Qannas Investments Limited Update on Transaction (2202S)
04 Novembre 2019 - 6:01PM
UK Regulatory
TIDMQIL
RNS Number : 2202S
Qannas Investments Limited
04 November 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
SECURITIES LAWS OF SUCH JURISDICTION
Qannas Investments Limited
("Qannas" or the "Company")
Update on Transaction
Qannas announced on 3 September 2019 (the "First Announcement")
that it had conditionally agreed to acquire a substantial portfolio
of investment assets (the "Portfolio") from a consortium of third
party vendors (the "Transaction"). Qannas is pleased to update
shareholders that the process and due diligence for completing the
Transaction continues apace and, in relation to this, amendments
have been agreed to certain documents relating to facilitating
certain interest payments prior to completion of the
Transaction.
The First Announcement describes that Qannas has agreed to meet
certain debt service obligations of the vendors of the Portfolio
from the date of the two implementation agreements entered into on
3 September 2019 and that an escrow arrangement had been
established in this regard. It has now been agreed that in addition
to the initial AED 20 million (approximately $5.5m(1) ) deposited
into the escrow account with Shuaa (as described in the First
Announcement), the third party vendors have agreed with Eagle T2
Limited ("Eagle") to deposit a further AED 5 million (approximately
$1.4 million(1) ) into the escrow account with Shuaa to meet other
debt service obligations. All other terms and effect of the escrow
arrangement are as described in the First Announcement, and
therefore it remains the case that the escrow arrangement is not
expected to have an impact on the net asset value of Qannas
following completion of the Transaction.
The entry into this amendment by Qannas is a related party
transaction pursuant to the AIM Rules as Eagle and Qannas'
investment manager, ADCM Ltd., are wholly owned subsidiaries of
ADFG. ADFG is also a substantial shareholder (as defined in the AIM
Rules) of Qannas. The independent directors of Qannas (being Chris
Ward and Richard Prosser), having consulted with Qannas' nominated
adviser, finnCap, consider its terms to be fair and reasonable
insofar as the independent shareholders of Qannas are
concerned.
Shareholders should refer to the First Announcement for more
information with regard to the Transaction and its terms. Defined
terms in this announcement are, unless otherwise specified,
consistent with the First Announcement.
(1) assumes AED:USD exchange rate of AED 3.675: USD 1
For further information please contact:
Qannas Investments Limited Tel: 01534 844 806
Nadia Trehiou
ADCM Ltd. (Investment Manager) Tel: +971 2 639 0099
Mustafa Kheriba
finnCap Ltd Tel: 020 7220 0500
Henrik Persson / James Thompson
Important notice
This announcement is for information purposes only and is not
intended to and does not constitute, or form part of, any offer or
invitation to purchase, subscribe for or otherwise acquire or
dispose of, or any solicitation to purchase or subscribe for or
otherwise acquire or dispose of, any securities in any
jurisdiction. The information in this announcement does not purport
to be full or complete and is subject to change without notice.
finnCap Ltd ("finnCap"), which is authorised and regulated in
the United Kingdom by the FCA, is acting as nominated adviser and
broker to the Company and no one else in connection with the
Transaction, and will not regard any other person as its client or
be responsible to anyone other than the Company for providing the
protections afforded to its clients or for providing advice in
relation to the Transaction or in relation to the contents of this
announcements or any transaction, arrangement or matter referred to
herein.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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November 04, 2019 12:01 ET (17:01 GMT)
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