Declaration of Voting Results & Voting Rights Announcements • Feb 4, 2016
Declaration of Voting Results & Voting Rights Announcements
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National Storage Mechanism | Additional information
RNS Number : 1434O
Origo Partners PLC
04 February 2016
4 February 2016
Origo Partners PLC
("Origo" or the "Company")
Results of Shareholder Meetings
On 19 January 2016 the Company posted a Circular to Shareholders providing details of the proposed restructuring of the Company's share capital together with notices convening the General Meeting, the CZDP Class Meeting and the Ordinary Share Class Meeting (together the "Meetings").
The Company now announces the results of the General Meeting, the CZDP Class Meeting and the Ordinary Share Class Meeting which were held at 12:30 p.m., 1:30 p.m. and 2:00 p.m. today respectively.
Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Circular posted to Shareholders on 19 January 2016.
Result of General Meeting
The resolution proposed at the General Meeting of the Company held at 12:30 p.m. today was put to the General Meeting on a poll and was rejected by the General Meeting. Only one Shareholder voted against the resolution put to the General Meeting. The resolution put to the General Meeting required the approval of a majority of 75% of the votes cast by those in attendance and exercising their vote. The full results of the General Meeting are given below:
| Resolution | Votes For |
% For |
Votes Against | % Against | Total Votes Cast | % Voting Rights Voted |
Votes Withheld |
| 1 | 181,195,332 | 66.37% | 91,830,888 | 33.63% | 273,026,220 | 65.67% | 0 |
Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).
Result of CZDP Class Meeting
The resolution proposed at the CZDP Class Meeting of the Company held at 1:30 p.m. today was put to the CZDP Class Meeting on a poll and was duly approved by the CZDP Class Meeting, which required the approval of a majority of 75% of the issued and outstanding CZDPs. The full results of the CZDP Class Meeting are given below:
| Resolution | Votes For |
% For |
Votes Against | % Against | Total Votes Cast | % Voting Rights Voted |
Votes Withheld |
| 1 | 46,085,663 | 100.00% | 0 | 0.00% | 46,085,663 | 80.85% | 0 |
Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).
Result of Ordinary Share Class Meeting
The resolution proposed at the Ordinary Share Class Meeting of the Company held at 2:00pm today was put to the Ordinary Share Class Meeting on a poll and was rejected by the Ordinary Share Class Meeting. Only two Shareholders voted against the resolution put to the Ordinary Share Class Meeting. The resolution put to the Ordinary Share Class Meeting required the approval of a majority of 75% of the votes cast by those in attendance and exercising their vote to be approved The full results of the Ordinary Share Class Meeting are given below:
| Resolution | Votes For |
% For |
Votes Against | % Against | Total Votes Cast | % Voting Rights Voted |
Votes Withheld |
| 1 | 138,861,909 | 53.86% | 118,966,022 | 46.14% | 257,827,931 | 71.87% | 0 |
Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).
Whilst the resolutions put to Shareholders received the support of a majority of Shareholders at each of the Meetings, only the resolution put to the CZDP Class Meeting was duly approved.
With the resolutions put to the General Meeting and the Ordinary Share Class Meeting not receiving the necessary approval of a 75% majority, the Proposals cannot be implemented and the Settlement Deed, which is conditional on the Proposals having been approved by Shareholders prior to 29 February 2016, is not expected to take effect. The Settlement Deed would have served to settle the ongoing dispute with Brooks Macdonald.
As previously announced, it is likely that the Company will not be in a position to redeem US$12 million of CZDPs by 8 March 2016, as is required under the Company's articles of association.
Shonaid Jemmett-Page, Chairman of Origo, commented:
"The directors of Origo are disappointed with the outcome of the Meetings and believe that the implementation of the Proposals would have been a fair and equitable outcome for all of the Company's shareholders. The Company remains committed to working with its key Shareholders to restructure the payment terms for the CZDPs and to resolving the ongoing dispute with Brooks Macdonald."
For further information about Origo please visit www.origoplc.com or contact:
| Origo Partners plc Niklas Ponnert |
[email protected] |
| Nominated Adviser 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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