Ottoman Fund nudges closer to the end – The Ottoman Fund Ltd has successfully repatriated its cash from Turkey and has placed its three Turkish subsidiaries in liquidation. This represents a substantial step in its efforts to wind up its business activities in Turkey and return excess capital to shareholders. The auditors and administrator are preparing the final set of audited accounts for the year ending 31 October 2017, which are expected to be published before the end of the year.
The company expects to convene an extraordinary general meeting early in the new year to adopt the final accounts, approve its winding up, approve the immediate delisting from the AIM Market of the London Stock Exchange and approve a final distribution.
Ottoman Fund now expects that the final distribution will be in the range of 1.36 to 1.53 pence per share (subject to any unexpected issues) and would be made in or around February 2018 following the approval of shareholders at the extraordinary general meeting. In addition, as it will not have fully implemented its current investing policy and returned proceeds from its realised assets within 12 months from 17 November 2016 (being the deadline imposed under AIM Rule 15, as previously notified), the company advises shareholders that its shares will be suspended from trading on AIM as of 7.30 am on 20 November 2017.
OTM : Ottoman Fund nudges closer to the end