22nd Apr 2008 08:00
Ottoman Fund Limited (The)22 April 2008 22 April 2008 The Ottoman Fund Limited Realisation of assets and amendment to Management Agreement On 1 November 2007 the Board of the Ottoman Fund announced that the Company'sreal estate projects (located in Alanya, Golturkbuku/Bodrum, Kazikli and Riva)were to be progressively realised in a managed way over eighteen to twenty-fourmonths. The Company and its advisers are in discussions with investors who haveexpressed interest in the assets. Summary information can be viewed on theCompany's website www.theottomanfund.com. Prospective purchasers include privateequity real estate investors and local and international real estate developmentand investment companies. Following discussion between the Company and Development Capital Management(Jersey) Limited, it has been agreed that, with effect from 21 April 2008 thenotice period for termination of the Management Agreement dated 21 December 2005will be reduced from twelve to six months. Such notice shall not, however, begiven before 28 June 2008 and the notice period reverts to twelve months fromthe date it is given in the event that, prior to 31 December 2008, (i) an offeris made to acquire control of the Company; (ii) a request is made by shareholder(s) to appoint Directors resulting in them controlling a majority of the Board;(iii) a resolution is passed to wind up the Company, or proceedings commenced tomake a court-approved arrangement with any of the Company's members. List of Contacts Development Capital Management 020 7355 7600 Tom Pridmore Andrew Mitchell Roger Hornett Numis Securities 020 7260 1000 Nick Westlake This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ottoman Fund