George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOPP.L Regulatory News (OPP)

  • There is currently no data for OPP

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading Update

26 Feb 2016 12:41

RNS Number : 3303Q
Origo Partners PLC
26 February 2016
 

26 February 2016

 

Origo Partners PLC

("Origo" or the "Company")

 

Trading Update

 

 

Origo announces the following trading update ahead of the Company's final results for the year ended 31 December 2015 which are expected to be announced in June 2016.

 

As first announced by the Company on 29 September 2015, the continuing uncertainty in relation to the Chinese economy and depressed commodity markets have meant that realisations of the Company's assets at attractive valuations have been challenging in the short term.

 

Whilst the Company continues to seek to deliver the objectives of its investing policy and to achieve an orderly realisation of its assets, it remains likely that the Company will not be in a position to redeem US$12 million of zero dividend preference shares ("CZDPs") by the due date of 8 March 2016.

 

On 19 January 2016, the Company posted a circular to its shareholders (the "Circular") providing details of a proposed restructuring of the Company's share capital (the "Proposals") which would have, if implemented, served to settle the ongoing legal dispute with Brooks Macdonald and to have, inter alia, provided Origo with greater flexibility to implement its orderly realisation strategy. With the Proposals not receiving the necessary approval of a 75% majority at the General Meeting and the Ordinary Share Class Meeting (as defined in the Circular), the Proposals were not implemented.

 

As at 31 December 2015, the Company had estimated unaudited cash balances of US$1 million. The cash resources currently available to the Company are therefore insufficient to meet the Company's immediately foreseeable needs and, consequently, the directors of the Company are 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

 

 

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCAKADNBBKDFBB
Date   Source Headline
30th May 20227:00 amRNSCancellation - Origo Partners Plc
27th May 20226:00 pmRNSOrigo Partners
28th Apr 20227:30 amRNSSuspension – Origo Partners plc
26th Apr 20227:00 amRNSSuspension from Trading
7th Mar 20227:00 amRNSAsset Sale Update
2nd Feb 20227:00 amRNSReturn of Capital and Asset Sale
27th Jan 20223:16 pmRNSAsset Sale
24th Dec 202110:46 amRNSResult of AGM
6th Dec 20213:34 pmRNSNotice of AGM
3rd Dec 20217:00 amRNSInvestment Update
22nd Sep 20217:00 amRNSHalf-year Report
28th Jun 20217:00 amRNSAnnual Financial Report
4th Jun 20217:00 amRNSSale of Shares in Gobi Coal & Energy Ltd
14th May 202111:18 amRNSHolding(s) in Company
9th Mar 202112:20 pmRNSHolding(s) in Company
8th Mar 20217:00 amRNSStatement re share price movement
24th Feb 20214:27 pmRNSHolding(s) in Company
23rd Feb 20219:53 amRNSHolding(s) in Company
27th Jan 20218:38 amRNSUpdate re Website
22nd Jan 202110:03 amRNSUpdate re Remaining Assets
24th Dec 202011:20 amRNSResult of AGM
24th Dec 202010:14 amRNSHolding(s) in Company
24th Dec 20209:51 amRNSHolding(s) in Company
17th Dec 202012:38 pmRNSHolding(s) in Company
30th Nov 20204:30 pmRNSNotice of AGM
28th Sep 20207:00 amRNSHalf-year Report
23rd Sep 20207:09 amRNSPrice Monitoring Extension
23rd Sep 20207:02 amRNSSecond Price Monitoring Extn
22nd Sep 20202:06 pmRNSSecond Price Monitoring Extn
22nd Sep 20202:01 pmRNSPrice Monitoring Extension
30th Jun 20207:00 amRNSAnnual Financial Report
12th Jun 20207:00 amRNSInvestment update
20th May 202011:00 amRNSHolding(s) in Company
7th May 20207:00 amRNSUpdate RE: Liquidation Plans
29th Apr 20202:06 pmRNSSecond Price Monitoring Extn
29th Apr 20202:02 pmRNSPrice Monitoring Extension
17th Mar 202012:12 pmRNSChange of Registered Office & Update on Website
12th Mar 20203:32 pmRNSWebsite
4th Feb 20207:00 amRNSInvestment Update
24th Dec 20197:00 amRNSInvestors update
11th Nov 201911:33 amRNSHolding(s) in Company
30th Oct 20194:16 pmRNSResult of AGM
23rd Oct 201910:41 amRNSHolding(s) in Company
23rd Oct 201910:39 amRNSHolding(s) in Company
4th Oct 20194:23 pmRNSNotice of AGM
27th Sep 20194:25 pmRNSReplacement Capital Distribution
27th Sep 201911:05 amRNSReplacement Interim Unaudited Financial Statements
27th Sep 20197:05 amRNSCapital Distribution
27th Sep 20197:00 amRNSInterim Unaudited Financial Statements
28th Jun 20194:15 pmRNSPosting of Annual Report

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.