10th Mar 2016 11:12
LONDON (Alliance News) - Origo Partners PLC on Thursday said it is considering its options after Brooks Macdonald Asset Management (International) Ltd filed a claim seeking an order to wind up the closed-end investment company.
In a statement, Origo said that Brooks Macdonald filed the claim at the Isle of Man High Court, on the grounds that it would be "just and equitable" to wind up the company.
Origo said there would be "significant cost" to opposing Brooks Macdonald's move.
Earlier this week, Origo said it was not in a position to redeem USD12 million of its convertible zero dividend preferences shares.
Origo's articles of association include a requirement for the company to have redeemed that amount of CZDPs by Tuesday earlier this week.
Origo reiterated that it remains under a "continuing obligation to undertake the redemption of USD12 million of CZDPs as and when it is legally able to do so".
Shares in Origo were down 18% at 0.350 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Brooks MacdonaldOPP.L