Arricano Real Estate PLC Repayment Extensions (9499J)
03 July 2017 - 10:41PM
UK Regulatory
TIDMARO
RNS Number : 9499J
Arricano Real Estate PLC
03 July 2017
3 July 2017
Arricano Real Estate plc
("Arricano" or the "Company")
Repayment Extensions
Arricano (AIM: ARO) has agreed to amend the repayment terms of
two existing loan agreements: one between Arricano and Barleypark
Limited ("Barleypark") and the other between Arricano and
Vunderbuilt S.A. ("Vunderbuilt"). Details of the deeds of amendment
(the "Transactions") are set out below.
Amendment to loan agreement with Barleypark
In July 2013 the Company and International Baltic Investments
Ltd ("IBI") agreed the terms of an unsecured loan facility of
US$28.5 million. In March 2014, the loan facility was decreased to
US$15.3 million, with an interest rate of 10.55% per annum and the
maturity date was extended to 17 August 2017. In October 2015, the
loan facility was assigned from IBI to Barleypark (the "Barleypark
Loan").
The Company has entered into a deed of amendment with Barleypark
to further extend the maturity date of the Barleypark Loan
(outstanding principal US$15.0 million plus accrued interest of
approximately US$4.6 million as at 30 June 2017) to 31 July 2020.
No other terms or conditions of the Barleypark Loan have been
changed. Barleypark is ultimately controlled by Tanel Tarro.
Amendment to share exchange agreement with Vunderbuilt
In September 2013 the Group agreed to pay Vunderbuilt deferred
consideration of US$20.0 million related to the acquisition of
shares in Wayfield Limited (the "Share Exchange Agreement"). This
liability is unsecured, carries an interest rate of 9.75%, and its
payment date was 30 June 2017, having been previously extended.
The Company has entered into a deed of amendment with
Vunderbuilt to further extend the payment of the deferred
consideration (outstanding principal US$20.0 million plus accrued
interest of approximately US$6.1 million as at 30 June 2017) under
the Share Exchange Agreement to 30 June 2020. No other terms or
conditions of the Share Exchange Agreement have been changed.
Vunderbuilt is ultimately controlled by Tanel Tarro.
The Transactions enhance the Company's working capital resources
over the period before the relevant liabilities become payable in
2020.
For further information please contact:
CEO: Tel: +380 44 569 6708
Arricano Real Estate plc
Mykhailo Merkulov
Financial PR:
Novella Communications Limited Tel: +44 (0)20 3151
Tim Robertson/Toby Andrews 7008
Nominated Adviser and Joint Broker:
Smith & Williamson Corporate Tel: +44 (0)20 7131
Finance Limited 4000
Azhic Basirov
Joint Broker:
Whitman Howard Limited Tel: +44 (0)20 7087
Ranald McGregor-Smith 4555
This information is provided by RNS
The company news service from the London Stock Exchange
END
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