Origo Partners PLC Heng Yu - PRC New Third Board Listing Approval (0234X)
May 03 2016 - 4:45AM
UK Regulatory
TIDMOPP TIDMOPPP
RNS Number : 0234X
Origo Partners PLC
03 May 2016
3 May 2016
Origo Partners plc
("Origo" or the "Company")
Heng Yu - PRC New Third Board Listing Approval
Origo Partners Plc ("Origo" or the "Company") is pleased to
announce that Jinan Heng Yu Environmental Protection Technology
Co., Ltd. ("Heng Yu"), the operating company of Niutech Energy Ltd
("Niutech"), an Origo investee company, has received final approval
for a listing on China's National Equities Exchange and Quotations
(NEEQ), generally referred to as China's "New Third Board".
The market introduction is expected to complete during the
course of May 2016. A placing of new Heng Yu shares to investors is
planned for later this year. Heng Yu's appointed sponsor and broker
is Guosen Securities Co., the eighth largest brokerage firm in
China by assets, according to a 2014 ranking by the Securities
Association of China. Deheng Law Offices, a top 5 Chinese law firm,
is acting as Heng Yu's legal advisor on the transaction.
At the end of 2015, a total of 5,129 companies with a combined
market capitalisation of RMB2.46 trillion (US$374 billion) were
trading on China's New Third Board. In 2015, a total of RMB121
billion (US$18.4 billion) was raised on the exchange, over nine
times that raised in 2014.
Following completion of the listing, the shares of all current
shareholders will be subject to lock-up restrictions until November
2016. As such, the listing will not represent an opportunity for
Origo to realise part or all of its investment in Heng Yu in the
short term. However, by providing access to a domestic Chinese
investor base, Origo expects the New Third Board listing to
facilitate a realisation of this investment over the course of the
Company's revised Investing Policy period, adopted by Origo
shareholders on 20 November 2014.
The unaudited carrying value of Origo's 21.1% interest in
Niutech as at 30 June 2015 was US$11.81 million (original
investment cost of US$6.35 million). Post the last balance sheet
date, Niutech and its group companies have been reorganized ahead
of the New Third Board listing to comply with relevant regulatory,
listing and tax requirements. Shares have also been issued under
Heng Yu's ESOP plan. As a result, Origo now owns 95.3% of Niutech,
which in turn has a beneficial interest of 20.0% in Heng Yu.
Niklas Ponnert, a Director of Origo and Origo Advisors Ltd, the
Company's Investment Consultant, has been a director of Niutech and
will continue to serve on its board. He has also been appointed to
the board of Heng Yu.
A further announcement will be made by the Company 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
Ben Jeynes +44 (0)20 7131 4000
Public Relations
Aura Financial
Andy Mills +44 (0)20 7321 0000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFVTETIVIIR
(END) Dow Jones Newswires
May 03, 2016 04:45 ET (08:45 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