4 Jul 2013 12:21
4 July 2013
Origo Partners PLC
Announcement re RM Williams Agricultural Holdings
Origo Partners PLC ("Origo") has been informed that RM Williams Agricultural Holdings Ltd Pty ("RMWAH" or "the Company") has requested Westpac, the Company's senior creditor, to appoint receivers to the parent company.
The receivers are presently working with the board of the company in conducting a review of the business. Origo previously recognised a substantial reduction in the value of its stake in RMWAH given uncertainties in respect of the Company's financial position, and this eventuality was foreseen and taken into account in the preparation of this valuation. The valuation of the investment in RMWAH will be reassessed as part of the Company's bi-annual valuation process at the end of June, which will take into account the outcome of the receivers' review at that time.
ENDS
Origo Partners Plc Chris Rynning Niklas Ponnert |
chris@origoplc.com niklas@origoplc.com |
Nominated Adviser and Joint Broker: Liberum Capital Limited Simon Atkinson / Richard Bootle | +44 (0)20 3100 2222 |
Joint Broker: Investec Plc Tim Mitchell / Jeremy Ellis | +44 (0)20 7597 4000 |
Public Relations: Aura Financial Andy Mills / Harry Cameron | +44 (0)20 7321 0000 |