Origo Partners flags possible income from Celadon sale
Origo Partners
0.08p
16:59 27/05/22
Origo Partners has been informed by the controlling shareholder of Celadon Mining that Celadon has entered into an agreement with a third party, to sell its assets for around CNY 330m (£36.91m) net to Celadon.
Financial Services
13,858.08
17:09 24/04/24
FTSE AIM All-Share
754.69
16:50 24/04/24
The AIM-traded firm said closing was scheduled for the earlier of the lifting of certain restrictions on travel in connection with the Covid-19 pandemic, or 31 December.
It said the controlling shareholder then expected to return the net sale proceeds to Celadon's shareholders through a share buyback.
“If this occurs, the company would receive approximately $4.2m (£3.32m),” Origo’s board said in its statement.
“The company invested approximately $13.1m in Celadon in 2011.”
In its last published accounts dated 30 June 2019, the Celadon investment was carried at a fair value of $1.129m.
“The company has not been involved in the negotiations for the sale of the Celadon assets and has no direct insight into whether closing will occur as planned.”