RAK Real Estate Ltd. - Reverse Takeover and Re-admission to PLUS

Proposed Acquisition of interests in the Rafco Business from Rafco International Real Estate Company K.S.C.C.   

Admission to PLUS

On 25 February 2009, the Company agreed to acquire the entire beneficial interest in and to the economic benefit of the Rafco Business subject only to regulatory approval by PLUS.

The total consideration payable for the Acquisition is $927,129,210.00 to be satisfied by the issue of the Consideration Shares being 185,425,842 Shares, representing an issue price per Share of $5.00. The Board has received a valuation report from the Rafco Business Valuer in respect of the Rafco Business dated 30th June 2008 indicating a value for the Rafco Business predicated on completion of the Projects of $927,129,210.00. For the reasons described below, the Board is satisfied that the valuation remains valid as at the date of the Document. It is the view of the Board that the Acquisition will add significant value to the Company when the Projects are completed.

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