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ARRICANO REAL ESTATE PLC (FRA:CY010294) Arbitration Update

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Arricano Real Estate Plc (ARO)
Arbitration Update

12-Jan-2018 / 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.


12 January 2018

 

Arricano Real Estate plc

("Arricano" or the "Company")

 

Arbitration Update

 

Further to the announcement on 6 December 2017, the Company announces that  the High Court of Justice in London (the "High Court") has dismissed an application made by Stockman Interhold S.A. ("Stockman") for permission to appeal the High Court's earlier judgement in which it dismissed Stockman's various challenges to the Fourth, Fifth and Seventh Awards (the "LCIA Awards") rendered in the London Court of International Arbitration proceedings between Arricano and Stockman (the "LCIA Arbitration").

 

This High Court judgment is to be treated as the final in the long-lasting dispute between Arricano and Stockman in respect of the exercise of a call option of shares of Assofit Holdings Limited, a company that earlier owned Sky Mall Shopping Center (Kyiv, Ukraine). This ruling brings an end to Stockman's challenge proceedings in respect of the LCIA Awards as Stockman has now exhausted all legal remedies available to it bring such challenges.

 

Commenting on the High Court's decision, Mykhailo Merkulov, CEO of Arricano, said: "The dispute has been duly considered and resolved by the High Court and it is now up to Stockman to begin the fulfilment of the awards in accordance with the law and its contractual obligations".

 

Further announcements relating to this case will be made in due course.

 

 

For further information, please contact:

 

Arricano Real Estate plc

Mykhailo Merkulov

Tel: +380 44 569 6708

Nominated Adviser and Broker

Smith & Williamson Corporate Finance Limited

Azhic Basirov

 

Tel: +44 (0)20 7131 4000

Financial PR

Novella

Tim Robertson/ Toby Andrews

 

Tel: +44 (0)20 3151 7008

 



ISIN: CY0102941610
Category Code: MSCU
TIDM: ARO
LEI Code: 213800F8AMPULEKXFX22
OAM Categories: 2.2. Inside information
Sequence No.: 5100

 
End of Announcement EQS News Service

644935  12-Jan-2018 

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