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BSX Approves Listing of the Class ‘A11’ and ‘B11” CHF Non-Voting Redeemable Preference Shares of the FMG Iraq Fund Ltd
Hamilton, Bermuda: 21 October 2010 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing for up to 10,900,000 of the A11 and B11 CHF non-voting redeemable preference shares of the FMG Iraq Fund Ltd, (“the Fund”) and relating to all the classes of ‘10’ shares. BMA permission had been received for the issuance of up to 10,900,000 non-voting redeemable preference shares at a par value of US$0.001 each and relating to all the classes of ‘10’ shares.
The listing is effective as of 05 August 2011.
The Fund was incorporated in Bermuda on 18 March 2005 as an open-ended investment company and can, therefore, issue and redeem and reissue its own shares at prices based on Net Asset Value. Shares of the Fund will be offered on a continuing basis.
Under the present law, the Fund is exempt from all income and capital gains taxes within the Islands of Bermuda.
The Investment Objective of the Fund is to achieve capital appreciation. The Fund’s investment mandate will be to invest the assets into Iraqi related securities with a focus on the most liquid stocks. The assets may be allocated to external managers, either as managed accounts or to funds. Assets may also be invested directly by FMG through brokerage accounts and to any future index linked products. The Fund may not be 100% invested due to certain collateral requirements.
Apex Fund Services Ltd. sponsored the listing of the Ordinary Shares of the FMG Iraq Fund Ltd CHF Class A 11 shares and USD Class B 11 shares.
“The BSX is delighted to welcome the FMG Iraq Fund Ltd CHF Class A11 and B11 shares to listing”, said Mr. James S. McKirdy, Chief Compliance Officer of the BSX.
For further information on the FMG Special Opportunities Fund Ltd. please contact Mr.