First Day of Dealings on AIM
28 Dicembre 2005 - 9:00AM
UK Regulatory
RNS Number:1868W
Ottoman Fund Limited (The)
28 December 2005
For Immediate Release 28 December 2005
The Ottoman Fund Limited
FIRST DAY DEALINGS ON AIM
Placing of #150 million and Admission to AIM
Unless stated otherwise, capitalised terms used in this announcement have the
meanings ascribed to them in the admission document of The Ottoman Fund Limited
dated 21 December 2005.
The Ottoman Fund Limited (the "Fund"), established to provide early stage
wholesale financing to developers of new-build residential developments in
Turkey, is pleased to announce its flotation on AIM. Dealings in Shares commence
today.
* Based on the Placing Price, the market capitalisation of the Fund on
commencement of dealings is #150 million.
* Gross proceeds of the Placing are approximately #150 million.
* The Company's ticker symbol will be OTM.
* Numis Securities Limited acted as Nominated Adviser, Broker and Placing
Agent to the Placing.
Sir Timothy Daunt, Chairman of the Fund, said:"We are extremely pleased with the
reaction we have received from investors during our flotation. Turkey offers
considerable opportunity to make significant returns for shareholders with
long-term capital appreciation. Our first project in Alanya is already well
under-way. We look forward to updating our shareholders on further
developments."
The Fund
*Offers the opportunity to participate in the Turkish property market via
an AIM listed vehicle.
*Will provide early stage wholesale financing to developers in return for
a profit share on the sale of the units in the development. The Fund will be
actively involved in the process relating to the sale of properties by
developers "off-plan".
*Will focus on new-build residential developments in the major cities and
coastal destinations, targetting both the local and tourist markets. The
Fund's investment scope will also include land purchase and joint venture
projects (which could include golf course projects) with local and other
partners (including banks).
*Is managed and promoted by Development Capital Management (Jersey)
Limited, part of the DCM Group. The DCM Group is a specialist real estate
fund management group with approximately #100 million of assets under
management prior to the Fund's launch.
*The Board of the Fund is chaired by Sir Timothy Daunt (former British
ambassador to Turkey).
The Opportunity
* The Manager believes that there are substantial returns to be achieved
through exposure to new-build residential developments in Turkey.
* The economic and political climate in Turkey has improved and there are
prospects for greater prosperity in the longer term and stability, helped
by IMF restraints, potential further westernisation and the commencement of
negotiations for EU entry.
* The residential market in Istanbul and other major conurbations has
grown in strength and is expected to be supported by (i) the continuing
demand for new stock as a result of an expected increase in the population
and greater prosperity, and (ii) the expected emergence of a local mortgage
market.
* The second home/holiday market in Turkey (both for local and foreign
buyers) is also strong and, in the view of the Manager, is competing well
against other similar destinations (Spain, Portugal, Croatia etc.) where
prices tend to be higher and undeveloped premium front-line sites are rarer.
* Profit margins in Turkey are generally substantial for developers due to
relatively low labour and material costs and the relatively limited
availability of undeveloped land in desirable locations. The Manager
believes that the Fund will be able to negotiate profit sharing
arrangements with developers which are based on substantial discounts to
the current "as if built" market values of units.
For further information please contact:
Development Capital Management +44 (0) 20 7399 4270
Tom Pridmore/Andrew Mitchell/Roger Hornett
Numis Securities +44 (0) 20 7776 1500
Andrew Dawber/Bruce Garrow
Buchanan Communications +44 (0) 20 7466 5000
Charles Ryland/Isabel Podda
This information is provided by RNS
The company news service from the London Stock Exchange
END
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