Origo

Legal Proceedings Report • Nov 27, 2014

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RNS Number : 2390Y

Origo Partners PLC

27 November 2014

27 November 2014

Origo Partners PLC

("Origo" or the "Company")

Announcement Re Isle of Man Court proceedings

On 30 June 2014 the Company made an announcement in respect of a complaint made by Brooks Macdonald Group plc ("Brooks Macdonald") regarding the correct interpretation of the definition of a "75% Resolution" in the Company's Articles (the "June Announcement"). 

The June Announcement noted that the Company had issued an application in the Isle of Man Court for a declaration that the Articles bear the meaning propounded by the Company (the "Declaratory Proceedings"). 

On 21 August 2014 Brooks Macdonald applied to the Isle of Man Court to be appointed as a representative defendant in the Declaratory Proceedings on behalf of all of the Company's shareholders, with its costs to be paid by the Company on an indemnity basis in any event  (the "RD Application").

The Court handed down its judgment of the RD Application on 27 November 2014.  The judgment ordered that Brooks Macdonald be appointed as a representative defendant in the Declaratory Proceedings on behalf of the holders of the Company's convertible zero-dividend preference shares, with costs to be paid by the Company. 

The Company now hopes the Declaratory Proceedings will be progressed without further delay.  The Company remains firmly of the view that there is no substance to complaints raised by Brooks Macdonald. 

Further announcements with regards to this matter will be made in due course, as appropriate.

For further information about Origo please visit www.origoplc.com or contact:

Origo Partners plc Chris Rynning Niklas Ponnert	chris@origoplc.com niklas@origoplc.com
Nominated Adviser and Broker Smith & Williamson Corporate Finance Limited Azhic Basirov / Ben Jeynes	+44 (0)20 7131 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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