25 Jul 2016 17:01
25 July 2016
Origo Partners plc
("Origo" or the "Company")
Further Update re Isle of Man Court Proceedings
The Company announced on 11 March 2016 that it had been notified of a petition to the Isle of Man Court seeking an order to wind-up the Company on the grounds that it is just and equitable to do so and/or as relief under section 180 of the Isle of Man Companies Act 2006 (the "Petition"). The initial hearing in relation to the Petition was held at the Isle of Man Courts of Justice on 7 April 2016 (the "Initial Hearing").
Following the Initial Hearing the Company announced, on 8 April 2016, that the trial to consider the Petition (the "Trial") had been set for Friday 22 July 2016 and Monday 25 July 2016 (the "Initial Court Dates").
Following a subsequent disclosure application to the Isle of Man Courts, the Initial Court Dates were instead used by the Isle of Man Court to consider that disclosure application (the "Disclosure Hearing"). With the Disclosure Hearing now concluded, the Trial has now been set down for Monday 22 August 2016, Tuesday 23 August 2016 and Wednesday 24 August 2016.
As previously announced, the presentation of a petition to the Isle of Man Court for winding up is deemed to have commenced a winding up by the Isle of Man Court, under S169(2) of the Isle of Man Companies Act 1931.
Section 167 of the Isle of Man Companies Act 1931 states that any disposition of the property of the Company after the commencement of the winding up by the Isle of Man Court is void unless the court orders otherwise. Consequently, whilst the Company's daily operations should remain broadly unaffected, disposals of its assets without Court approval may be rendered void and, therefore, there are likely to be challenges in implementing the Company's investing policy pending the outcome of the Trial. The Company has received legal advice that the Isle of Man Court is likely to validate realisations where no person will be prejudiced by them, and also that the provisions of section 167 of the Isle of Man Companies Act 1931 may extend to any transfer of the Company's shares.
As a result, the trading of the Company's securities on AIM will remain suspended, pending clarification of the Company's financial position and the outcome of the Trial.
A further announcement will be made, as appropriate, in due course.
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 |