To: Dr.

Nayef Falah Al-Hajraf

The Chairman
Kuwait Capital Markets Authority
Ahmed Tower, East, Arabian Gulf Street
PO. Box: 3913
Safat 13040 Kuwait.
Hasan Al Serkel

EVP COO Head of Operations Division

Market operations Division
Dubai Financial Market
PO Box 9700
Dubai United Arab Emirates
Sh Khalifa Bin Ibrahim Al Khalifa
Bahrain Bourse
PO BOX 3202, Manama
Kingdom of Bahrain
28th March 2015
BY EMAIL AND FAX
Chairman@cma.gov.kw
info@cma.gov.kw
disclosure@dfm.ae
realtimedata@lseg.com

Dear Sirs,
Non Disclose by Gulf Finance House BSC / GFH Capital (together GFH) re Leeds United
Firstly, please allow us a moment to introduce ourselves. We are a growing group of shareholders,
investors, debtholders and stakeholders in Gulf Finance House BSC and its group that are calling for
change in GFH. We are calling for a new Chairman, a new CEO, a new management and new
strategy. We want to see a strong stable GFH share price, transparency, regulation, honesty, integrity
and skill. We want to see a NEW GFH.
As shareholders and stakeholders one of our aims is to create transparency in GFH where we believe
non-exists at present. We will therefore monitor the actions of the current Chairman, CEO and
management and use our knowledge to appraise the markets, regulators, shareholders, investors and
public of various matters. This is indeed why we write to you today.

We refer to the CMA Kuwait Disciplinary Committee resolution (No. 16/2014) issued on Thursday,

NEW GFH LIMITED | A CALL FOR CHANGE

info@newgfh.com | www.newgfh.com | Twitter: @newgfh

October 2, 2014 to suspend the trading of the GFH Shares for a period of three days for nondisclosure by GFH relating to Leeds United.
We set out below a further serious and material non-disclosure by GFH in relation to the reduction of
its stake in Leeds United in the last few days which it has failed to disclosure to the markets. We
assume due to the already catastrophic drop in its share price in the last few days, almost 50% we
believe and of course over the last year from .82 AED to .19 AED.
On the 19th January to the Guardian newspaper the Leeds United Chief Operating officer Mat Child
confirmed
also
that
GFH
were
25%
owners
of
the
Club.
http://www.theguardian.com/football/2015/jan/19/massimo-cellino-loses-appeal-leeds-director
On Friday 30th January 2015 Leeds United Chairman Andrew Umbers confirmed to the Yorkshire
Evening
Post
that
GFH
own
a
25%
interest
in
Leeds
United.
http://www.yorkshireeveningpost.co.uk/sport/leeds-united/latest-whites-news/leeds-united-we-haveturned-the-corner-says-umbers-1-7079761
On the 4th February 2015, GFH and were again confirmed at holding 25% of Leeds United by the
Club chairman Andrew Umbers. Andrew Umbers is a previous retained advisor to GFH.
http://www.bbc.co.uk/sport/0/football/31131041
As you will see from this news and indeed the statement on the clubs own website, which was as per
football league rules was updated only yesterday GFHs managed stake has been reduced from 25% to
2.5%. Yet there has been no announcement by GFH.
As per the rules of the English Football League, the ownership of a club must be displayed on its
website. We understand that on the evening of 27th March 2015 the ownership statement was updated
to remove GFH as 25% owners. The statement now reads as follows and you can find it here:
http://www.leedsunited.com/club-ownership .
GFH therefore retain only 2.7% of Leeds United, having either sold of being diluted out of 22.3%.
LUFC is 88.9% owned by Eleonora Sport Limited which is 100% owned by Eleonora Immobiliare
S.p.A, a company based in Italy, ultimately belonging to an independently managed Trust established
for the benefit of the Cellino family. LUFC is 11.1% owned by Leeds City Holdings Limited which
is 25% owned by GFH Capital Limited ('GFHC') and 75% by Eleonora Sport Limited. GFHC is a
wholly owned subsidiary of Gulf Finance House, BSC
There has been no announcement from GFH in relation to this to the markets. This is as you will
agree surprising given the previous suspension.
We trust you will act urgently.
Yours faithfully

NEW GFH LIMITED | A CALL FOR CHANGE

info@newgfh.com | www.newgfh.com | Twitter: @newgfh

NEW GFH LIMITED

Cc: DFSA: khalpin@dfsa.ae,
CBB: hussain@cbb.gov.bh, LARGEST SHAREHOLDER:
salahnooruddin@salahnooruddin.com

NEW GFH LIMITED | A CALL FOR CHANGE

info@newgfh.com | www.newgfh.com | Twitter: @newgfh