13th Feb 2007 07:01
Ottoman Fund Limited (The)13 February 2007 For Immediate Release 13 February 2007 The Ottoman Fund Limited Valuation as at 30 November 2006 The Board of The Ottoman Fund Limited (the "Fund") presents its quarterlyvaluation for the period ended 30 November 2006. The Fund invests in thedevelopment of local housing and holiday homes in the major cities and coastalresorts of Turkey. Basic net asset value £138,777,391; 92.52p per share.Adjusted net asset value £140,810,893; 93.87p per share. In order that shareholders may identify value created by the Fund from investingin locations and markets with strong growth potential, independent valuations ofthe property portfolio are obtained on a regular basis. As noted in the Fund'slast report and accounts an independent valuation of the land purchased atBodrum has been prepared showing an increase in value to $38.4m (£19.5m) againstthe $34.4m (£17.5) cost. Below is set out the revaluation of the Fund's assets that cannot be reflectedon the balance sheet under IFRS. Net assets as at 30 November 2006 £138,777,391 Increase in valuation of inventory properties £2,033,502 Adjusted net asset value £140,811,893 Number of ordinary shares in issue 150,000,000 Adjusted net asset value per share as at 30 November 2006 93.87p Audited net assets as at 31 August 2006: £139,037,098 (92.69p per share) The Fund is due to prepare interim accounts as at 28 February which will include an up to date valuation of the investments announced previously at Riva and Kazikli as well as Bodrum. The Board will look to update the market when the valuations are complete. The Fund is managed by Development Capital Management (Jersey) Limited. List of Contacts Development Capital Management 020 7355 7600Roger HornettErtan SevincTom Pridmore Buchanan Communications 020 7466 5000Charles RylandIsabel Podda Numis Securities 020 7776 1500Iain McDonaldBruce Garrow This information is provided by RNS The company news service from the London Stock Exchange ENRelated Shares:
Ottoman Fund