Global MENA Financial Assets Update

Some news on Global MENA Financial Assets ("GMFA") from the London Stock Exchange:

(1) GMFA's EGM has approved settling the debt with Global by taking shares in AlFajer.  60.3 million shares voted "yes".  6.6 million no.  The "Yes" votes were 90.2% of those voting.  However,  GMFA has 252 million shares so the "Yes" vote represents 23.9% of total shares. In any case GIH's obligation to GMFA is now extinguished in exchange for the AlFajer shares.  As per GMFA's notice to the LSE, the formal re-registration of the shares will take place in January.  Earlier post here.

(2) The Board of Directors of GMFA has informed the LSE that it intends to ask the shareholders to vote to delist.  The reason is essentially to get around the IFRS requirement that the quoted price of the shares be used to determine their value for financial statement reporting for shareholders preparing financial statements according to IFRS.  The justification is that the shares are thinly traded and are trading below market.

(3) An EGM is scheduled for 27 January to vote on this measure.

(4) GMFA has filed the necessary notice with the LSE to advise that Global Investment House's shares in GMFA have been transfered to Global MENA Macro Fund (as per the requirements of the restructuring agreement).

Earlier posts on GMFA and Global can be found by using the respective labels on Suq Al Mal's homepage.