Origo falls even further as Brooks Macdonald files winding-up order

Shares in China-focused investor Origo Partners fell to new all-time lows after Brooks Macdonald Asset Management filed court order seeking to wind up the company.

The company said it was "considering its options" and would update the market shortly, but added that opposing such a court filing would involve significant cost.

As of the end of calendar 2015, the company had an estimated unaudited cash balance of $1m, and has been exploring funding options.

On Monday the AIM-listed company had confirmed that it was not in a position to redeem $12m of convertible zero dividend preferences shares (CZDPs) by 8 March 2016, as it has agreed with the holders of the CZDPs, chiefly Brooks Macdonald, which holds 76.37% of these preference shares.

Origo, which had in January proposed restructuring its share capital in order to settle the ongoing legal dispute with Brooks Macdonald, which first filed a claim over conversion of the preference shares in July last year.

Origo shares were down 41% to 0.25p, having been not far off 6p a year before and topped 51p in 2011.