Morocco No. 6 Fund
Fund Closed | 4th July 2008 (closed early) |
Redemption Date | 18th July 2011* (revised) |
Cost of "right to purchase" contracts | €14 million |
Date of next set of audited accounts | 30th June 2010 |
Links to CISX announcements:
Final results 30th June 2009
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=44494
Interim Results 31st December 2009
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=47959
Net Asset Value
Net asset value (NAV) per share as at 31st December 2009 - €69.43
Further Information:
Morocco has benefited enormously from King Hassan's "Vision 2010" initiative which has seen large improvements in the infrastructure to support the tourism industry. In 2002 when the project commenced two million tourists visited Morocco. Eight million tourists visited the country in 2008 up 7% from 2007.
The Fund purchased 160 apartments and a 70-room hotel in the Maha Beach resort within close proximity to the Royal Palace. A recent Cushman and Wakefield report is positive about the development given its location and the lack of quality hotels in the Tetouan area to meet the expected growing demand.
A meeting was held at the end of April 2010 between two Fund Directors and the developer and significant progress was made towards negotiating lower purchases prices than originally agreed at outset. This reduction will enable the Fund’s units to marketed at discounted prices and should make them attractively priced to potential purchasers.
The latest Fund update can be found under the Literature Library section.
* This is an indicative date, subject to various factors disclosed in this Supplemental Memorandum, in particular, the completion and re-sale of "right to purchase" contracts and developments.



