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Qannas Investments (QIL)

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Friday 11 August, 2017

Qannas Investments

Notice of AGM

RNS Number : 7753N
Qannas Investments Limited
11 August 2017

11 August 2017




Posting of Notice of AGM


Qannas Investments Limited (the "Company" or "QIL"), the closed-ended investment company listed on the AIM market (AIM:QIL), has today posted to shareholders a notice convening the Company's annual general meeting ("AGM" and "Notice of AGM") which is also available on the Company's website. Within the Notice of AGM is a resolution proposing to amend the Company's Investment Policy such that, with effect from the date of the meeting:

1.       no further investments will be made by QIL until such time as a further new Investment Policy be determined by the Board and approved by Shareholders; and

2.       the Company start a process of managed realisations with a view to substantially all of its investments being realised by 31 December 2019 and the cash generated from such realisations being used to repay the Company's existing borrowings, with any excess being returned progressively to Shareholders over this period.


The explanatory note for this resolution is as follows:

The Company has, since its admission to trading on AIM in March 2012 ("IPO"), operated with a broad overarching strategy (the "Investment Strategy") of building a portfolio in global opportunistic investments in order to generate attractive returns for Shareholders, as well as an investment policy ("Investment Policy"), which sets out in greater detail the policies of the Company with regard to asset allocation and risk diversification.

It was set out in the Company's circular to members regarding the Tender Offer dated 21 July 2017, that while, since its IPO, QIL has invested across different investment themes and has successfully built up a diverse portfolio of investments spread across the Middle East, Eastern Europe and Central London, the Board, together with ADCM, the Company's Investment Manager, have considered the current Investment Strategy and have concluded that the diverse nature of the Company's portfolio is not currently attractive to institutional investors and investors outside of the GCC countries. Consequently, the Board believes that the current Investment Strategy is holding back the Board and ADCM's growth plans for the Company. The Board is therefore embarking on a review of the Company's Investment Strategy, which will be presented to Shareholders in due course.

Meanwhile, the Company proposes a new Investment Policy in accordance with Rule 8 of the AIM Rules for Companies, which will result in existing investments being realised in an orderly fashion over the next two years. The Board believes this will enable the Company to achieve a better return for Shareholders than the possible alternative of immediately realising the Company's portfolio.

The Board believes that, by developing a new Investment Strategy which may lead to a further new Investment Policy, with the aim of broadening the appeal of the Company to prospective new shareholders.

Pending completion of such review, as noted in the annual results for the year ended 31 December 2016 and above, the Board is recommending that substantially all of the Company's existing investments be realised and that the proceeds will be used to repay debt and make distributions to shareholders.


For further information please contact:


Qannas Investments Limited                                                                            Tel: 015 3481 8022

Vinod Rajput


ADCM Ltd. (Investment Manager)                                                                    Tel: +971 2 639 0099

Mustafa Kheriba


finnCap Ltd                                                                                                        Tel: 020 7220 0500

Henrik Persson/James Thompson (Corporate Finance)


This information is provided by RNS
The company news service from the London Stock Exchange

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