27th Sep 2019 09:49
(Alliance News) - Origo Partners PLC on Friday said its performance worsened in the first half of 2019 and it intends to put its assets up for auction.
In addition, the investment company said it will return USD2.1 million to its shareholders of record as of Friday next week. Some 80% of that amount will be distributed to the holders of the company's redeemable preference shares at 0.02947 cents per share and 20% of that amount will be distributed to the holders of Origo odinary shares at 0.00117 cents per share.
Turning back to results, Origo said its pretax loss widened in the six months to the end of June to USD933,000 compared to USD612,000 loss reported a year earlier.
Origo's net asset value as at June 30 was USD5.3 million as compared to USD6.3 million as at the end of 2018 and USD13.6 million as at the end of June 2018.
The primary reason for the reduction in NAV was substantial write downs in various company assets, it said, including Celadon, Six Waves, Gobi Coal, Staur Aqua, Fram Exploration, Unipower, and Niutech.
Regarding the company's investments, Origo said there have been no material developments since the end of 2018.
Looking ahead, Origo said Celadon Mining, its investee since 2011, has predicted a liquidity event for this November. Upon completion, Origo said it intends to put its remaining assets up for auction.
Following the completion of the auction process, the company said it expects to call a shareholder meeting to determine its "future direction".
Origo shares were trading 0.9% higher in London on Friday morning at 0.17 pence each.
By Evelina Grecenko; [email protected]
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