OTM Ottoman

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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