13th Nov 2013 13:12
LONDON (Alliance News) - Origo Partners PLC Wednesday estimated that its net asset value fell to USD127.1 million over the three months to September 30, compared to US$131.2 million on June 30, with the private equity investor citing ongoing operating expenses and other charges.
Origo shares were Wednesday afternoon quoted at 8.52 pence per share, down 5.3%. On Nov 13, 2012, the shares closed at 13.563 pence.
"The decrease in NAV was due primarily to ongoing operating expenses (USD1.8 million) and non-cash based charges relating to interest accrued (USD1.2 million) to the zero-dividend preferred shares," Origo said in a statement.
Origo, which holds investments primarily in private companies across varying sectors in China and Mongolia, said that NAV per share declined to 23 pence from 25 pence over the period, after foreign exchange calculations on September 30.
"In the period we have reduced cost across the board, including cutting head-count by close to two thirds, secured a significantly cheaper lease for our Beijing office as well as discontinued leases in other locations, and renegotiated arrangements with a number of advisors and service providers," Origo said in a statement. "We expect the cost savings program to be fully implemented by year-end-year, resulting a significantly leaner and nimbler operation, which will set the company up to focus on managing its assets in 2014 and beyond," the company added.
By Samuel Agini; [email protected]; @samuelagini
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