Ottoman Fund to stake in Kazikli JV
By BFN News | 04:00 PM | Tuesday 05 April, 2011
The Ottoman Fund has agreed to sell its entire interest in the Kazikli joint venture for $9.5m in cash.
The sale price is in excess of the Savills' valuation ($8,663,415) as published in the Ottoman Fund's 2010 annual report and accounts.
Under the terms of the sale agreement, the buyer is obliged to pay the company 25% of the purchase price on signing with the remainder due upon the company's fulfilment of certain conditions.
The buyer has the right to rescind the transaction if the company fails to fulfil these conditions within four months from the signing of the agreement.
All excess cash, including sale proceeds, will be returned to shareholders.
At 4:00pm: (LON:OTM) share price was +0.5p at 41.5p
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