(Alliance News) - Origo Partners PLC's shares jumped on Wednesday as the company expressed its intention to return USD1.7 million to shareholders.
Shares were up 20% at 0.19 pence each on Wednesday in London.
The Isle of Man-based investment company said 80% of the amount will be distributed to the holders of Origo's redeemable preference shares.
The remaining 20% will be distributed to the holders of the company's ordinary shares.
Origo also entered into a contract to sell its entire interest in Moly World Ltd to Moly World's controlling shareholder for USD200,000 cash.
The contract requires an initial payment of USD100,000, which has already been received by Origo.
The remaining USD100,000 is due on completion of the sale, which will be on or before March 31.
Origo stated that it had invested USD10 million in Moly World in 2011 and had carried the interest at nil.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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