Source - RNS
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

Mykhailo Merkulov

Tel: +380 44 569 6708

Nominated Adviser and Joint Broker

Smith & Williamson Corporate Finance Limited

Azhic Basirov


Tel: +44 (0)20 7131 4000

Joint Broker

Whitman Howard Limited

Ranald McGregor-Smith


Tel: +44 (0)20 7659 1234

Financial PR


Tim Robertson/Ben Heath


Tel: +44 (0)20 3151 7008


This information is provided by RNS
The company news service from the London Stock Exchange