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.
Brooks Macdonald Group
1,920.00p
16:35 02/05/24
Financial Services
14,249.36
16:49 02/05/24
FTSE AIM 100
3,707.75
17:04 02/05/24
FTSE AIM 50
4,012.57
17:04 02/05/24
FTSE AIM All-Share
768.11
17:04 02/05/24
Origo Partners
0.08p
16:59 27/05/22
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.