Origo Partners PLC Suspension from Trading (2818J)
April 26 2022 - 10:06AM
UK Regulatory
TIDMOPP TIDMOPPP
RNS Number : 2818J
Origo Partners PLC
26 April 2022
26 April 2022
Origo Partners Plc ("Origo" or "the Company")
Cash distribution, Suspension From Trading, and Delisting
On 11 April 2022, Origo was informed that Origo's N ominated A
dvisor, Arden Partners Plc., was being acquired by a third party
and as a consequence would no longer be eligible to act as a N
ominated A dvisor to AIM companies, including Origo , after 28
April 2022. The implications of this are that as of 28 April 2022
Origo's ordinary and redeemable preference shares ("shares") will
be suspended from trading on the AIM market unless Origo appoints
another N ominated A dvisor.
The Origo board has investigated and considered the implications
of retaining another Nominated Advisor in light of where the
Company stands today, in particular that it has fulfilled its
announced objectives of monetizing all legacy investments that are
saleable and returning the proceeds to shareholders. In light of
the Company's progress in fulfilling these objectives, the Board
has determined that the financial implications of appointing a new
N ominated A dvisor are not in the best interests of the Company.
As a consequence, as at 7.30am on 28 April 2022, Origo's shares
will be suspended from trading on AIM and as at 30 May 2022 the
admission of Origo's shares to AIM will be cancelled.
In accordance with Origo's previously announced strategy and
ahead of 30 May 2022, Origo will announce a payout of all
distributable cash and will make that payment as soon as
practicable thereafter. Pursuant to the Company's Articles of
Association, eighty per cent of any distributable amount will be
paid to the holders of the Company's redeemable preference shares
and twenty per cent of any distributable amount will be paid to
holders of the Company's ordinary shares. Dependent on possible
developments concerning Origo's Celadon investment, this will
likely be Origo's final distribution.
Following suspension and AIM cancellation, Origo will continue
to report to shareholders through the RNS service as well as to
post information on its website: www.origopartners.com . Although
the shares will remain freely transferable post 27 April 2022, once
the shares are suspended from trading there will be no formal
mechanism for trading shares. As a consequence, the shares'
liquidity and marketability will be significantly reduced and this
may affect the value of those shares. In order to enable the
transferability of Origo shares following suspension and delisting,
Origo's administrator, FIM Capital Limited will provide a Matched
Bargain Facility that will enable investors to transact in Origo
shares. Mr. Philip Scales who is both a director of Origo and a
director of FIM Capital Limited will assume oversight of the
Matched Bargain Facility and details of that facility will be
forthcoming.
Further announcements will be made in due course.
Ends
For further information about Origo please visit
www.origopartners.com or contact:
Origo Partners plc 55 Street
John Chapman Douglas
Chairman Isle of Man IM1 1LA
Nominated Adviser and Broker
Arden Partners plc
Richard Johnson +44 (0)20 7614 5900
The information contained within this announcement is deemed by
the Company to constitute inside information as defined in Article
7 of the Market Abuse Regulation No. 596/2014 ("MAR") which is part
of UK law by virtue of the European Union (Withdrawal) Act 2018.
With the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
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END
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