Result of EGM and Proposed Special Dividend
29 Octubre 2009 - 11:30AM
UK Regulatory
TIDMGMFA
RNS Number : 6251B
Global MENA Financial Assets Ltd
29 October 2009
29 October 2009
GLOBAL MENA FINANCIAL ASSETS LIMITED
Result of EGM and Proposed Payment of a Special Dividend
Global MENA Financial Assets Limited (the Company) is pleased to announce the
results of the Extraordinary General Meeting of the Company held today, 29
October 2009 (the EGM), and the proposed payment of a special dividend.
Results of EGM
As set out in the announcement made by the Company on 28 September 2009, the
purpose of the EGM was to approve either (i) the termination of the put option
agreement (the Put Option Agreement) entered into between the Company and its
shareholder, Global Investment House K.S.C.C, (the First Resolution); or (ii) in
the event that the shareholders of the Company do not vote in favour of the
termination of the Put Option Agreement, to amend the Put Option Agreement (the
Second Resolution).
The Company is pleased to announce that the First Resolution, as set out in the
Notice of EGM circulated to shareholders on 28 September 2009, was duly passed
on a poll. The Second Resolution was also passed on a poll. However, in
accordance with the terms of the Second Resolution, it will not become
effective, as the First Resolution was passed.
Details of the votes received are as follows:
+-------------+------------+-----------+------------+-----------+
| | For | Against |
+-------------+------------------------+------------------------+
| | Number | % | Number | % |
+-------------+------------+-----------+------------+-----------+
| First |62,414,073 | 81.69 |13,988,160 | 18.3 |
| Resolution | | | | |
+-------------+------------+-----------+------------+-----------+
| Second |74,994,073 | 98.16 | 1,408,160 | 1.84 |
| Resolution* | | | | |
+-------------+------------+-----------+------------+-----------+
* The Second Resolution was conditional on the First Resolution not being
passed.
Payment of Special Dividend
In consideration for the termination of the Put Option Agreement, the Company is
entitled to receive USD21.26 million in cash from Global Investment House
K.S.C.C. Subject to receipt of this sum and the approval of the Company's Board,
it is proposed that this sum be distributed to the Company's shareholders by way
of a special dividend. A further announcement in relation to the amount of the
special dividend, the record date for the dividend and the payment date for the
dividend, will be made by the Company in due course.
For information please contact:
Alison Bilham
HSBC Security Services (Guernsey) Limited
T: +44 (0)1481 707
213
Financial Dynamics +44(0) 207 269 7114
Ed Gascoigne-Pees
Nick Henderson
Notes to Editors
About Global MENA Financial Assets Limited
Global MENA Financial Assets Limited ("GMFA") is a Guernsey incorporated
investment company formed on 2 June 2008 to make attractive absolute gains
through investment in a diversified portfolio of financial sector assets focused
predominantly in the MENA region (including Turkey).
www.gmfa.com
About Global Capital Management Ltd.
Global Capital Management Ltd. is the wholly-owned subsidiary of Global
Investment House K.S.C.C. The investment manager has one of the largest private
equity teams in the MENA region. The team is organised into transaction, due
diligence and organisational development and monitoring subgroups. The members
of the private equity team have diverse sector and geographic experience in
countries across the MENA and other emerging markets. The team collectively
maintains a broad network of institutional relationships within the regions
targeted for investments by GMFA. The private equity team currently manages
assets more than US$3 billion.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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