We are writing to inform you that the board of directors has concluded that the capital base of FMG MENA is not sufficiently large to enable its investment objectives to be properly pursued. As a result of this, they have determined to close down FMG MENA and to transfer its operations to FMG Rising 3 Fund Ltd (“Rising 3”). Rising 3 has a larger asset base and the Board has concluded that the investment objectives can more effectively be pursued through an investment in Rising 3. All shareholders will be redeemed from FMG MENA and will receive an in specie payment of their
redemption price in shares of Rising 3 having a net asset value equal to the net asset value of their former holding in FMG MENA as of the date of the combination, which is proposed to become effective as of 31 December 2021. Should you not agree with this course of action, you are entitled to redeem free of charge by notifying us in writing on or before 20 December 2021 and receive your proceeds in cash. Furthermore, given the increasing regulatory and compliance burden under which all funds including, Rising 3 operates, the board of Rising 3 has concluded that the continued participating of any investors holding shares with an aggregated Net Asset Value of less than US$10,000, or its equivalent, is uneconomical and imposes on the fund an unduly large administrative burden on operations. For this reason, it is proposed that Rising 3 will issue a shareholder register report as at 31 January 2022 and all investors holding shares with an aggregated Net Asset Value of less than US$10,000, or its equivalent, will be fully redeemed and will receive their redemption proceeds in cash. This further redemption of shares held with Rising 3 will be effective as of 31 January 2022.
