Sky Mall (Kyiv, Ukraine) Arbitral Award Information Update at the London Stock Exchange Website

The information about the arbitral award on the dispute over the shares in the company that previously owned Sky Mall Shopping Center is updated at the London Stock Exchange website. The company Arricano informed in RNS (Regulatory News Service) No. 6044D of July 7, 2016 about the status of executing the Award of the London Court of International Arbitration, dated May 5, 2016, on the arbitration between Arricano Real Estate Plc (Arricano) and Stockman Interhold S.A. (Stockman) regarding the property of Assofit Holdings Limited, a holding company that used to own Sky Mall Shopping and Entertainment Center (hereinafter, “Assofit” and “Seventh Award” respectively).

The dispute between Arricano and Stockman arose in connection with performance under the Call Option Agreement that was made between Arricano and Stockman on February 25, 2010 and provided for Arricano’s right to purchase all shares in Assofit owned by Stockman. On November 5, 2010, Arricano exercised its rights to purchase the shares at US$ 51,397,260.27.

As reported earlier, in 2014, all assets of Assofit, including Sky Mall and participatory interests in the company that used to own Sky Mall, were diluted and withdrawn to probable Stockman’s affiliates.

The tribunal ordered Stockman to transfer, or to procure the transfer of, the shares in Assofit, previously owned by Stockman, to Arricano on the Call Option terms within 30 days of the LCIA Award, dated May 5, 2016, for US$ 0. Arricano informs that Stockman failed to transfer, or to procure the transfer of, the shares in Assofit in accordance with the Call Option in that period.

As previously reported, if Stockman fails to transfer, or to procure the transfer of, the shares, Arricano may use various legal remedies for protecting and exercising its rights in different jurisdictions.

On June 2, 2016, Stockman appealed against the Seventh Award to the High Court of England and Wales.

That information captured the interest of foreign financial and economic media, including London South East, The Telegraph, and Investegate, who reprinted the London Stock Exchange’s notice.