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I omitted to remind readers that the Directors have already disposed of prime assets in access of £31m : the directors are still drawing high salaries and the managing agents grinning like cats licking the cream - management? what management? Prime assets of the company have been sold off in order to save the sinking boat. The company's outgoings are too high especially directors fees and managing agents who are responsible for obtaining properties and advice(?) - and shareholders get nothing but losses to bear. The recent placing and offer at 10.5 is showing a loss - the market is no fool.

After commiting shareholders to enormous borrowing at excessive rates of interest - the chairman, Mr Phil Rhodes, is throwing more shareholders money away merely to get out of high interest repayments. Who are the losers? Why the shareholders of course. This is based on the lie that "we seek to generate an attractive rate of return to shareholders ....particularly in the run up to the London Olympic games in 2012. Tell that story to the marines and shareholders who bought in at £1 per share!! The directors have long lost direction and the managing agents have badly advised the company with regards excessively high payments on its acquisitions. That is why the company is floundering and shareholders will never see any dividends or capital growth. This current statement is the directions attempting to get out of the deep water almost at any cost. Finally Westbrook Investco have acquired a major interest on the cheap. Bugger the shareholders.

mulledwine is a mere commentator on many shares. He has no in-depth knowledge and I cannot understand the purpose of his comments which are merely copied from company information. Unfortunately, those investors beguiled into O Twelve Estates have nothing to show for their investment. I hold the managing agents very responsible for taking too high fees out of the company - I would like to see a new firm of managing agents appointed. As for the board they are completely out of their depth and the value of the shares shows this company's plight,

Can mulledwine advise shareholders (a) when we can expect to receive a dividend? (b) growth (to which he refers) reflected in the share price (which is at an all time low) and (c) how much more of the company's assets are proposed to be sold off to reply its current debts which are in exess of £105 million. We hear nothing but promises all of which are unfulfilled. Finally, when does he see the majority shareholder Westbrook Investco taking over the company at a knock down price to the detriment of all the shareholders who purchased shares at £1 each?

Admitted to AIM on 27 March 2007 at £1 per share. Now worth 2p! Bad directors and awful managing agents who are all overpaid. No dividends - no growth. JUNK SHARES invest only in companies who pay dividends and show growth and good management. Nothing the apologists have written shows any understanding or knowledge of this in debt company. BEWARE!

I continue to note the flatness of OTE share prices. In spite of cost savings (which cost a lot of money to obtain) the share price has fallen. Remember the concept of OTE was to show shareholders value from the 2012 Olympic games - this is also a false promise. Your correspondents are deluding themselves to think otherwise. Why not write to the company Chairman expressing your concerns after all the directors and managing agents are doing very nicely with salaries and fees - they come first. Shareholders are the mugs and totally ignored.

Dear MRMao - OTE do not have offices - the portfolio comprises retail shopping centres and industrial outlets. The shares are well below the recent offer price AND you will never receive any dividend on your investment. As I originally stated (confirmed by the independent Valuers) the portfolio is well down on the purchase prices due to OVERPAYING and the purchases were ill-timed and hasty. So capital growth, rental growth and dividend payments are out of the question. Why invest in this over geared company? Your reference to 'office space in London' is non existent. You really don't have any knowledge of this company but obviously your thought the shares looked cheap - and will remain so - the company was close to folding up until the recent share offer which has only postponed the inevitable.

I believe there is a carve up taking place behind the scenes. I can see Westbrook doing a deal with the larger shareholders to acquire the company on the cheap. I mean cheap and you, the present small shareholders, have reduced the borrowings of OTE - playing nicely into their plans. I feel that the current directors of OTE were fully aware of the game play and have some hidden agenda. After all Westbrook own 70% of the company. The shares WILL NOT appreciate neither will existing shareholders EVER receive any dividend. I cannot change my belief that OTE are a sell share because there is nothing in the kitty for small shareholders - no income growth, no capital appreciation, no dividend, nothing in the pot for you. And the board of directors say nothing.

I must caution sulfur with his optimism. But he ignores the enormous debts, costs and outgoings this company is committed with. If he believes he will obtain any capital growth (certainly no dividend) then he is the kind of investor who will lose a great deal of his money on this worthless investment. Income flow, capital growth and proactive management is what will produce results - sorry to inform your correspondent that OTE lacks all these qualities. He is gambling on a misinformed basis and will lose money - his horse is too heavily stacked and is a lame duck.

