Ottoman Fund Limited (The) Market Update (4922M)
21 1월 2016 - 12:42AM
UK Regulatory
TIDMOTM
RNS Number : 4922M
Ottoman Fund Limited (The)
20 January 2016
The Ottoman Fund Limited
Market Update
The Ottoman Fund Limited ("the Company") has now repatriated the
remaining sale proceeds from the sales of the Company's Riva and
Bodrum assets to Jersey through loan agreements between the
Company's Turkish subsidiaries and The Ottoman Fund Limited. In
total $9.09m has been repatriated, which has been converted to
Sterling and is being held in the Company's Jersey bank account. In
total the Company holds approximately GBP6.81m in Company
controlled bank accounts in Jersey while approximately $1.74m
remains in Turkey, $1.64m under the control of Mandalina, the
Turkish legal entity that owned and sold the Alanya units, and
$100,000 that satisfies the minimum capital requirements for the
two Turkish legal entities that had owned the Riva and Bodrum
assets. The Company continues its efforts to recover the money held
in Mandalina as well as funds that the Company's former Chief
Financial Officer embezzled.
The Company is working with its Turkish tax, legal and
accounting advisors to determine its ability to distribute cash to
its shareholders. The Fund will make further announcements in due
course and expects to release its final results for 2015 no later
than the end of February.
Enquiries:
N+1 Singer 020 7496 3000
James Maxwell
Company Secretary: Vistra Fund Services Limited 01534 504 700
This information is provided by RNS
The company news service from the London Stock Exchange
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