Origo Partners PLC Announcement re Isle of Man Court Proceedings (6918R)

TIDMOPP

RNS Number : 6918R

Origo Partners PLC

10 March 2016

Origo Partners PLC

("Origo" or the "Company")

Announcement re Isle of Man Court Proceedings

The Company announced on 8 March 2016 that, whilst the Company's articles of association include a requirement for the Company to have redeemed US$12 million of convertible zero dividend preferences shares ("CZDPs") by 8 March 2016, it is not in a position to redeem US$12 million of CZDPs at the current time. The 8 March 2016 announcement went on to confirm that the Company remains 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 now announces that it has been notified by Brooks Macdonald Asset Management (International) Limited that it has filed a Claim Form, dated 9 March 2016, at the Isle of Man High Court seeking an order to wind-up the Company on the grounds that it is just and equitable to do so and/or as relief under section 180 of the Isle of Man Companies Act 2006. The Company awaits receipt of formal notification of the filing from the Isle of Man High Court.

As confirmed in the circular posted to shareholders on 19 January 2016, the Company's opposition to such a filing would inevitably involve significant cost.

The Company is considering its options in relation to this matter and a further announcement with regards to this matter will be made, as appropriate, in due course.

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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March 10, 2016 05:43 ET (10:43 GMT)

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