Ostrich investment plan "A" may rise from the sand

A "rescue plan" was yesterday being offered to people who invested millions of pounds in an ostrich farming company which went into liquidation in April. However, some investors may take flight when they realise it will mean them having to stump up more cash.

Around 2,700 people put nearly £22 million into the Ostrich Farming Corporation (OFC), lured by promises of annual returns in excess of 50 per cent. After the firm ceased trading it was revealed that nearly a third of the ostriches sold to investors never existed.

Those people now have the chance to recoup their losses by signing up with a new UK based company called Belautruche (UK) Plc, according to a prospectus outlining the venture. In return, for their ostriches - currently being kept on farms in Belgium - and a cash outlay, the investors will have a share in the company. People will have to put in a minimum of 13 per cent of their original investment. The share option must raise at least £1.5 million by January 10th for the rescue bid to go ahead. Caution, as they say, is advised.