TIDMOTV 
 
RNS Number : 2189U 
Otium Ventures PLC 
12 October 2010 
 

12 October 2010 
                               Otium Ventures Plc 
                           ("Otium" or the "Company") 
                  Appointment of Nominated Adviser and Broker 
                            Financial Restructuring 
                                  Board Changes 
 
Otium is pleased to announce that it has appointed Daniel Stewart & Company 
("Daniel Stewart") to act as its nominated adviser and broker with immediate 
effect. 
The Company is also pleased to announce it is in advanced negotiations in 
respect of an injection of up to GBP225,000 which will enable the Company to 
clear certain outstanding liabilities, discharge the creditors voluntary 
arrangement agreed in May of this year ("CVA") and provide sufficient working 
capital for the foreseeable future.  The agreement would also include the 
conversion into equity of the Palmdale debt, with the exception of GBP200,000 
which would become a 1 year convertible loan. 
Under the proposed terms, the GBP225,000 would be injected by way of a 
convertible loan which, if converted in full, would represent approximately 
72.5% of the Company's enlarged share capital.  This equates to a share price of 
approximately 0.04p.  This will require both a waiver of Rule 9 of the City Code 
on Takeovers and Mergers and also the approval of shareholders for a capital 
reorganisation to reduce the nominal value of the Company's ordinary shares.  As 
such the capital injection is conditional on the approval of Otium's 
shareholders at a general meeting to be convened as soon as possible. 
Shareholders should be aware that should approval not be forthcoming then the 
Company would not have sufficient funds to discharge the CVA and may need to 
commence liquidation proceedings. 
Shareholders should note that there is no guarantee that the negotiations will 
be successfully completed and that in this event the Company's future will be 
highly uncertain.  In particular, Daniel Stewart's continuing appointment is 
conditional upon the Company successfully completing the current discussions. 
Given that the Company's future is conditional upon both finalising the current 
negotiations and the approval of its shareholders for the proposals, trading in 
the Company's shares will remain suspended until after the required general 
meeting has been held.  Shareholders should also be aware that a further 
suspension from trading in the Company's shares will be effective at 8.00am on 
15 November 2010 under Rule 15 of the AIM Rules for Companies, being 12 months 
since the agreement to dispose of its operations. Should the proposed general 
meeting not have been held before that date, the existing suspension of trading 
will continue. 
The Company expects to post the circular to its shareholders in the next few 
days together with the announcement of its interim results. 
The Company also announces that Leonard Russell, non-executive chairman, has 
resigned as a director of the Company with immediate effect.  The Board would 
like to thank him for all the support to date. 
For further information please contact: 
+---------------------+---------------------+---------------------+ 
| Otium Ventures Plc  | Paul Seakens        | 020 3005 9924       | 
+---------------------+---------------------+---------------------+ 
|                     | Alexander Lubin     |                     | 
+---------------------+---------------------+---------------------+ 
|                     |                     |                     | 
+---------------------+---------------------+---------------------+ 
| Daniel Stewart &    | Antony Legge        | 020 7776 6550       | 
| Company Plc         |                     |                     | 
+---------------------+---------------------+---------------------+ 
|                     | Oliver Rigby        |                     | 
+---------------------+---------------------+---------------------+ 
|                     |                     |                     | 
+---------------------+---------------------+---------------------+ 
www.hertfordinternationalgroup.com 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 APPLLFEAIALLLII
Otium Ventures (LSE:OTV)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Otium Ventures Charts.
Otium Ventures (LSE:OTV)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Otium Ventures Charts.