For open-ended Bahrain domiciled retail CIUs where there is a proposed merger or transfer, the CIU participants have the right to request, without any charge other than those retained by the CIU to meet disinvestment costs, the repurchase or redemption of their units or, where possible, to convert them into units in another CIU with similar investment policy and managed by the same operator or by any other licensee with which the operator is linked by common management or control, or by a substantial direct or indirect holding. This right will become effective from the moment that the CIU participants have been informed of the proposed merger or transfer and will cease to exist five working days before the date for calculating the exchange ratio.