20th Apr 2018 13:29
LONDON (Alliance News) - Origo Partners PLC said on Friday it has renegotiated the 2014 Asset Realisation Support Agreement with investment consultant Origo Advisers Ltd.
The new arrangement waives Origo Advisers' entitlement to a fixed fee of USD1.0 million for 2018 and any future fixed fees in return for an ongoing fee of 8.05 of all cash returned to shareholders with a hold back of 25% of the amount until all assets are sold.
Origo will continue to fund Origo Advisers' operating costs incurred in connection with the investment company including a modest office share arrangement in Beijing and personnel costs. Origo will also pay the remaining money due under the 2014 arrangement for 2017, which amounts to USD700,000.
In addition, Origo has promoted Non-Executive Director John Chapman as chairman of the company, after first joining the company in October 2017.
Also, following a comprehensive review into its portfolio, Origo has found that the expected realisation amounts will be significantly less than its last reported net asset value, which was USD31.9 million as at June 30, 2017.
Shares in Origo Partners were down 1.8% at USD0.27 on Friday.
Related Shares:
OPP.L