Asset sale (3539E)
05 Aprile 2011 - 4:46PM
UK Regulatory
TIDMOTM
RNS Number : 3539E
Ottoman Fund Limited (The)
05 April 2011
the OTTOMAN FUND LIMITED
Asset Sale
The Ottoman Fund Limited (the "Company") is pleased to announce
that it has entered into a conditional agreement to sell its entire
interest in the Kazikli joint venture for a total consideration of
$9.5 million in cash. The sale price is in excess of the Savills'
valuation ($8,663,415) as published in the Company's 2010 Annual
Report and Accounts. Under the terms of the sale agreement, the
buyer is obliged to pay the Company twenty-five percent of the
purchase price on signing with the remainder due upon the Company's
fulfilment of certain conditions. The buyer has the right to
rescind the transaction if the Company fails to fulfil these
conditions within four months from the signing of the
agreement.
In accordance with the Company's policy, all excess cash,
including sale proceeds, will be returned to shareholders.
Enquiries
Singer Capital Markets
James Maxwell 020 3205 7500
Company Secretary
Herald Fund Services Limited 01534 610610
This information is provided by RNS
The company news service from the London Stock Exchange
END
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