Qannas Investments Limited
New Loan Facility and Investor Update
Qannas Investments Limited (the "Company"), a closed-ended investment company listed on the London AIM market, is pleased to announce that it has secured a two year term loan facility of $30m from First Gulf Bank (the "Transaction" and the "Loan"). This is an extension of $20m to a previous facility of $10m, which the Company had fully drawn down on 25 November 2014.
The Loan has a rate of 2.5% margin over LIBOR and is secured against certain existing assets of the Company. The facility has a covenant of 1.75x NAV to Loan. Proceeds from the Loan will be used to make further investments in the Company's pipeline of opportunities in UAE, Eastern Europe and Central London.
The Company also announces that it will be distributing a report from ADCM to all shareholders which provides an update on the Investments Manager's views and outlook for the Company. A copy of this report can be found on the Company's websitewww.qannasinvestments.comfrom 25th Feb 2015.
For further information please contact:
Qannas Investments Limited Tel: 01534 818 022
Vinod Rajput
ADCM Ltd. (Investment Manager) Tel: +971 2 639 0099
Mustafa Kheriba
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews/James Thompson (Corporate Finance)
Simon Johnson (Corporate Broking)
This information is provided by RNS
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