25th Sep 2009 07:00
25 September 2009
Origo Sino-India PLC
extends convertible loan to RMWAH
Origo Sino-India plc ("Origo") today announces it has entered into a follow-on convertible financing arrangement with R.M.Williams Agricultural Holdings ("RMWAH").
RMWAH, in which Origo has an 8% shareholding, is a vertically integrated agricultural company that operates prime farm land and, through strategic partnerships, is developing a diversified portfolio of businesses supplying branded organic meat and grain products.
Under the terms of the agreement, Origo will extend a convertible loan ("the Loan") of up to £1.9 million to RMWAH for working capital purposes. The Loan is granted further to RMWAH completing a refinancing in the form of securing a senior-debt facility of AUD 33.5 million (£17.3 million).
Secured against the assets of RMWAH, the Loan is repayable in full together with a premium at the time when RMWAH next raises equity funding, or (at the option of Origo) convertible into shares in RMWAH at a price representing a discount to the then applicable issue price. The Loan will be funded from Origo's existing cash resources.
Further information:
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Origo Sino-India PLC Chris Rynning Niklas Ponnert |
+86 1390 124 6417 +86 1351 106 1672 |
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Nominated Adviser: Smith & Williamson Corporate Finance Limited Azhic Basirov |
+44 (0)20 7131 4000 |
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Broker: Liberum Capital Limited Simon Atkinson |
+44 (0)20 3100 2222 |
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Public Relations: Aura Financial Andy Mills / Nina Legge |
+44 (0)20 7321 0000 |
Notes to editors:
Origo Sino-India PLC ("Origo"):
Origo is an established private equity investor and strategic consultancy business, which provides its shareholders with exposure to growth opportunities and private equity returns in China and India.
Origo's business model is to generate capital gains from private equity investment in growth companies from which it also generates fees for consultancy services related to further fundraisings, M&A and strategic development.
Through a placement of new Origo ordinary shares in March 2008, funds managed by GLG Partners LP invested approximately £17 million bringing their total stake in Origo to approximately 29.6% of the Company's outstanding share capital.
Origo also signed a memorandum of understanding with GLG Partners LP in March 2008 to explore asset management and advisory opportunities in China, India and other markets.
On its admission to AIM in December 2006 Origo raised GBP12.8 million gross of new money via a placing of 25,673,238 Ordinary Shares at 50 pence per share. Each ordinary share carried a warrant exercisable at 55p.
Origo has a significant portfolio of investments in a range of industrial sectors, including metals and mining, agriculture, renewable energy/clean teach, and technology, telecom and media ("TMT").
R.M.Williams Agricultural Holdings (RMWAH)
RMWAH is a new venture, formed in May 2009 by R.M.Williams Pty Ltd, the well known Australian footwear, apparel and accessories company, and Primary Holdings International Trust. OSI has its interest in RMWAH as a result of its original equity stake in Primary Holdings International Trust.
Related Shares:
OPP.L