Ottoman Fund Limited (The) Stmnt re Share Price Movement (0103G)
26 Febbraio 2015 - 4:58PM
UK Regulatory
TIDMOTM
RNS Number : 0103G
Ottoman Fund Limited (The)
26 February 2015
26 February 2015
The Ottoman Fund Limited ("the Company")
Statement re share price movement
In light of the recent share price movement the Company wishes
to announce the Chairman's statement replicated directly from its
2014 Annual Report and Accounts for the year ended 31 August 2014,
to be published tomorrow, 27 February 2015.
"Dear Shareholders,
Over the last financial year, we have sold the remainder of our
Riva asset and our Bodrum asset, both for approximately book value,
as well as nineteen Alanya units. Net of broker commissions our
Turkish subsidiaries received a total of $94.33m for Riva
(approximately GBP58.44m), $27.93m for Bodrum (approximately
GBP17.31m), and EUR1.95m for the Alanya units (approximately
GBP1.54m). Of the approximately GBP58.44m received for Riva,
GBP8.58m was distributed on 7 February 2014, GBP27m was distributed
on 27 May 2014, GBP12.84m was distributed on 26 September 2014 and
GBP18.92m was distributed on 16 January, 2015. The January
distribution comprised proceeds from both the Riva and Bodrum
sales.
As of mid-December, 2014, one of our Turkish subsidiaries
continued to hold eleven Alanya holiday units with an appraised
value of approximately GBP950k. We are exploring various ways of
monetizing the remaining Alanya units so we can close the Turkish
subsidiary that owns those units. Given various constraints
affecting the sale of those units, shareholders should consider
that the Company may not receive the appraised value of those
units. In calculating the amounts ultimately distributable,
shareholder should also take into consideration that the Company
will likely incur costs, that may include legal and accounting
fees, taxes and legal claims, which are not now quantifiable.
In addition to the Alanya assets, the Company and its Turkish
subsidiaries hold cash currently worth approximately GBP8.4m. In
calculating the amounts ultimately distributable, shareholders
should take into consideration that the Company will incur costs
and that shareholders may only receive a portion of the Company's
net asset value. These costs will include legal and accounting
fees, and taxes. The costs may also include currency translation
losses and payments for legal claims. The net amount that
shareholders may receive is not now quantifiable.
The process of up streaming sale proceeds from our Turkish
subsidiaries to their corporate parent also involves legal and
accounting complexities and pursuant to Turkish law takes time. We
are conscious that our shareholders look forward to receiving sale
proceeds expeditiously in accordance with the Company's stated
policy of returning excess capital to shareholders. I can assure
you we will continue to return excess cash to our shareholders as
quickly as practicable in accordance with governing law."
- ENDS -
N+1 Singer +44 (0)20 7496 3000
James Maxwell / Ben Griffiths
Company Secretary +44 (0)1534 504 700
Vistra Fund Services Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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