ARO Arricano Real Estate

Amendments to loan facilities

Arricano Real Estate Plc (ARO)
Amendments to loan facilities

10-Sep-2020 / 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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

10 September 2020

Arricano Real Estate Plc

("Arricano" or the "Group")

Amendments to loan facilities

The Board of Arricano (AIM: ARO) is pleased to announce that it yesterday secured agreement to (i) repayment extensions (ii) coupon amendments and (iii) the capitalisation of accrued interest in respect of the following loan facility and deferred consideration agreements:

Lender

Original agreement

Original and current amount including capitalised interest (USD)

New facility size (USD)

Previous coupon pa

New coupon pa

Previous repayment date

New repayment date

Retail Real Estate OU ("RRE")

Loan agreement, 29/05/2014

Initial loan, 18,000,000
As at 31/07/20, 28,292,779

28,292,779

12%

10.50%

30/06/2020

USD 6,872,394, 01/08/2021
Remaining balance, 01/08/2023

RRE

Loan agreement, 18/09/2014

Initial loan, 10,000,000
As at 31/07/20, 3,127,606

3,127,606

10.50%

10.50%

23/09/2019

01/08/2021

Vunderbuilt S.A.

Share exchange agreement ,05/09/2013

Initial deferred consideration, 20,000,000
As at 31/07/20, 31,305,249

31,305,249

9.75%

10.50%

30/06/2020

01/08/2023

Vunderbuilt S.A.

Loan agreement, 05/07/2013

Initial loan, 15,300,000
As at 31/07/20, 24,545,026

24,545,027

9.55%

10.50%

31/07/2020

01/08/2023

 

In addition, each provider of finance agreed to capitalise any future unpaid interest.

The amendments to the loan agreements with RRE, which is interested in 55.04 per cent of the Company's issued share capital, represent related party transactions in accordance with AIM Rule 13. The Directors consider, having consulted with the Company's nominated adviser, that the amendments are fair and reasonable insofar as shareholders are concerned.

For further information, please contact:

Arricano Real Estate plc

Tel:

Ganna Chubotina

Nominated Adviser and Broker:

WH Ireland Limited Chris Fielding Tel: +44 (0)20 7220 1666

Financial PR:

Novella Communications Limited Tim Robertson/ Fergus Young 

Tel: +44 (0)20 3151 7008

 
ISIN: CY0102941610
Category Code: MSCM
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.: 83805
EQS News ID: 1129359

 
End of Announcement EQS News Service

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EN
10/09/2020

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