16 Feb 2015 08:30
16 February 2015
Origo Partners PLC("Origo" or the "Company")
Directorate Changes and Issue of Equity
Directorate Changes
On 20 November 2014 Origo's shareholders approved changes to the Company's investing policy, management structure and management incentive arrangements (the "Reorganisation") which were recommended by the board.
Following the implementation of the Reorganisation, the Company's board has undertaken a review of its own composition to ensure that governance arrangements are appropriate for the Company's circumstances going forward and has determined that a number of changes are now appropriate.
Consequently, Origo announces that Wang Chao Yong, Chris Rynning, Christopher Jemmett and Tom Prestulen have agreed to step down as directors of the Company with immediate effect.
Going forward, the remaining directors of the Company will be Shonaid Jemmett-Page (non executive Chairman), Lionel de Saint-Exupery (non executive director) and Niklas Ponnert (director and also a director of Origo Advisors Limited).
Chris Rynning remains a director of Origo Advisors Limited, which provides management services to the Company.
Shonaid Jemmett-Page, Chairman commented:
"The revised board structure now reflects Origo's mandate as an investment company in realisation mode. We would like to thank the outgoing directors for their significant contribution to the Company over the years."
Issue of Equity
The Company today also announces the issue of a total of 2,040,000 new ordinary shares (the "New Ordinary Shares") at an effective issue price of 5.875 pence per ordinary share.
As announced by Origo on 31 October 2014, certain of the Company's non-executive directors had agreed to receive 50 per cent. of their annual fees (equal to approximately US$188,000) in the form of ordinary shares for the period from 1 January 2014. The Company has today issued 1,840,000 ordinary shares in satisfaction of this agreement. In addition, the Company has today issued 100,000 ordinary shares to each of Shonaid Jemmett-Page and Lionel de Saint-Exupery in connection with their appointments to the board on 18 October 2012 and 1 May 2012 respectively.
The New Ordinary Shares have been issued to the non-executive directors and former non-executive directors in the following proportions:
Director | Number of New Ordinary Shares
| Total number of ordinary shares held | % of enlarged issued ordinary share capital |
Shonaid Jemmett-Page | 560,000 | 560,000 | 0.16% |
Lionel de Saint-Exupery | 560,000 | 560,000 | 0.16% |
Wang Chao Yong | 460,000 | 4,447,575 | 1.24% |
Christopher Jemmett | 460,000 | 760,000 | 0.21% |
Application will be made for the New Ordinary Shares to be admitted to trading on AIM. It is expected that dealings will commence on 23 February 2015.
Following the issue of the New Ordinary Shares, the Company will have 415,746,814 shares in issue, comprising 358,746,814 ordinary shares and 57,000,000 convertible zero dividend preference shares. There are no shares held in treasury and all shares have equal voting rights.
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 |