Ottoman Fund Limited (The) Market Update (5980B)
April 05 2017 - 2:00AM
UK Regulatory
TIDMOTM
RNS Number : 5980B
Ottoman Fund Limited (The)
05 April 2017
For immediate release
7.00 a.m. 5 April 2017
This announcement contains inside information and is required to
be issued pursuant to the Market Abuse Regulation.
The Ottoman Fund Limited: Market Update
The Ottoman Fund Limited ("the Company") has settled all claims
with its former finance director, who embezzled money from several
of the Company's Turkish subsidiaries. The former finance director
has transferred the shares in Mandalina registered in his name to
the Company, discontinued all litigation against the Company and
repaid $250,000 of the embezzled money. The Company in turn has
agreed to discontinue all litigation against the embezzler. This
development should enable the Company to make a final distribution
and wind up the Ottoman structure. The timing of a future
announcement concerning the amount and timing of the distribution
will largely depend on BDO's review of Mandalina's records for tax
and other issues as well as the Company's payment of various
obligations. The Company cannot now predict when this review will
be completed or any future distributions but will keep the market
apprised of material developments.
Enquiries:
N+1 Singer 020 7496 3000
James Maxwell/Gillian Martin
Company Secretary 01534 504 735
Vistra Fund Services Limited
John D. Chapman
Chairman
The Ottoman Fund Limited
4th Floor, St Paul's Gate, 22-24 New Street, St Helier, Jersey,
JE1 4TR
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKQDNDBKBKQK
(END) Dow Jones Newswires
April 05, 2017 02:00 ET (06:00 GMT)
Ottoman Fund (LSE:OTM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ottoman Fund (LSE:OTM)
Historical Stock Chart
From Jul 2023 to Jul 2024