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Conyers Dill & Pearman advised Qannas Investments Limited (“Qannas”), a Jersey company listed on the AIM market of the London Stock Exchange, on its acquisition of interests in ADCM SPEF L.P. and SPE Qannas C Limited and its continuation into the Cayman Islands. The acquisition was financed by the issue of about 44.7 million new shares at $US1 a share, more than its entire existing issued shares of 34.7 million, resulting in the transaction being treated as a reverse takeover. Qannas was recently awarded the “Outstanding Performance & Innovation” award, by MENA FM at its annual MENA FM Performance Awards. ADCM Ltd. is the investment manager of Qannas.
The Conyers team, which worked alongside Herbert Smith Freehills LLP on the transaction, was made up of Fawaz Elmalki of Conyers’ Dubai office and Richard Fear of Conyers’ Cayman Islands office.