Arricano Real Estate Plc (Cyprus), a management company and developer of a number of shopping and entertainment centers in Ukraine, intends to discuss with shareholders the proposal to cancel admission to trading on AIM (Alternative Investments Market) of the London Stock Exchange (LSE) of its ordinary shares from January 17, 2023.

Arricano said on the LSE website that the proposal will be considered at an extraordinary meeting of shareholders on January 9, 2023.

According to the report, the main arguments in favor of the proposal include, in particular, a continuation of the current unstable business environment in Ukraine could negatively affect the group's financial position, as well as the considerable cost, management time and the legal and regulatory burden associated with maintaining the company's admission to trading on AIM. In addition, the company's shares are not traded in meaningful volumes, and due to the limited liquidity in the shares and, in practical terms, a small free float and market capitalisation, continued admission to trading on AIM no longer sufficiently provides Arricano, in the Board's opinion, with the advantages of providing access to capital.

Arricano shares have had admission to trading on AIM LSE since September 2013.

In the event that the proposal is approved by shareholders, it is anticipated that cancellation will take effect from 7.00am on January 17, 2022.

At the same time, Arricano shareholders will be able to purchase or sell the company's ordinary shares within 12 months after the cancelation of admission to trading through Asset Match, which will manage the electronic mechanism for over-the-counter share trading.

Arricano Real Estate Plc specializes in the construction of shopping and entertainment centers and is one of the leading developers in the Ukrainian real estate market.