22 Jan 2021 10:03
22 January 2021
Origo Partners Plc ("the Company")
Update re Remaining Assets
The Company wishes to update the market as to the status of the Company's investments in Celadon Mining Ltd. ("Celadon") and Gobi Coal & Energy Ltd ("Gobi Coal").
As noted in the Company's 12 June 2020 RNS, Celadon's controlling shareholder has represented that Celadon has entered into an agreement on the terms set forth in that RNS to sell that company's assets but that the closing is contingent on travel restrictions being lifted in certain Asian countries. Those restrictions have not yet been lifted thereby preventing the transaction from closing.
As explained in our 2020 Interim Accounts, Gobi Coal has retained KPMG (Beijing) to conduct a sale process. The Company has been informed that the process has not come to fruition yet, at least in part because of the global travel restrictions. Gobi Coal has additionally informed us that it will likely need to raise additional capital to see that process to conclusion.
The Company again reminds shareholders that it has no board representation in either company, has not been involved in any negotiations for the sale of the assets and, except as set forth above or previously announced, has no foresight into (i) when either asset will be monetized and (ii) any proceeds the Company may receive. Further announcements will be made upon the receipt of additional relevant information.
Ends
For further information about Origo please visit www.origopartners.com or contact:
Origo Partners plc John Chapman Chairman | 55 Athol Street Douglas Isle of Man IM1 1LA |
Nominated Adviser and Broker Arden Partners plc Richard Johnson Ben Cryer
| +44 (0)20 7614 5900 |