Global MENA Financial Assets Limited raises $500m through initial public offering

Notes and media contacts

Summary of the Offer

Offer Price 100 pence
Total number of Offer Shares 252,040,000
Gross proceeds of the Offer £252,040,000
Number of Ordinary Shares in issue 252,040,002
Market Capitalisation of the Company at the Offer Price £252m

- Initial Portfolio - Immediate access to a diversified equity portfolio of eight high-growth financial services sector assets, valued at $272.3m (as at 27 May 2008) which are to be transferred to the Company at $238.8m.

- Deal flow - As a leading regional private equity player, the Investment Manager has substantial proprietary dealflow sourced from an extensive network of relationships in the wider MENA region and the Directors believe the Group is well positioned to access and capitalise on this deal flow. The Directors expect the Company to be fully invested within 12 months from the date of Admission.

- Investor alignment - Global Investment House will retain a 29.99%. stake in the Company and has also granted the Company a put option over the shares in the unlisted companies in the Initial Portfolio which is exercisable 12 months after Admission and will allow the Company to transfer the unlisted companies back to Global Investment House at the transfer price of such companies paid by the Company at the time of the transfer to it of the Initial Portfolio.

- Dividends - The Company intends to pay annual dividends, subject to any legal or regulatory limitations. The Company has no dividend target, but intends to pay substantially all of the realised capital gains from exited investments (after payment of tax and operating expenses) to shareholders in the form of dividends or by means of share buybacks.

- Strong corporate governance with a majority independent Board - Non-executive Directors of the board are Richard Bernays, Maha Al-Ghunaim, Omar El-Quqa, Sayanta Basu and John Hawkins.

JPMorgan Cazenove Limited ("JPMorgan Cazenove") has acted as sole sponsor and sole global co-ordinator in connection with the Offer and Admission. JPMorgan Cazenove and Global Investment House have acted as joint bookrunners and joint-lead managers and J.P. Morgan Securities Ltd. has acted as joint-lead manager in connection with the Offer.