Origo Partners PLC Trading Update (3303Q)

TIDMOPP

RNS Number : 3303Q

Origo Partners PLC

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@origoplc.com 
  Niklas Ponnert 
 Nominated Adviser 
  Smith & Williamson Corporate 
  Finance Limited 
  Azhic Basirov                    +44 (0)20 7131 
  Ben Jeynes                        4000 
 Public Relations 
  Aura Financial                   +44 (0)20 7321 
  Andy Mills                        0000

This information is provided by RNS

The company news service from the London Stock Exchange

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February 26, 2016 07:41 ET (12:41 GMT)

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