Arricano Real Estate has conditionally agreed to acquire Filgate Credit Enterprises from Weather Empire, a company, which is beneficially owned by Hillar Teder, the company's founder who controls 55.45% of the company's ordinary shares.
The acquisition is conditional on passing of the resolution at the general meeting. Whilst the company is not required to obtain shareholder approval under the AIM Rules or company law for the acquisition, as a matter of best practice, the board has undertaken to obtain independent shareholder (i.e. the company's shareholders excluding Hillar Teder and entities he controls) approval.
At 2:09pm: (LON:ARO) Arricano Real Estate Plc share price was 0p at 0.45p