Arricano Real Estate PLC Directorate Changes (0803C)
September 27 2018 - 2:02AM
UK Regulatory
TIDMARO
RNS Number : 0803C
Arricano Real Estate PLC
27 September 2018
27 September 2018
Arricano Real Estate plc
("Arricano" or the "Company")
Directorate Changes
Arricano (AIM: ARO) is pleased to announce the appointment of
Mr. Urmas Somelar as Non-executive Chairman of the Company with
effect from 27 September 2018. Philip Scales, Interim Non-executive
Chairman has stepped down from the Board with effect from 27
September 2018.
Urmas Somelar currently acts as a management consultant, working
through his private company US Juhtimise. Previously Urmas worked
for over 20 years in banking, predominantly in the credit and
credit risk areas. He has extensive knowledge of credit analysis,
corporate restructuring and repossessed asset turnaround. Between
2009 and 2015 Urmas built up and led different units within the
Swedbank Group, working in the Baltics as well as Russia and
Ukraine. Between 2015 and 2017, Urmas acted as the CEO at Riigi
Kinnisvara, an Estonian state real estate property and facility
management company, which owns and manages more than 1.2 million
square metres of office and specialised property. Most recently,
between late 2017 and early 2018, Urmas held the position of Chief
Risk Officer at Versobank AS in Estonia.
Commenting on the changes, Mykhailo Merkulov, CEO, said:
"Urmas's significant banking experience will benefit the Group and
Urmas will be an excellent asset in terms of streamlining the
Group's strategy, in growing the business in Ukraine and
internationally. The Board would like to thank Philip for his time
and contribution since the Company's admission to AIM in September
2013. We are grateful for all that he has done, his support in the
Company's different strategic and operational issues, the excellent
service as the Interim Chairman during the last year and wish him
well with his future endeavours."
The directorships and partnerships currently held by Mr. Somelar
and over the five years preceding the date of appointment are as
follows:
Mr Urmas Somelar, aged 47
Current directorships/partnerships Previous directorships/partnerships
US Juhtimise OÜ Riigi Kinnisvara AS
Whitelabel OÜ Versobank AS
Urmas Somelar was appointed as a director of Versobank AS
("Versobank") on 8 December 2017 and resigned as a director on 28
March 2018. Versobank went into liquidation on 28 March 2018. The
liquidation of Versobank is ongoing with the first liquidators
report being due on 30 October 2018. It is currently estimated that
all creditors' claims will be fully satisfied.
There are no further disclosures to be made pursuant to Schedule
2 paragraph (g) of the AIM Rules.
Mr. Somelar does not hold any ordinary shares in the
Company.
For further information please contact:
CEO: Tel: +380 44 569 6708
Arricano Real Estate plc
Mykhailo Merkulov
Financial PR: Tel: +44 (0)20 3151 7008
Novella Communications Limited
Tim Robertson/Toby Andrews
Nominated Adviser and Broker: Tel: +44 (0)20 7131 4000
Smith & Williamson Corporate Finance Limited
Azhic Basirov
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END
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