Qannas Investments Limited Result of Tender Offer (4584N)

TIDMQIL

RNS Number : 4584N

Qannas Investments Limited

09 August 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

9 August 2017

QANNAS INVESTMENTS LIMITED

Result of Tender Offer and

Directors' Shareholdings

Qannas Investments Limited (the "Company" or "QIL"), the closed-ended investment company listed on the AIM market (AIM:QIL), posted to shareholders on 21 July 2017 a circular ("Circular") in respect of a tender offer to purchase up to 8,888,889 Ordinary Shares at a tender price of US$0.90 per Ordinary Share, up to an aggregate value of approximately US$8.00 million.

Result of Tender Offer

The Company can confirm that a total of 8,888,889 Ordinary Shares have been tendered in connection with the Tender Offer. Tenders for up to 12.9 per cent. of Shareholders' Ordinary Shares and Depositary Interests registered in their name at the Record Time (rounded down to the nearest whole Ordinary Share) will be met in full. Tenders received for surplus Ordinary Shares will be accepted in proportion to the number of additional Ordinary Shares tendered so that the total number of Ordinary Shares purchased pursuant to the Tender Offer does not exceed 8,888,889.

The Ordinary Shares purchased by the Company pursuant to the Tender Offer will be held in treasury. CREST accounts will be credited for revised holdings of Ordinary Shares on 10 August 2017, payment through CREST will be made for uncertificated Ordinary Shares purchased pursuant to the Tender Offer by 18 August 2017 and cheques and balancing share certificates will be despatched for certificated Ordinary Shares purchased pursuant to the Tender Offer by 18 August 2017.

Directors' Interests

Certain of the directors of the Company, have tendered Ordinary Shares under the Tender Offer, their participation is set out below:

 
                  Number        Percentage   Number        Number        Percentage 
                   of Ordinary   of Total     of Ordinary   of Ordinary   of Total 
                   Shares        Voting       Shares        Shares        Voting 
                   prior         Rights       tendered      following     Rights 
                   to the        prior to                   the Tender    following 
                   Tender        the Tender                 Offer         the Tender 
                   Offer         Offer                                    Offer 
----------------  ------------  -----------  ------------  ------------  ----------- 
Abu Dhabi 
 Financial 
 Group LLC*         12,997,237       18.88%     1,714,112    11,283,125       18.82% 
----------------  ------------  -----------  ------------  ------------  ----------- 
Mustafa Kheriba        531,728        0.77%        70,125       461,603        0.77% 
----------------  ------------  -----------  ------------  ------------  ----------- 
Christopher 
 Ward                  100,000        0.15%             -       100,000        0.17% 
----------------  ------------  -----------  ------------  ------------  ----------- 
Richard Green          100,000        0.15%             -       100,000        0.17% 
----------------  ------------  -----------  ------------  ------------  ----------- 
Richard Prosser              -            -             -             -            - 
----------------  ------------  -----------  ------------  ------------  ----------- 
 

*the parent company of ADCM Ltd, being the Company's Investment Manager.

Total Voting Rights

With effect from 10 August 2017, the Company's issued share capital will consist of 78,133,409 Ordinary Shares and the Company will hold 18,193,697 Ordinary Shares in treasury.

The total number of voting rights in the Company is therefore 59,939,712. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Terms used and not defined in this announcement bear the meaning given to them in the Circular.

For further information please contact:

Qannas Investments Limited Tel: [phone]

Vinod Rajput

ADCM Ltd. (Investment Manager) Tel: [phone]

Mustafa Kheriba

finnCap Ltd Tel: [phone]

Henrik Persson/James Thompson (Corporate Finance)

 
    Details of the person discharging managerial responsibilities / person closely associated 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Name                                                      Mustafa Kheriba 
    --------------------------------------------------------  -------------------------------------------------------- 
2.  Reason for the Notification 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Position/status                                           Non-Executive Director 
    --------------------------------------------------------  -------------------------------------------------------- 
b)  Initial notification/Amendment                            Initial 
    --------------------------------------------------------  -------------------------------------------------------- 
3.  Details of the issuer, emission allowance market participant, auction platform, auctioneer 
     or auction monitor 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Name                                                      Qannas Investments Limited 
    --------------------------------------------------------  -------------------------------------------------------- 
b)  LEI                                                       21380042SL88EILG1I04 
    --------------------------------------------------------  -------------------------------------------------------- 
4.  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
     each type of transaction; (iii) each date; and (iv) each place where transactions have been 
     conducted 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Description of the Financial instrument, type of          Ordinary shares of no par value 
    instrument 
    --------------------------------------------------------  -------------------------------------------------------- 
    Identification code                                       KYG7306P1037 
    --------------------------------------------------------  -------------------------------------------------------- 
b)  Nature of the transaction                                 Ordinary Shares Tendered 
    --------------------------------------------------------  -------------------------------------------------------- 
c)  Price(s) and volume(s)                                    Price(s)  Volume(s) 
                                                               $0.90     70,125 
    --------------------------------------------------------  -------------------------------------------------------- 
d)  Aggregated information: 
     -- Aggregated volume                                      70,125 Ordinary Shares of no par value tendered at 
     -- Price                                                  $0.90 per shares 
    --------------------------------------------------------  -------------------------------------------------------- 
e)  Date of the transaction                                   4 August 2017 
    --------------------------------------------------------  -------------------------------------------------------- 
f)  Place of the transaction                                  Outside a trading venue 
    --------------------------------------------------------  -------------------------------------------------------- 
 
 
    Details of the person discharging managerial responsibilities / person closely associated 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Name                                                      Abu Dhabi Financial Group LLP 
    --------------------------------------------------------  -------------------------------------------------------- 
2.  Reason for the Notification 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Position/status                                           Parent company of ADCM Ltd, the Investment Manager of 
                                                              QIL 
    --------------------------------------------------------  -------------------------------------------------------- 
b)  Initial notification/Amendment                            Initial 
    --------------------------------------------------------  -------------------------------------------------------- 
3.  Details of the issuer, emission allowance market participant, auction platform, auctioneer 
     or auction monitor 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Name                                                      Qannas Investments Limited 
    --------------------------------------------------------  -------------------------------------------------------- 
b)  LEI                                                       21380042SL88EILG1I04 
    --------------------------------------------------------  -------------------------------------------------------- 

4.  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
     each type of transaction; (iii) each date; and (iv) each place where transactions have been 
     conducted 
    ------------------------------------------------------------------------------------------------------------------ 
a)  Description of the Financial instrument, type of          Ordinary shares of no par value 
    instrument 
    --------------------------------------------------------  -------------------------------------------------------- 
    Identification code                                       KYG7306P1037 
    --------------------------------------------------------  -------------------------------------------------------- 
b)  Nature of the transaction                                 Ordinary Shares Tendered 
    --------------------------------------------------------  -------------------------------------------------------- 
c)  Price(s) and volume(s)                                    Price(s)  Volume(s) 
                                                               $0.90     1,714,112 
    --------------------------------------------------------  -------------------------------------------------------- 
d)  Aggregated information: 
     -- Aggregated volume                                      1,714,112 Ordinary Shares of no par value tendered at 
     -- Price                                                  $0.90 per shares 
    --------------------------------------------------------  -------------------------------------------------------- 
e)  Date of the transaction                                   4 August 2017 
    --------------------------------------------------------  -------------------------------------------------------- 
f)  Place of the transaction                                  Outside a trading venue 
    --------------------------------------------------------  -------------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 09, 2017 02:00 ET (06:00 GMT)