Todays Placing and Share offer does not appear for the benefit of shareholders. In fact it will place OTE in further debt and opportunist buy out. Since the original placing the current Board of Directors (BADLY ADVISED) grossly overpaid for its portfolio of properties which cost (allowing for forced sales to meet debts) £240m and from today's valuation are worth (optimistically) a mere £168m - a valuation loss of £72m. Yet the same Property Advisers are enjoying good fees and no possibility of shareholders receiving any dividends. The board of directors took loans out at astronomically high rates and penalties and OTE has now been brought to its knees. If you invest in OTE now you take on debts and ineptness and gross mismanagement especially by a board of directors who are positively too remote from the management of the company which they have left to the managing agents to manage (and the shareholders are the paymasters getting nowt return on the investment). The original offer was £1 and now only worth 8p they chances of getting your original returns back are non existent and yet the board of directors see fit to take on further heavy debts to go further into the mire.

As I previously stated the directors of OTE are absolutely useless. The management is poor and the properties lack proactive management and development. Your correspondents appear to be living under gross illusions if they feel these shares will ever improve they are in free fall.

I find the correspondent imanovice is a gambler who changes his horses mid-stream. Whilst he has invested in OTE at its current level their current price of 13.25 is all they are worth in the market. I am concerned with the high degree of borrowings (LTV), and fact OTE grossly overpaid for most of the portfolio, the enormous annual fees payable to their Property Advisers, the company admits that "whilst the Group is not in default under the loan facility, it is in Cash Lock Up". It had an initial £250 million loan facility with Nationwide - hence having to sell off one of its major assets. The board comprise two accountants and one solicitors - whom one can hardly describe as dynamic property entrepreneurs. If imanovice still recommends investing in OTE I am at a loss to understand his reasoning.

So imanovice boasts that his 'investment' in OTE is UP by a considerable amount. Good for him he is obviously a new investor who bought in whilst the shares were very cheap. But for those investors (including major institutions) who subscribed to OTE when the shows were offered on the AIM market originally for £1 well the ensuing results are disastrous. Yes buy in at this level is unbelieveably cheap for surely the portfolio valuations must be a great deal higher. But also consider the state of the country's finances - OTE had a job to meet its Loan to Value commitments; it pays NO DIVIDENDS and having grossly overpaid for the investments well recovery is a long way off. So imanovice are you a sound long term investor who merely playing for small gains? You analysis is unclear so for investment I do not rate OTE worth buying into - until it pays shareholders a dividend and has recovered the purchase price of the portfolio. I doubt whether its reliance on the 2012 Olympic games will be lilkely with the major government cut backs shortly to take place so the premise which the company is reliant upon seems unlikely.

Just read the Chairman's current report. It was full of self opiniated coments of no value to shareholders. In fact it was very alarming. If he wishes to write about his own personal background let him write a book! Clearly this is a one man run company with YES men in support. I am concerned with investments which are clearly dead ends or shell companies in other words gambling investments which leave me very, very worried.

OTE sold off a prime asset in order to meet its borrowing commitments. Thus it has NOT improved its balance sheet or gross portfolio valuations. The company has merely tread water. It pays NO DIVIDENDS and in value the share price has fallen like a stone through water. It overpaid for most of the investment properties hence a share fall from £1 to its current price. SO DON'T BE DECEIVED BY A PALTRY increase in share price to 14p! Long term shareholders have lost 90% of their investment in OTE. The board are not property people but accountants being advised by overpaid advisers who are only interested in high fees.

Too many optimists obviously sitting on heavy losses with this company. Selling off its best investment asset to reduce borrowings does not convince me that the company is improving - they could sell off all the investment properties and repay shareholders who originally invested £1 per share - if that was possible I would vote for that action. Investment properties for which they grossly overpaid due to speed in investing showed a lack of due diligence in my opinion. But they were advised in haste and failed to act shrewdly.

A small company led by a smart team which is raising 'additional capital to accelerate the company's business plan in the short term'. Proof of success will be when the share price reaches £3. Cofidence is shown by the four directors putting their own money into the company. Lets sit back and watch the next movement in this active and dynamic property company.