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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Qannas Investments Limited | LSE:QIL | London | Ordinary Share | KYG7306P1037 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMQIL
RNS Number : 3347E
Qannas Investments Limited
17 October 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Qannas Investments Limited
("Qannas" or the "Company")
Disposal
Qannas Investments Limited, the closed- ended investment company listed on the AIM market, is pleased to announce the disposal of its stake in Capital Hotel DOO ("Capital Hotel") an SPV whose only investment is CentreVille Hotel ("CentreVille") (a luxury hotel in Podgorica, Montenegro) to Capital Investment LLC ("CI") for a total consideration of EUR9.5m received up front in cash (the "Disposal").
This represents, in aggregate with the EUR1.1m received during 2017 from Capital Hotel, a total return of EUR1.4m since its original investment in Capital Hotel in 2016 which is a return of 7.4% (in EURO) per annum over the investment period.
The Disposal is a related party transaction pursuant to the AIM Rules for Companies as CI is a substantial shareholder of Abu Dhabi Financial Group, the ultimate controlling shareholder of the Company's investment manager, ADCM Ltd and of which Mustafa Kheriba, Non-Executive Director of the Company is a director. The independent directors of Qannas (being Chris Ward and Richard Prosser), having consulted with the Company's nominated adviser finnCap, consider the terms of the Disposal to be fair and reasonable insofar as the Company's independent shareholders are concerned.
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/William Marle (Corporate Finance)
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
DISGCBDGXDBBGIR
(END) Dow Jones Newswires
October 17, 2018 05:25 ET (09:25 GMT)
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