Ottoman Fund has made a statement after its share price took a nose dive – releasing its Chairman’s statement early, in advance of figures due out tomorrow.
The statement summarises disposals made in the portfolio to date, highlights the chance that they may have to sell their Alanya holiday units for less than their reported value and draws shareholders’ attention to the likelihood of any cash distributions taking some time to implement and the need to hold some of their £8.4m cash pile back to cover aspects such as legal and accounting fees, taxes and unspecified legal claims. There could also be an impact from adverse currency movements.
OTM : Ottoman Fund reacts after share price plunge