TIDMOTV

RNS Number : 8617E

Otium Ventures PLC

13 April 2011

13 April 2011

Otium Ventures Plc ("Otium" or the "Company")

Completion of Company Voluntary Arrangement ("CVA")

On 1 November 2010 the Company announced that resolutions had been passed at a general meeting of the Company which enabled the Company to receive an injection of GBP225,000 of new capital and provided funds to enable Otium to discharge in full its liabilities under the CVA. Details of the CVA were originally announced by Otium on 26 April 2010 and the CVA was approved by shareholders and creditors on 12 May 2010.

The Board of Otium is pleased to announce that the CVA has now been fully discharged. The Company is now debt free, excluding the convertible loan notes held by John McKeon and Palmdale Investment SA (further details of which are contained in the circular posted to shareholders on 15 October 2010).

The Company's shares are currently suspended from trading on AIM in accordance with Rule 15 of the AIM Rules and Otium has until 12 May 2011 to complete a reverse takeover or its shares will be cancelled from trading on AIM.

The Board are at an advanced stage of exploring potential opportunities and expect to provide a further update to shareholders in the near future.

For further information:

Otium Ventures Plc

Paul Seakens Tel: +44 (0) 20 3005 9924

 
 Alex Lubin 
 Allenby Capital Limited   Tel: +44 (0) 203 328 
  Nick Athanas              5656 
  James Reeve

For more information, please visit: www.otiumventures.com

This information is provided by RNS

The company news service from the London Stock Exchange

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