Origo Partners PLC Further re Court Proceedings and Suspension (8444R)
March 11 2016 - 5:58AM
UK Regulatory
TIDMOPP TIDMOPPP
RNS Number : 8444R
Origo Partners PLC
11 March 2016
11 March 2016
Origo Partners PLC
("Origo" or the "Company")
Further Announcement re Isle of Man Court Proceedings and
Suspension of Trading
The Company announced on 10 March 2016 that it had been notified
by Brooks Macdonald Asset Management (International) Limited
("Brooks Macdonald") that Brooks Macdonald had 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 now announces that it has now been formally notified
of Brooks Macdonald's petition to the Isle of Man High Court in
this regard and an initial hearing is scheduled to be held at the
Isle of Man Courts of Justice at 10.00 am on 7 April 2016.
The presentation of Brooks Macdonald's petition to the Isle of
Man Court for winding up is deemed to have commenced a winding up
by the Isle of Man Court, under S169(2) of the Isle of Man
Companies Act 1931.
Section 167 of the Isle of Man Companies Act 1931 states that
any disposition of the property of the Company after the
commencement of the winding up by the Isle of Man Court is void
unless the court orders otherwise. Consequently, whilst the
Company's daily operations should remain broadly unaffected,
disposals of its assets without Court approval may be rendered void
and therefore there are likely to be challenges in implementing its
investing policy pending the outcome of the initial Court hearing.
The Company has received legal advice that the Isle of Man Court is
likely to validate realisations where no person will be prejudiced
by them, and also that the provisions of section 167 of the Isle of
Man Companies Act 1931 may extend to any transfer of the Company's
shares.
At the request of the Company trading of its securities on AIM
has been temporarily suspended from 7:30am today, pending
clarification of the Company's financial position and the outcome
of the initial Court hearing.
The Company continues to consider its options in relation to
this matter and a further announcement 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
END
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