Arricano Real Estate PLC Arbitration Update (2977I)
August 30 2016 - 1:00AM
UK Regulatory
TIDMARO
RNS Number : 2977I
Arricano Real Estate PLC
30 August 2016
30 August 2016
Arricano Real Estate plc
("Arricano" or the "Company")
Arbitration update
Further to the arbitration update announced by Arricano on 7
July 2016, the Company announces that a further award has been
issued by The London Court of International Arbitration in the
arbitration between Arricano and Stockman Interhold S.A.
("Stockman") concerning the ownership of Assofit Holdings Limited
("Assofit"), a holding company, which held the Sky Mall shopping
centre.
The dispute concerns a Call Option Agreement ("COA") between
Arricano and Stockman, dated 25 February 2010. The COA provided for
Arricano's right to purchase all of Stockman's shares in Assofit
("Option Shares"). On 5 November 2010, Arricano exercised its call
option under the COA. As previously announced, all of Assofit's
assets, including Sky Mall, have been transferred to other legal
entities.
In its latest award (the "Eighth Award"), the tribunal has
awarded costs of approximately US$0.9 million to be paid by
Stockman to Arricano.
Notwithstanding the award announced by the Company on 7 July
2016, Stockman has not transferred or procured the transfer of the
Option Shares and Arricano continues to consider its options in
relation to this matter with its legal advisers. As previously
announced, in the event that Stockman did not transfer, or procure
the transfer of the Option Shares, Arricano may elect to claim
damages in lieu of the share transfer.
Further announcements will be made in due course.
For further information, please contact:
Arricano Real Estate plc Tel: +380 44 569
Mykhailo Merkulov 6708
Nominated Adviser and Joint
Broker Tel: +44 (0)20
Smith & Williamson Corporate 7131 4000
Finance Limited
Azhic Basirov
Joint Broker
Whitman Howard Limited Tel: +44 (0)20
Ranald McGregor-Smith 7659 1234
Financial PR
Novella Tel: +44 (0)20
Tim Robertson/Ben Heath 3151 7008
This information is provided by RNS
The company news service from the London Stock Exchange
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