Origo Partners PLC Announcement re Redemption of CZDPs (4007R)
March 08 2016 - 7:08AM
UK Regulatory
TIDMOPP
RNS Number : 4007R
Origo Partners PLC
08 March 2016
8 March 2016
Origo Partners PLC
("Origo" or the "Company")
Announcement re Redemption of Convertible Zero Dividend
Preference Shares
Further to the announcement of 26 February 2016, the Company's
articles of association include a requirement for the Company to
redeem US$12 million of convertible zero dividend preferences
shares ("CZDPs") by 8 March 2016.
Whilst the Company continues to seek to deliver the objectives
of its investing policy and to achieve an orderly realisation of
its assets, the Company is not in a position to redeem US$12
million of CZDPs at the current time. As set out in the circular
posted to Origo shareholders on 19 January 2016, the Company will
now remain under a continuing obligation to undertake the
redemption of US$12 million of CZDPs as and when it is legally able
to do so.
The Company is engaging with the key CZDP shareholder in an
attempt to reach a mutually acceptable resolution to the
unfulfilled 8 March 2016 redemption requirement and remains
committed to engaging with all of its key shareholders in an
attempt to reach an acceptable resolution to the ongoing legal
dispute with its key CZDP shareholder.
As previously announced, the directors of the Company are
continuing their efforts in 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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