Origo

Board/Management Information • Jan 14, 2015

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RNS Number : 0769C

Origo Partners PLC

14 January 2015

14 January 2015

Origo Partners PLC

("Origo" or the "Company" and together with its subsidiaries the "Group")

Completion of Employee Transfer 

Commencement of Asset Realisation Support Agreement

and

Implementation of Agreement Relating to Assets

As announced by the Company on 20 November 2014, the Company's shareholders approved, at a general meeting of the Company on that same day, a set of resolutions (the "November Resolutions") in relation to the Company's proposals to change Origo's investing policy, management structure and management incentive arrangements (the "Company's Proposals").

Details of the November Resolutions and of the Company's Proposals were provided in a circular posted to shareholders on 31 October 2014 (the "Circular").

The Company's Proposals included the transfer of the employees of the Group (the "Employees"), including Chris Rynning (Origo's Chief Executive) and Niklas Ponnert (Origo's Finance Director) but not including Wang Chao Yong (the Company's Chairman) (the "Employee Transfer"). This transfer was to be facilitated by each Employee agreeing to resign from the Group and enter into new employment contracts with a member of the Origo Advisors Limited group (the "OAL Group"). 

Following shareholders' approval of the November Resolutions, the Company and the OAL Group have been in the process of implementing the Company's Proposals - including the Employee Transfer.

The Company today announces that the Employee Transfer has now been completed and that eleven Employees, including Chris Rynning and Niklas Ponnert, agreed to resign from the Group and are now employed by the OAL Group. 

Three Employees have not agreed to be reemployed by the OAL Group and their employment with the Group has been terminated (the "Terminations"). The Company's costs in connection with the Terminations are expected to be approximately US$21,000.

With the Employee Transfer completed, the Asset Realisation Support Agreement with OAL and the Agreement Relating to Assets with OAL became effective on 13 January 2015 and as such, the Company is now externally managed by OAL on the terms described in the Circular. The Company's previous Investment Support Agreement dated 10 November 2009 between the Company and OAL has been terminated with simultaneous effect.

Capitalised terms used in this announcement shall have the meanings given to them in the Circular.

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

Origo Partners plc Niklas Ponnert	niklas@origoplc.com
Smith & Williamson Corporate Finance Limited Nominated Adviser and Broker Azhic Basirov / Ben Jeynes	+44 (0)20 7131 4000
Aura Financial Public Relations 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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