RNS Number : 9621X

Arricano Real Estate PLC

25 November 2014

25 November 2014

Arricano Real Estate plc

("Arricano" or the "Company")

Directorate changes

Arricano (AIM:ARO), one of the leading real estate developers in Ukraine specialising in operating shopping centres, announces that Yarema Kovaliv has been appointed to the board as a non-executive director with immediate effect.

Yarema joined Arricano in October 2009 as Head of the Legal Department. In January 2014 he was appointed Acting Chief Executive Officer and in September 2014 appointed Executive Advisor to the board (the "Board") of directors of the Company. Yarema's career has predominantly been as an in-house lawyer, prior to joining Arricano, Yarema was General Counsel at Panorama Group and head of the legal departments at O'Key Ukraine LLC and MD Retail LLC. Yarema holds a degree in law from the Precarpathian National Vasyl Stefanyk University and a degree from the Kyiv National Taras Shevchenko University.

Arricano also announces that Hillar Teder has advised the Board of his resignation from his position as a non-executive director of the Company with immediate effect.

Rupert Cottrell, chairman of the Company, commented: "I am delighted to welcome Yarema to the Board. As a Board we have benefited greatly from Yarema's support as Acting Chief Executive Officer and latterly as Executive Advisor. His appointment now means we are able to thankfully continue to have the benefit of his expertise within the Company. The Board would also like to thank Hillar Teder for his contribution to the growth of Arricano and looks forward to his continued support as a substantial shareholder of the Company."

Disclosures under Schedule 2(g) of the AIM Rules for Yarema Kovaliv are as follows:

Full name and age:Yarema Kovaliv, age 38

Past Directorships within the last five years

Ukrpangroup Private Joint Stock Company

Livoberezhzhiainvest Private Joint Stock Company

Arricano Real Estate Limited Liability Company

Grandinvest Private Joint Stock Company

Pryzma Alfa Limited Liability Company

Vektor Capital Limited Liability Company

There are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules in respect of Yarema Kovaliv.

For further information please contact:

Arricano Real Estate plc                      Tel: +380 44 569 6708 
Mikhail Merkulov, CEO 
Nominated Adviser and Joint Broker 
Smith & Williamson Corporate Finance Limited  Tel: +44 (0)20 7131 4000 
Azhic Basirov 
 Joint Broker 
Whitman Howard Limited                        Tel: +44 (0)20 7087 4555 
Ranald McGregor-Smith 
 Financial PR 
 Novella                                        Tel: +44 (0) 203 151 7008 
 Tim Robertson/Ben Heath 

Note to Editors

Arricano (AIM: ARO) is one of the leading real estate developers in Ukraine and specialises in operating shopping centres. It is listed on the AIM market of the London Stock Exchange. The Arricano group has a strong management team, which consists of local as well as international experts with long standing track records in real estate. The Arricano group owns and operates (or, in the case of Sky Mall, has an interest in) five shopping centres in Ukraine with approximately 160,000 sq. m GLA. The properties are located in the capital Kyiv (Sky Mall and M26/RayON), Kryvyi Rih (SEC Sun Gallery), Zaporizhzhia (SC City Mall) and Simferopol (SC South Gallery). The Company owns four development properties: Prospect/Krasnotkatska (Kyiv); Petrivka (Kyiv); Rozumovska (Odesa); and Lukianivka (Kyiv).

This information is provided by RNS

The company news service from the London Stock Exchange



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