Plc: Proposed Cancellation of AIM Listing (1513435)
December 14 2022 - 11:43AM
UK Regulatory
Arricano Real Estate Plc (ARO) Arricano Real Estate Plc:
Proposed Cancellation of AIM Listing 14-Dec-2022 / 16:43 GMT/BST
Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH
IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMENDED.
14 December2022
Arricano Real Estate Plc
(together with its subsidiaries "Arricano" or the "Group")
Proposed cancellation of admission to AIM
Arricano announces that it has today posted a circular together
with the respective notice convening an Extraordinary General
Meeting of its shareholders (the "EGM") to seek the approval of its
shareholders to the proposed cancellation of its ordinary shares to
trading on AIM, together with the Form of Proxy and the Form of
Instruction.
The EGM will be held at 10.00 AM GMT(12.00 PM hrs local time) on
9th January 2023 at Office 1002, 10th floor, Nicolaou Pentadromos
Centre, Thessalonikis Street, 3025 Limassol, Cyprus.
Arricano has been admitted to trading on AIM since September
2013.
The main arguments for the Board's decision to propose the
cancellation of admission to trading on AIM of its Ordinary Shares
are as follows:
-- a continuation of the current unstable business environment
in Ukraine could negatively affect theGroup's financial position in
a manner not currently determinable;
-- the considerable cost, management time and the legal and
regulatory burden associated with maintainingthe Company's
admission to trading on AIM which, in the Directors' opinion, are
disproportionate to the benefits tothe Company;
-- the Company's shares are not traded in meaningful volumes;
and
-- due to the limited liquidity in the shares and, in practical
terms, a small free float and marketcapitalisation, continued
admission to trading on AIM no longer sufficiently provides
Arricano, in the Board'sopinion, with the advantages of providing
access to capital.
A copy of the circular convening the EGM on 9 January 2023, the
Notice of EGM, the Form of Proxy and the Form of Instruction has
been placed on Arricano's website at www.arricano.com/en.
In the event that the proposal is approved by shareholders, it
is anticipated that cancellation will take effect from 7.00am on 17
January 2022. Arricano has concluded that it will put in place a
Matched Bargain Facility and intends to appoint Asset Match
(www.assetmatch.com) to facilitate trading in the Ordinary Shares
for a period of twelve months thereafter.
The person responsible for arranging the release of this
announcement on behalf of Arricano is Lauri Reinberg, Executive
Director of the Company.
Enquiries:
Arricano Real Estate plc Tel: +357 25 582 535
Lauri Reinberg
Nominated Adviser and Broker: Tel: +44 (0)20 7220 1666
WH Ireland Limited
Chris Fielding
Financial PR: Tel: +44 (0)20 3151 7008
Novella Communications Limited
Tim Robertson
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ISIN: CY0102941610
Category Code: MSCU
TIDM: ARO
LEI Code: 213800F8AMPULEKXFX22
Sequence No.: 208721
EQS News ID: 1513435
End of Announcement EQS News Service
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