GMFA Global Mena

alternative investments asset management firm in the MENA region. Previously, Mr 
Abdallah was senior investment and banking analyst and later, section head of 
investment banking at Piraeus Bank, Egypt. 
Abdulrazak Aljassim (Director) 
Mr Aljassim is chief operating officer of Dubai Group and has extensive 
experience in entrepreneurial business set up, engineering and hands-on 
management of industrial, banking and financial services. Before joining Dubai 
Group, Mr Aljassim was executive director, Corporate Services and Organisational 
Development of Emaar Properties. He was previously executive director of First 
Gulf Bank, where he managed Operations, Administration and Technology . He has 
also worked for Citibank, first as Manager, Business Planning and Analysis 
(Sales and Distribution), and shortly after, as resident vice president, Banking 
Operations (Central Operations). 
The Board has been informed that Omar El-Quqa is currently being replaced as a 
director of Al Fajer by Abdulaziz Al-Abdulrazaq, and that the formal 
registration of this change with the Kuwait Ministry of Commerce and Industry is 
expected to be completed shortly. Mr Al-Abdulrazaq has been a vice president in 
Global's wealth management department since 2000. Prior to this he was a senior 
trader with Bayan Investment Co. and an investment manager with Kuwait Foreign 
Trade Contracting and Investment Co. (now Kuwait investment Co.). Mr 
Al-Abdulrazaq is also a board member of ALARGAN International Real Estate Co., 
Noran Holding Co. and First Securities Brokerage Co. 
Key management of Al Fajer: other 
Jan Davis (chief executive officer) 
Mr Davis has 30 years' experience in insurance and reinsurance underwriting and 
has formed long-standing relationships with brokers as well as establishing 
companies worldwide, particularly in the Middle East, Indian sub-continent, Far 
East and Europe. Mr Davis was previously a director and chief operating officer 
at Alliance Re. 
Edward Melvin (chief underwriting officer) 
Mr Melvin has a proven track record of over 30 years in the London market, 
specialising for the past few years in the Middle Eastern, Far Eastern and 
European markets, as well as many years of managing his company's outwards 
reinsurance protections. His experience includes both facultative and treaty 
business. 
Trevor Bundy (chief financial officer) 
Mr Bundy has many years' experience of financial accounting at all levels for 
UK-based insurance companies, on both the broking and the underwriting side. 
Whye Loon Chan (chief risk officer) 
Mr Chan has over 18 years' experience in actuarial and underwriting roles in the 
insurance and reinsurance industries of USA, Asia and Australasia. He joined Al 
Fajer from Allianz Reinsurance SE where he was the regional manager of the 
treaty division, covering Greater China, South East Asia and Australasia. 
Stephan Ott (Senior underwriter) 
Mr Ott has 15 years' experience in reinsurance underwriting. His previous 
position was chief underwriting officer for all classes and lines of reinsurance 
business written by Sirius International (Hamburg Branch). 
Financial effects of the Transaction on the Company 
The Company announced on 3 April 2009 that it was in discussions with Global 
regarding the possible acquisition of two assets, the cash consideration for 
which would be set off against a corresponding amount owing under the Global 
Financing Contracts. 
One of these proposed acquisitions was the acquisition through Financial Assets 
Bahrain of a minority holding in Twenty Third Project Management Company W.L.L. 
and consequently an indirect interest of five per cent. in Dar Al Tamleek from 
Global, as announced by the Company on 17 June 2009. The cash consideration for 
the acquisition, $4.117 million (KD1,200,210), was set off against a 
corresponding amount owing under the Global Financing Contracts, reducing the 
amount payable to the Company thereunder to $34 million. It was contemplated 
that the remaining amount due under the Global Financing Contracts would be set 
off against the consideration for the possible acquisition of the further asset 
from Global, as announced on 3 April 2009.The other proposed acquisition 
announced on 3 April 2009 was the Transaction. On completion of the Transaction, 
the consideration will be set off against the amount owed by Global to the 
Company, accordingly reducing the Company's exposure under the Global Financing 
Contracts to nil. The Directors believe that this would be a very positive 
outcome given concerns over the recoverability of these amounts. 
A summary of the principal terms of the Transaction will be set out in a 
circular to be posted to Shareholders shortly.  The circular will also include 
the notice convening the General Meeting at which the resolution approving the 
Transaction will be proposed. The Board has been advised by the Investment 
Manager that the Transaction is expected to be completed in December 2009, 
subject to the passing of the Resolution at the EGM. 
Enquiries 
+--------------------------------------+--------------------------------------+ 
| Alison Bilham                        | T: ++44 (0)1481 707 213              | 
| HSBC Securities Services (Guernsey)  | T: +44 (0) 20 7269 7114              | 
| Limited                              |                                      | 
| Ed Gascoigne Pees/Nick Henderson     |                                      | 
| Financial Dynamics                   |                                      | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
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. 
Information regarding forward-looking statements 
This announcement contains a number of forward-looking statements relating to 
the Company, TFPM Company and Al Fajer with respect to, amongst others, the 
following: financial condition; results of operations; economic conditions in 
which Al Fajer operates and in which the Company will operate; the business of 
the Company and Al Fajer; future benefits of the Transaction and Al Fajer 
management plans and objectives. The Company considers any statements that are 
not historical facts as "forward-looking statements". They relate to events and 
trends that are subject to risks and uncertainties that could cause the actual 
results and financial position of either the Company or Al Fajer to differ 
materially from the information presented in the relevant forward-looking 
statement. When used in this announcement the words "estimate", "project", 
"intend", "aim", "anticipate", "believe", "expect", "should" and similar 
expressions, as they relate to the Company and/or Al Fajer or the Al Fajer 
management, are intended to identify such forward-looking statements. Readers 
are cautioned not to place undue reliance on these forward-looking statements 
which speak only as at the date of this announcement. Neither the Company nor 
any member of its group undertake any obligation publicly to update or revise 
any of the forward-looking statements, whether as a result of new information, 
future events or otherwise, save in respect of any requirement under applicable 
laws, the Listing Rules, the Disclosure and Transparency Rules and other 
regulations. 
An exchange rate of KD1:$3.50263, being the prevailing exchange rate at 4.30 
p.m. (GMT) on 20 November 2009, has been used for the purposes of this 
announcement except in relation to the cash consideration for the acquisition of 
the interest in Dar Al Tamleek where an exchange rate of KD1:$3.43053 has been 
used (being the exchange rate as at 16 April 2009 when the acquisition was 
announced). 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBJBFTMMITBIL 
 

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