Origo Partners PLC Further re Isle of Man Court Proceedings (7072U)
April 08 2016 - 12:36PM
UK Regulatory
TIDMOPP TIDMOPPP
RNS Number : 7072U
Origo Partners PLC
08 April 2016
8 April 2016
Origo Partners plc
("Origo" or the "Company")
Further re Isle of Man Court Proceedings
The Company announced on 11 March 2016 that it had been notified
of a petition to the Isle of Man 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 "Petition"). The initial hearing in relation to the
Petition was held at the Isle of Man Courts of Justice on 7 April
2016 (the "Initial Hearing").
Following the Initial Hearing the Company has today been
notified that the Isle of Man Court has directed that Pacific
Alliance Asia Opportunity Fund L.P. (a 25.60% ordinary shareholder
of the Company) be joined to the proceedings (at its request) in
relation to the Petition and that the trial date to consider the
Petition be set down for Friday 22 July 2016 and Monday 25 July
2016 (the "Trial").
As previously announced, the presentation of a 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 the
Company's investing policy pending the outcome of the Trial. 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.
As a result, the trading of the Company's securities on AIM will
remain suspended, pending clarification of the Company's financial
position and the outcome of the Trial.
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
MSCUGUWWCUPQGQR
(END) Dow Jones Newswires
April 08, 2016 12:36 ET (16:36 GMT)
Origo Partners (LSE:OPP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Origo Partners (LSE:OPP)
Historical Stock Chart
From Jul 2023 to Jul 2024