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Origo to return capital to shareholders after Moly World sale deal
2nd Feb 2022 12:36
(Sharecast News) - Origo Partners announced a return of capital of about $1.7m on Wednesday, to shareholders on record as at 18 February, with a dollar payment to be made on or around 22 March.
The AIM-traded firm said that under its articles of association, 80% of that would be distributed to the holders of its redeemable preference shares, at 2.386 cents per share, and 20% would be distributed to the holders of ordinary shares at 0.095 cents per share.
"Following an auction process, Origo has entered into a contract to sell its entire interest in Moly World to Moly World's controlling shareholder for a cash consideration of $0.2m," the company said in its statement.
"The contract requires an initial payment of $0.1m, which has now been received.
"The balance of $0.1m is due on completion, which is on or before 31 March.
Origo invested $10m in Moly World in 2011, and had carried the interest at nil.
At 1030 GMT, shares in Origo Partners were up 20.31% at 0.19p.
The AIM-traded firm said that under its articles of association, 80% of that would be distributed to the holders of its redeemable preference shares, at 2.386 cents per share, and 20% would be distributed to the holders of ordinary shares at 0.095 cents per share.
"Following an auction process, Origo has entered into a contract to sell its entire interest in Moly World to Moly World's controlling shareholder for a cash consideration of $0.2m," the company said in its statement.
"The contract requires an initial payment of $0.1m, which has now been received.
"The balance of $0.1m is due on completion, which is on or before 31 March.
Origo invested $10m in Moly World in 2011, and had carried the interest at nil.
At 1030 GMT, shares in Origo Partners were up 20.31% at 0.19p.