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Amendments to loan facilities

10th Sep 2020 07:01

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, 01/08/2021Remaining 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: +357 25 582 535

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

UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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