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Origo Partners flags possible income from Celadon sale
12th Jun 2020 12:37
(Sharecast News) - 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.
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."
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."