Ottoman Fund Limited (The) Statement re: Suspension (7229Z)
31 May 2016 - 7:30PM
UK Regulatory
TIDMOTM
RNS Number : 7229Z
Ottoman Fund Limited (The)
31 May 2016
31 May 2016
THE OTTOMAN FUND LIMITED (the "Company")
Statement re: Suspension
The Company announces that trading in the Company's ordinary
shares on AIM will be suspended with immediate effect pending
publication of the Company's half-yearly report for the six months
ended 29 February 2016. The board remains in negotiations seeking
to recover shareholder funds that have been embezzled as well as
other legal issues in Turkey. As disclosed in the Company's 2015
Annual Report and Accounts this includes a loan held by Mandalina
of approximately GBP1 million that the board believes is held in a
Turkish bank account, and civil and criminal proceedings against
the Company's former chief financial officer for approximately GBP1
million. Both these issues have reached a critical stage which has
created a material uncertainty with regard to the publication of
the Company's half-yearly report.
The board is working hard to get clarity on these points as soon
as possible in the interests of shareholders, following which it
expects to be able to publish its half-yearly report and resume
trading on AIM.
Enquiries:
N+1 Singer
James Maxwell / Gillian
Martin 0207 496 3000
Vistra Fund Services
Limited
Company Secretary 01534 504 700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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