29th Feb 2016 15:43
LONDON (Alliance News) - Arricano Real Estate PLC said Monday it has agreed to amend repayment terms of its loan agreement with Bytenem Co Ltd and its share exchange agreement with Vunderbuilt SA.
The Ukraine real estate developer and shopping centre operator said it had agreed to extend the maturity date of its USD16.1 million loan with Bytenem to end-June 2017 from March 14.
Additionally, it has agreed to further extend the payment of its deferred consideration under a share exchange agreement with Vunderbuilt to end-June 2017 from end-April.
Both Bytenem and Vunderbuilt are ultimately controlled by Arricano's majority shareholder, Hillar Teder, and are therefore considered to be a related party under AIM rules.
Shares in Arricano Real Estate were untraded Monday afternoon. They last closed at USD0.650.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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