8 Mar 2016 12:08
8 March 2016
Origo Partners PLC
("Origo" or the "Company")
Announcement re Redemption of Convertible Zero Dividend Preference Shares
Further to the announcement of 26 February 2016, the Company's articles of association include a requirement for the Company to redeem US$12 million of convertible zero dividend preferences shares ("CZDPs") by 8 March 2016.
Whilst the Company continues to seek to deliver the objectives of its investing policy and to achieve an orderly realisation of its assets, the Company is not in a position to redeem US$12 million of CZDPs at the current time. As set out in the circular posted to Origo shareholders on 19 January 2016, the Company will now remain under a continuing obligation to undertake the redemption of US$12 million of CZDPs as and when it is legally able to do so.
The Company is engaging with the key CZDP shareholder in an attempt to reach a mutually acceptable resolution to the unfulfilled 8 March 2016 redemption requirement and remains committed to engaging with all of its key shareholders in an attempt to reach an acceptable resolution to the ongoing legal dispute with its key CZDP shareholder.
As previously announced, the directors of the Company are continuing their efforts in exploring a number of possible funding options to secure additional working capital for the Company.
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
|
+44 (0)20 7131 4000 |
Public Relations Aura Financial Andy Mills |
+44 (0)20 7321 0000 |