Qannas Investments Limited Disposal of CentreVill Hotel (3347E)
17 Octobre 2018 - 11:25AM
UK Regulatory
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
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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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