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Arricano Real Estate Plc (ARO)
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:
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Lender
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Original agreement
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Original and current amount including capitalised interest (USD)
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New facility size (USD)
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Previous coupon pa
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New coupon pa
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Previous repayment date
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New repayment date
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Retail Real Estate OU ("RRE")
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Loan agreement, 29/05/2014
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Initial loan, 18,000,000
As at 31/07/20, 28,292,779
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28,292,779
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12%
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10.50%
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30/06/2020
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USD 6,872,394, 01/08/2021
Remaining balance, 01/08/2023
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RRE
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Loan agreement, 18/09/2014
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Initial loan, 10,000,000
As at 31/07/20, 3,127,606
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3,127,606
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10.50%
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10.50%
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23/09/2019
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01/08/2021
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Vunderbuilt S.A.
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Share exchange agreement ,05/09/2013
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Initial deferred consideration, 20,000,000
As at 31/07/20, 31,305,249
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31,305,249
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9.75%
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10.50%
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30/06/2020
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01/08/2023
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Vunderbuilt S.A.
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Loan agreement, 05/07/2013
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Initial loan, 15,300,000
As at 31/07/20, 24,545,026
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24,545,027
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9.55%
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10.50%
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31/07/2020
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01/08/2023
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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
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