10 Jun 2015 07:00
10 June 2015
Origo Partners PLC
("Origo" or the "Company")
Announcement re Isle of Man Court Proceedings
As announced by Origo on 30 June 2014, Brooks MacDonald Group plc ("Brooks MacDonald"), through its lawyers in the Isle of Man, had raised a complaint asserting that the resolution passed on 8 March 2011 (the "March 2011 Resolution") to amend the Company's articles of association (the "Articles") to reflect the creation of 60 million convertible zero dividend preference shares (the "CPSs") was not validly passed. This assertion rests on an argument that a "75% Resolution" (as defined in the Articles), which is required in order to amend the Company's Articles, requires a majority of holders of 75% of all issued and outstanding shares to have voted in favour of it rather than a majority of 75% of votes cast. Brooks MacDonald, therefore, contended that if the March 2011 Resolution was not validly passed it would have a legal claim for the return from the Company of the consideration paid for the purchase of the CPSs.
The Company went on to confirm, in that same announcement, that it had issued an application in the Isle of Man Court for a declaration that the Company's Articles bear the meaning propounded by the Company (the "Declaratory Proceedings").
Following the final hearing in the Declaratory Proceedings yesterday, judgement has been reserved. Further announcements with regards to this matter will be made in due course, as appropriate.
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners plc Niklas Ponnert |
niklas@origoplc.com
|
Nominated Adviser Smith & Williamson Corporate Finance Limited Azhic Basirov Ben Jeynes
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+44 (0)20 7131 4000 |
Public Relations Aura Financial Andy Mills
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+44 (0)20 7321 0000 |