10th Jun 2015 09:55
LONDON (Alliance News) - Origo Partners PLC said Wednesday that judgement has been reserved in the proceedings of a dispute with Brooks MacDonald Group PLC, meaning the Isle of Man court's decision was not immediately released after a final hearing held on Tuesday.
Origo said it will make further announcements in due course.
In June 2014, Brooks MacDonald raised a complaint about a resolution that was passed at the company's general meeting in March 2011 to amend the company's articles of association. Brooks contends that as the resolution was not validly passed it would have a legal claim for the return from Origo of the consideration it paid for the purchase of 60 million convertible zero dividend preference shares.
The dispute hinged on the assertion that a 75% resolution, which would need to be passed to amend the company's articles, requires a majority of holders of 75% of all issued and outstanding shares to have voted in favour of it, rather than a majority of 75% of votes cast.
Origo issued an application in the Isle of Man Court for a declaration that its articles bear the meaning propounded by Origo.
In January shareholders voted against proposals set forward by Brooks MacDonald to amend Origo's investment policy and make a number of changes to its board of directors. Brooks had previously said it had lost confidence in the ability of Origo's current board to oversee the company's investment realisation strategy and to act in the best interests of shareholders as a whole.
Shares in Origo are untraded Wednesday. It last closed at 4.25 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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