Phoenician Corporation IV Ltd is a company formed with the intention of becoming a vehicle for investment in Shariah Compliant Businesses in the Middle East and North Africa regions, that collectively such investments if owned by the Company may command a higher valuation than they would if they remained independent. It is the intention of the Company to effect an acquisition or sign a letter of intent, agreement in principle or definitive agreement for an acquisition within 12 months following admission.

 

Phoenician Corporation IV Limited was listed on the PLUS Markets Group in London on March 25, 2009. Company's overview is available on Plus Markets website.

 

Corporate Info:

 

Current Directors:

Jason R. Futko, CA - Chairman

Lisa M. Lee, CA - Finance Director

Edwin S. Lee, CA - Non-executive Director

Spencer J. Wilson - Non-executive Director

 

Company Secretary

City & Westminster Consultants LLP

2nd Floor, Stanmore House

29-30 St. James's Street

London SW1A 1HB

United Kingdom

 

Registered Office

Second Floor, Olde Towne Marina

Sandy Port, West Bay Street

P. O. Box N 4825

Nassau, Bahamas

 

Corporate Adviser

City & Westminster Corporate Finance LLP

2nd Floor, Stanmore House

29-30 St. James's Street

London SW1A 1HB

United Kingdom

 

Auditors and Reporting Accountants

Littlejohn

1Westferry Circus

Canary Wharf

London E14 4HD, United Kingdom

 

Legal Advisers to the Company

Spring Law

40 Craven Street

London WC2N 5NG, United Kingdom

 

Bahamian Legal Advisor

King & Co.

Second Floor, Olde Towne Marina

Sandy Port, West Bay Street

P. O. Box N 4825

Nassau, The Bahamas

 

Branch Registrar

Computershare Investor Services (Channel Islands) Ltd

31 Pier Road

St. Helier

Jersey JE4 8PW

Channel Islands

 

Depositary

Computershare Investor Services plc

The Pavilions

Bridgwater Road

Bristol

B599 6ZY, United Kingdom

 

Bankers

Standard Chartered Bank

PO Box 2222

Sheikh Zayed Road

Dubai, United Arab Emirates

 

Investment Strategy

The Directors believe that significant opportunities exists in Shariah Compliant Businesses and that collectively such businesses, if owned by the Company, may command a higher valuation than they would if they remained independent.

 

The Directors, collectively, have many years of experience in investment in a wide variety of business activities, including but not limited to Shariah Compliant Businesses. From their Middle Eastern base of operations in Dubai, U.A.E., they intend to utilise their worldwide contacts in various industries to identify and actively pursue the acquisition of the whole or part of businesses which are or can be qualified as Shariah Compliant business acquisitions. The Directors believe that this strategy may tap into pools of funds which would not otherwise be available and may potentially derive superior market multiples and investor returns.

 

Initial due diligence on potential acquisition targets will be carried out by the Directors. Once a suitable acquisition target has been identified, the Company will retain one or more firms of professional advisors in respect of the Shariah, financial and legal due diligence, along with such other firms of professional advisors, including NIH Management Ltd., as will be appropriate and as the Board deems necessary.

The Investment Opportunity

The Directors believe that Shariah Compliant Business acquisitions offer material opportunities for growth.

 

It is the intention of the Company to effect more acquisitions or sign letters of intent, agreements in principle or definitive agreements for such acquisitions within 12 months following admission to PLUS.

 

Investment Criteria

The Company intends to acquire either the whole or part of suitable Shariah Compliant Businesses (the "targets" or singularly, the "target"). The Company will not limit itself to the acquisition of Shariah Compliant Businesses where good opportunities present themselves, but will endeavour to seek out Shariah Compliant Businesses as its main focus. The Company, where and when appropriate and permitted, will seek board representation on each target in which the Company is an investor. As such, the Company will be a pro-active investor and will seek, to the extent permitted by all applicable laws, to control and operate an acquisition target. Acquisition of targets is not intended to be financed solely through the proceeds gained from investors' subscriptions, but may be financed through a further issuance of Class A Shares or through the issuance of Class B Shares. This will mean that existing Class A Share investors may be diluted as the Company acquires targets. If more Class A Shares are issued, Class A investors will suffer dilution in respect of dividends, but as Class A Shares are not voting, they will not suffer in respect of voting rights. Class B Shares are not admitted to PLUS or any other regulated exchange and the directors do not intend to seek their admission in the foreseeable future.

An acquisition through the use of share issuances by the Company may be considered to be treated as a Reverse Takeover under the PLUS Rules. If so, it is expected to include the preparation and issuance of a circular to shareholders and an admission document in relation to the re-admission of the enlarged entity to PLUS.

Prospects

The Directors have identified a number of potential acquisition targets. The Directors believe that the introduction and the admission of the Company's Class A Shares to PLUS will give the Company sufficient credibility to effect its acquisition investment strategy.

Investment Manager

NIH Management Ltd is a 50%-50% joint venture, British Virgin Islands registered, management company between the Dubai based Investment House Company LLC, a limited liability company established in Dubai United Arab Emirates and registered on the Commercial Register of Dubai and Newhaven Holdings International Ltd., a company registered in the British Virgin Islands. The shareholders, in equal parts, of Newhaven Holdings International are Spencer J. Wilson, Jason R. Futko and Edwin S. Lee, The controlling shareholder (95%) of Investment House Company LLC is Musaab Jassim Mohammed al Ghasim and the other shareholder (5%) is Ali Hasan Abdullah Akhond Al Awazi. NIH maintains an operations office at the 7th Floor, The Fairmont Building, Sheikh Zayed Road, PO Box 24459, Dubai, UAE. NIH was formed with the intention to manage the investments of the Company on behalf of the Class A and the Class B shareholders. NIH managers have international business investment management experience as well as Shariah Compliant investment management experience. NIH will levy fees for its services, such fees to be in line with fees charged by the investment management industry for similar services. To date, NIH has not been managing the Company's investments nor does NIH yet have a contract to manage such investments. It is expected that a formal arrangement for investment manager services will be negotiated.