For immediate release
20 January 2016

Market Update

The Ottoman Fund Limited ("the Fund") has now repatriated the remaining sale proceeds from the sales of the Company’s Riva and Bodrum assets to Jersey through loan agreements between the Company’s Turkish subsidiaries and The Ottoman Fund Limited. In total $9.09m has been repatriated, which has been converted to Sterling and is being held in the Company’s Jersey bank account. In total the Company holds approximately £6.81m in Company controlled bank accounts in Jersey while approximately $1.74m remains in Turkey, $1.64m under the control of Mandalina, the Turkish legal entity that owned and sold the Alanya units, and $100,000 that satisfies the minimum capital requirements for the two Turkish legal entities that had owned the Riva and Bodrum assets. The Company continues its efforts to recover the money held in Mandalina as well as funds that the Company’s former Chief Financial Officer embezzled.

The Company is working with its Turkish tax, legal and accounting advisors to determine its ability to distribute cash to its shareholders. The Fund will make further announcements in due course and expects to release its final results for 2015 no later than the end of February.


N+1 Singer  (Nomad and Broker)     +44 (0)20 7496 3000
James Maxwell

Vistra Fund Services Limited      +44 (0)1534 504 700
Company Secretary