Origo

Legal Proceedings Report • Feb 24, 2014

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RNS Number : 6736A

Origo Partners PLC

24 February 2014

24 February 2014

Origo Partners PLC

Announcement re: China Cleantech Partners Ltd

Origo Partners PLC ("Origo" or "the Company") announces the restructuring of China Cleantech Partners Ltd ("CCP" or "the Fund").

In 2011, Origo and Ecofin Water & Power Opportunities Plc ("EWPO"), a UK investment trust managed by Ecofin Ltd ("Ecofin"), each funded a commitment of US$15 million to CCP.  In addition, Origo secured further commitments of, in aggregate, RMB185 million from Chinese state sponsored investment vehicles. The strategy was managed on a 50/50 basis by Origo and EMFI Ltd, an Ecofin affiliate. To date, no funds invested in CCP have been committed to investee companies. 

Under an agreement that came into effect on 21 February 2014, EWPO's interest in CCP has been redeemed in full. As a result, Origo is now the sole partner of CCP and holds a majority limited partnership interest in the associated RMB denominated sub-fund. Separately, Origo has repaid a total of US$260,000 advanced by EMFI Ltd to CCP and related entities in the form of equity subscription and loans in consideration for obtaining a 100% ownership of the management group. The transactions are expected to be NAV neutral to Origo. However, under applicable accounting standards, CCP, and the management group, will be consolidated into the Company's accounts.

Commenting on the announcement, Chris Rynning, Chief Executive of Origo, said:

"Our cleantech investments, all held on our balance sheet, continue to benefit from increased demand driven in part by continued support for the sector from the Chinese Government.  However, in light of our recent strategic shift to focus on managing our existing portfolio of investments, we have decided to discontinue our relationship with the Ecofin group and the active marketing of our cleantech fund. By taking full control of the Fund, we believe we are better positioned to deliver a return on our investment in CCP, while exploring options for accelerating capital distribution to Origo and our Chinese partners"

ENDS

Origo Partners PLC Chris Rynning Niklas Ponnert	chris@origoplc.com niklas@origoplc.com
Nominated Adviser: Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant / Ben Jeynes	+44 (0)20 7131 4000
Broker: Investec Bank Plc Jeremy Ellis	+44 (0)20 7597 4000
Public Relations: Aura Financial Andy Mills	+44 (0)20 7321 0000

This information is provided by RNS

The company news service from the London Stock Exchange

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