Qannas Investments Limited Notice of AGM (7753N)
August 11 2017 - 3:45AM
UK Regulatory
TIDMQIL
RNS Number : 7753N
Qannas Investments Limited
11 August 2017
11 August 2017
QANNAS INVESTMENTS LIMITED
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
END
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