Interim Results
September 22 2008 - 2:01AM
UK Regulatory
RNS Number : 9208D
Origo Resource Partners Limited
22 September 2008
ORIGO RESOURCE PARTNERS LIMITED
UNAUDITED INTERIM RESULTS
FOR THE PERIOD FROM INCEPTION (26 NOVEMBER 2007) TO 30 JUNE 2008
Highlights
* US$96.8 million raised from placing on AIM.
* Invested US$45.2 million of the placing proceeds in four unlisted companies in the first six
months.
* Invested a further US$23 million since 30 June 2008.
* Net asset value of 188.51 cents per Ordinary Share at 30 June 2008.
Chris Rynning Azhic Basirov Simon Atkinson Michael Oke/Andy Mills
Origo Sino-India PLC Smith & Williamson Liberum Capital Aura Financial
+86 1390 124 6417 Corporate Finance Limited +44 20 7321 0000
chris@origoplc.com Limited +44 20 3100 2223
+44 20 7131 4000
Chairman's Statement
I am pleased to present the unaudited interim report and financial statements of Origo Resource
Partners Limited (the "Company") for the period ended 30 June 2008.
The Company was incorporated on 26 November 2007. On 14 December 2007 the Company raised gross
proceeds of US$96.8 million (�48.6 million) through the issue of 48.6 million Ordinary Shares at
100.00 pence each and 9.72 million Warrants (on the basis of one Warrant for every five Ordinary
Shares subscribed), with the Ordinary Shares and Warrants being admitted to trading on AIM, a
market operated by the London Stock Exchange, and on the Channel Islands Stock Exchange.
Investments
During the period the Company invested a total of US$45.2 million (�22.7 million) in four
unlisted companies. The primary businesses of the investee companies are seawater desalination,
mining, bio-energy and the provision of health, environmental, safety, risk and quality products
in the non-coal mining sector.
The Board, together with the Investment Consultant, reviewed the value of the investments as at
30 June 2008 and concluded that the cost of the investments was not materially different from
the fair value. Therefore, no fair value adjustment was required.
Results
The Company made a loss of US$0.4 million during the period, representing a loss per Ordinary
Share of 0.88 cents. The Net Asset Value at 30 June 2008 was US$91.6 million, being 188.51 cents
per Ordinary Share.
Share price
Since the launch of the Company the share price has continuously been above the initial placing
price of 100.00 pence, reaching a high during the period of 141.00 pence. At 30 June 2008 the
share price was 123.00 pence, trading at a premium to net asset value of 29.99%.
Prospects
Given the current turmoil in the World's financial markets it is unrealistic to expect
investment values to increase by the time of my next report. However these conditions also
present opportunities; we are actively considering further investments and remain cautiously
optimistic that your Company's Investment Objective will be met.
Nigel Taylor
19 September 2008
Investment Consultant's Report
It is our great pleasure to deliver the Investment Consultant's Report for
the period ended 30 June 2008, comprising a review of the market environment,
our investment strategy, and outlook for the months ahead.
Market Environment
The global economy has been in decline on the back of concerns following
contagion from US housing and credit problems. Financial difficulties in the
US and Europe have slowed down demand for raw materials, although the trend
has been offset by sustained appetite from emerging economies, most notably
China and India.
In the last nine months, we have also seen resurgence of global inflation,
driven by increasing oil, food and other commodity prices. Governments have
taken steps to mitigate inflationary pressures in commodities where price
surges have been the greatest. China, for example, is subsidising rice and
corn farmers and has imposed export duties on food products and fertilizers,
whilst India has placed an export ban on non-basmati rice.
The constrained supply of
C Rynning
N Ponnert
Origo Advisors Limited
19 September 2008
Investment Portfolio
Portfolio Holding Industry Sector Segment Date of Initial Ownership Capital Invested
Investment US$ million
Roshini International Bio Alternative Energy Bio-fuels feed-stock Jan-08 20.6% 17
Energy Corporation
SHERQ Limited Metals & Mining Mining services Jan-08 37.8% 10
Fomento International Limited Metals & Mining Iron ore Feb-08 5.1% 17
Staur Holding AS Clean Tech Water desalination Feb-08 4.8% 1
--------
Total at 30 June 2008 45
Investments made after 30 June 2008
Halosource, Inc. Clean Tech Water purification Jul-08 7.7% 7
Primary Holdings International Agriculture Land acquisition/ Sep-08 39.0% 16
Trust Soft-commodities
--------
Total at the date of signing this report 68
--------
Income Statement
for the period from inception (26 November 2007) to 30 June 2008 (unaudited)
26 November 2007 to 30 June 2008
US$'000
Investment gains and losses
Net unrealised change in fair value of investments -
------------
-
------------
Income
Investment interest 25
Bank interest 997
------------
Total income 1,022
------------
Expenses
Management fee (1,004)
Administration fees (136)
Investment research costs (143)
Other expenses (330)
------------
Total expenses (1,613)
------------
Foreign exchange gains and losses 161
------------
Loss for the period (430)
------------
Loss per Ordinary Share - basic (0.88) cents
Statement of Changes in Equity
for the period from inception (26 November 2007) to 30 June 2008 (unaudited)
Share capital Share premium Warrant reserve Distributable Foreign currency
reserves translation reserve Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Gross proceeds of placing - 96,826 - - - 96,826
Issue costs - (4,777) - - - (4,777)
Cancellation of share premium - (92,049) 5,092 86,957 - -
Loss for the period - - - (430) - (430)
Foreign currency on - - - - (3) (3)
translation
---------- ---------- ---------- ---------- ---------- ----------
Balance at 30 June 2008 - - 5,092 86,527 (3) 91,616
---------- ---------- ---------- ---------- ---------- ----------
Balance Sheet
as at 30 June 2008 (unaudited)
30 June 2008
US$'000
Non-current assets
Investments at fair value through profit or loss 45,196
----------
Current assets
Receivables and prepayments 1,155
Cash and cash equivalents 47,330
----------
48,485
----------
Total assets 93,681
----------
Current liabilities
Payables and accruals (2,065)
----------
Total liabilities (2,065)
----------
Net assets 91,616
----------
Capital and reserves attributable to equity holders of the
Company
Called-up share capital -
Share premium -
Warrant reserve 5,092
Distributable reserves 86,527
Foreign currency translation reserve (3)
----------
Total equity shareholders' funds 91,616
----------
Net Asset Value per Ordinary Share - basic 188.51 cents
Statement of Cash Flows
for the period from inception (26 November 2007) to 30 June 2008 (unaudited)
26 November 2007 to 30 June 2008
US$'000
Operating activities
Investment interest purchased (40)
Bank interest received 969
Management fees paid (545)
Administration fees paid (74)
Investment research costs (99)
Other expenses (267)
----------
Net cash outflow from operating activities (56)
Investing activities
Purchase of investments at fair value through profit (44,821)
or loss
----------
Net cash outflow from investing activities (44,821)
----------
Financing activities
Proceeds from issue of Ordinary Shares and Warrants 96,826
Issue costs (4,777)
----------
Net cash inflow from financing activities 92,049
----------
Net foreign exchange gain 158
----------
Increase in cash and cash equivalents 47,330
----------
Cash and cash equivalents at beginning of period -
Increase in cash and cash equivalents 47,330
----------
Cash and cash equivalents at end of period 47,330
----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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