Arricano Real Estate Plc (AIM:ARO) entered into a sale and purchase agreement to acquire 49% stake in Filgate Credit Enterprises Limited from Weather Empire Limited for $39.8 million on November 24, 2016. As part of the transaction, Arricano and Weather Empire have entered into a set-off agreement where both parties agree that the parties intend to settle the existing Weather Empire Loan of $39.8 million owed to Arricano by means of applying the consideration, which Arricano owes to Weather Empire for the Filgate shares under the sale and purchase agreement. Further Arricano has entered into assignment agreement under which the rights to the Filgate Liabilities owed to Ekspert Kapital OÜ are assigned from Ekspert Kapital for nominal consideration to Lacecap Limited for the ultimate benefit of Arricano and a five year call option with Weather Empire to acquire the remaining 51% of Filgate for nominal consideration. The deal is subject to approval of Arricano's independent shareholder. Azhic Basirov of Smith & Williamson Corporate Finance Limited acted as nominated advisor and joint broker, Ranald McGregor-Smith of Whitman Howard Limited acted as joint broker while Tim Robertson and Toby Andrews of Novella acted as PR advisor to Arricano Real Estate in the deal.