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In late December 2019, it came to the attention of the Investment Manager that

In late December 2019, it came to the attention of the Investment Manager that there was an unauthorized mortgage on the underlying asset of Dorrat Al Sofouh (“DAS”) effected by the 52% shareholder. The matter was immediately disclosed to the GMFA Board and Independent Committee of the Board. After investigations into the matter and seeking legal opinion it is expected that a settlement agreement between Financial Assets Bahrain (GMFA subsidiary) and the 52% shareholder will be executed which might entail, removing the mortgage and mortgage servicing by the other shareholder, recovery of past income due to GMFA and the possibility of GMFA owning 100 percent of the building. The Board of GMFA will be insisting on settling the pending Abyaar cash default amount through a step up in shareholding in the building. The Independent Committee of the Board of GMFA is closely monitoring the ongoing recovery of the Abyaar Murabaha settlement and the legal process. There is a possibility of value erosion should the settlement agreement be delayed and/or not implemented.

Contact Information:
Jarvis Investment Management Ltd
78 Mount Ephraim
Tunbridge Wells Kent TN4 8BS
Tel: +44 (0) 1892 510515

For further information please contact:
Nick Crabb
Jarvis Investment Management
Tel: 01892 700 814

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