GMFA Global Mena

 

TIDMGMFA 
 
RNS Number : 4225E 
Global MENA Financial Assets Ltd 
18 December 2009 
 

18 DECEMBER 2009 
 
 
GLOBAL MENA FINANCIAL ASSETS LIMITED 
(THE "COMPANY" OR "GMFA") 
CANCELLATION OF ADMISSION OF THE COMPANY'S ORDINARY SHARES TO THE OFFICIAL LIST 
AND TO TRADING ON THE LONDON STOCK EXCHANGE'S MARKET FOR LISTED SECURITIES 
The board of directors of the Company (the Board) announces that it has 
unanimously resolved to seek shareholder approval for the cancellation of the 
listing of the Company's shares on the official list of the United Kingdom 
Financial Services Authority and their trading on the London Stock Exchange 
plc's market for listed securities (the De-listing) at an extraordinary general 
meeting (the EGM). The Board also wishes to announce that the Company is also 
proposing amendments to its Articles of Incorporation (Articles) to reflect the 
De-listing. 
Background to the De-listing 
Trading in the shares in the Company (Shares) has been limited and the absence 
of sufficient buyers and sellers of the Shares has meant that the Shares are 
relatively illiquid.  The Shares have consistently traded in the market at a 
discount to the Net Asset Value of the Company.  Shareholders which report their 
financial results under International Accounting Standards are required to value 
their holdings in quoted instruments (such as the Shares) on the basis of the 
current quoted market price of the instrument. Conversely if such Shareholders 
hold un-quoted instruments (as the Shares will be after the De-listing) they 
will be permitted, under International Accounting Standards to value their 
holding using appropriate valuation techniques. Such valuation techniques may 
include, but are not limited to, net asset value. 
Given the absence of regular trading in the Shares the Directors believe that it 
is difficult to justify the continued listing and believe that an alternative 
matched bargain settlement facility will provide an adequate alternative trading 
platform at a considerably lower cost to the Company. 
For the reasons outlined above, the Board believes that it is in the best 
interests of the Company and the Shareholders as a whole if the De-listing occur 
as soon as possible in accordance with the timetable set out in the Listing 
Rules and the London Stock Exchange plc's Admission and Disclosure Standards. 
Undertakings to Vote in Favour of the Resolution 
Certain  Shareholders who hold between them 110,235,163  Shares, representing 
43.74% per cent. of the current issued share capital of the Company, have 
irrevocably undertaken to vote in favour of the resolution in favour of the 
De-listing, to be put to the Shareholders at the EGM. 
Proposed Amendments to the Articles 
The Board is also proposing to make a number of amendments to its Articles in 
connection with the De-listing.  A summary of these amendments will be included 
in the circular to be sent to Shareholders shortly. 
Circular and Notice of EGM 
A description of, and a summary of the benefits and risks associated with, the 
De-listing and of the proposed amendments to the Company's Articles, will be set 
out in a circular to be posted to the Company's shareholders shortly. 
The circular will also include the notice convening the EGM at which the 
resolution approving the De-listing and the amendments to the Articles will be 
proposed. 
Copy Documents 
A copy of the amended Articles and the circular to be sent to shareholders will 
be available for inspection at the registered office of the Company and at the 
offices of the Company's solicitors, Allen & Overy LLP, One Bishops Square, 
London, E1 6AD, United Kingdom, during normal business hours on any weekday 
(Saturdays, Sundays and public holidays exempted) during the period up to and 
including the day of the EGM. Copies will also be available on the Company's 
website, www.gmfa.com. 
 
 
Notes 
This announcement is for information purposes only and does not constitute an 
offer or invitation to acquire or dispose of any securities or investment advice 
in any jurisdiction. 
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 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 NOECKFKNABDDCBD 
 

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