4 Feb 2020 07:00
NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA
4 February 2020
Origo Partners Plc
Update re Celadon Mining Ltd.
Origo Partners Plc ("the Company") announces that Celadon Mining Ltd. ("Celadon") has informed the Company that its possible sale to a third party will not proceed because a third party has served a demand for arbitration on Celadon, which has dissuaded the purported buyer from proceeding as Celadon had earlier reported. Celadon has further noted that its controlling shareholder has provided "temporary loans amounting to USD 104,000 in order to sustain the Company's operations." The terms of these "temporary loans" have not been disclosed. The Company notes that it provided background in both the 2018 annual report and 2019 interim accounts as to some of the issues Celadon faced in concluding a sale. In the Company's most recent published audited financial statements Celadon had been carried at USD 1.129 million.
Ends
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners plc John Chapman Chairman | IOMA House Hope Street Douglas Isle of Man IM1 1AP |
Nominated Adviser and Broker Arden Partners plc Richard Johnson Ben Cryer
| +44 (0)20 7614 5900 |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.