Morocco No. 6 Fund
Fund Closed | 4th July 2008 (closed early) |
Redemption Date | 18th July 2010* |
Cost of "right to purchase" contracts | €14 million |
Date of next set of audited accounts | 31st December 2009 |
Links to CISX announcements:
Final results 30th June 2009
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=44494
Interim Results 31st December 2008
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=40689
Net Asset Value
Net asset value (NAV) per share as at 30th June 2009 - €70.7732
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.
Fund No 6 purchased apartments and a four star hotel in the Maha Beach resort in the Tetouan region of the country. To date 12 apartments have been sold at an average premium of 15% and a further 14 reservations have been made. A major operator has shown considerable interest in taking over the running of the hotel which will make it an attractive prospect for purchasers and significantly enhance the overall saleability of the development.
* 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.



