Share Name Share Symbol Market Type Share ISIN Share Description
Origo LSE:OPP London Ordinary Share IM00B1G3MS12 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.625p 1.50p 1.75p 1.625p 1.625p 1.625p 40,000 07:53:49
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -16.8 -4.7 - 5.83

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Date Time Title Posts
19/10/201613:39Origo Partners - Chinese small cap Incubator657
03/12/201418:34overseas property and pensions1

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Origo (OPP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
26/10/2016 10:43:501.5340,000612.80O
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Origo Daily Update: Origo is listed in the General Financial sector of the London Stock Exchange with ticker OPP. The last closing price for Origo was 1.63p.
Origo has a 4 week average price of 1.73p and a 12 week average price of 1.78p.
The 1 year high share price is 3.38p while the 1 year low share price is currently 0.28p.
There are currently 358,746,814 shares in issue and the average daily traded volume is 9,169 shares. The market capitalisation of Origo is £5,829,635.73.
zcaprd7: Lol. Delayed. And court set for 3 days. I suspect the judge knows what they've decided, and the delay is deliberate. How about origo issues ordinary shares to the zdp holders, yes, there is dilution, but the problem goes away and the zdp holders get something? Hopefully using the NAV value rather than the share price!
zcaprd7: Well, one of the mining companies borrowed some from origo, which is due back (or convertible) this year from memory. The irony. I'm pretty sure if they had to, they could scramble the cash together, they just don't want to, unless necessary. Share price is telling a different story, granted!
bam bam rubble: The $94m NAV is bloated as it includes $38m so-called 'value' for Celadon Mining and Gobi Coal & Energy - the latter of which it prices at $95 million market cap despite having no operations and other companies linked to it through management, Prosperity Minerals and Paramount Mining, became microcaps then delisted off ASX. Less those two worthless entities NAV is c.$56m. How much of that is realisable? With ordinary shareholders only entitled to $5m of the first $40m of asset sales and 30% of any surplus, after discounting for costs, selling risk and time value it's hard to justify a share price of much more than 1p Sales = net to ordinary holders $24m = $3m (£1.95m) 0.54p/share $40m = $5m (£3.27m) 0.91p/share $50m = $8m (£5.22m) 1.45p/share
tenapen: Origo's investment in Halosource took a battering today after HALO's share price fell 27%. The directors certainly can pick them !.
graham1ty: This is getting to the point where the share price is saying there is NO value in these shares........what is going on ??????
shroder: Worth reading for an overview of the area (long download) Hunnu share price
shroder: From the FT weekend money supplement, Chinese small caps still come with big risks By David Stevenson If you read last week's column about my trip to China, you might think that I'm enormously bearish about Chinese stocks. And, to be fair, I'm not entirely convinced. In my view, a small single-digit allocation to Chinese equities will probably suffice – and you need to be careful how exactly you structure that investment. I suspect you need exposure to large caps through a cheap tracker fund, plus stockpicking funds operating in the consumer, clean tech and services sectors. But I have now found a London-listed fund that invests in smaller, even earlier stage companies plus private equity deals in China and the rest of Asia. It's called Origo Partners and has just announced a fundraising through the placing of new ordinary shares that will aim to raise $30m (£20.7m) to put into "well advanced investment opportunities". It's managed by Chris Rynning – a veteran China hand – and its approach is fairly unusual: private equity deals focused on small, private clean energy and resources companies that might move to an initial public offering (IPO), with some heavy bets on the frontier market of Mongolia. It sounds very risky but with the shares trading at a hefty discount to net asset value (NAV), a cash pile equivalent to a quarter of that NAV, and the likelihood of two big IPOs in the next 12 to 18 months, I think there is a decent margin of safety. Most importantly, I like its boss's cautious approach. "I maintain a healthy scepticism regarding Chinese small caps and their founders," says Rynning. "Unless you have a team of loyal accountants and lawyers on the ground performing due diligence and constantly monitoring the companies, small cap investing in China is an extreme sport that I would not recommend to the inexperienced. If you can master it, however, opportunities abound." This is exactly the attitude I would expect from sensible foreign- backed equity managers based in China. Corporate governance is still dreadful and one leading analyst I talked to said it was getting worse as more money flows in. Another fund manager told me that his desk drawer contains undated letters of resignation signed by the CEO and CFO of a Chinese company he invests in – in case it all goes pear-shaped and he has to grab control of his investment! Even so, there's still lots of money to be made in China, mainly because the local banks won't lend properly to private small cap businesses in China – a hideous inefficiency that must be fixed in the long term. Also, the Chinese equity market is still growing at an extra-ordinary rate in volume terms and, on some measures, isn't hideously expensive. According to aggregate data from French bank Société Générale, the Chinese equity market trades at 11.9 times 2010 estimates for earnings, falling to 10.1 for 2011, with earnings per share growth of 29 per cent in 2010 and 17.9 per cent in 2011. I have a strong sense that most growth will come through the small cap sector – and Origo's focus on clean tech companies, plus its growing stable of yuan-denominated venture capital funds, should be able to capture much of that upside. Of course, all the talk of opportunity and geo-political potential must not blind UK investors to the risks of investing in small caps shares in some of the riskiest markets on earth. But I do find some re-assurance in Origo's near 40 per cent discount to NAV. A report in April by analysts at Liberum put the NAV at around 37p, with $24m or 7.5p in cash on the balance sheet, versus a current share price of 27p. Liberum, perhaps optimistically, reckons that Origo's stake in one company – Gobi – could even be worth 27p on its own if it lists this year or next. Add in a likely IPO from an Australian farmland investment – RM Williams Agricultural Holdings – plus the possibility of more renminbi-denominated local equity funds in the pipeline (managed by Origo Partners for a fee), and I think there's some safety in the numbers.
patrice10: Not sure how the broker calculated 27p/share for Gobi. If Origo bought at $1.10 and will sell at over $6, that makes the stake worth 6x$15m which is $90m. 90m/220m shares equals 40.9p/share (greater than the current share price, and excluding all the other assets the company owns). That is using the $6 at the lower end of the IPO estimated range of prices at launch. Is my maths wrong?
shroder: The note was issued last week by Liberum, I have limited the posts to relevant extracts rather than post the whole thing - overall it seems very conservative with most of the portfolio being valued at cost. The proposed Gobi IPO on it's own could equal the current share price; Liberums take on valuation below Medium term NAV prospects in excess of 60p/share "Looking further out to the end of 2010 we have an estimated valuation for OPP of 60p/share, to which the shares trade at a 61% discount. We expect the largest increase to come from Gobi Coal & Energy, representing 27p/share of estimated NAV. This is based on the low end expectations for a potential Q4 IPO (expected $6-$9/share; Origo paid $1.10/share for its 20.8% stake."
shroder: Update for Gobi Coal & Energy extracted from last weeks broker research dated 21/04/10 In November 2009, Origo paid $14.7m for a 20.8% stake in Gobi Coal and Energy, or $1.10/share. Gobi has significant coal resources in Mongolia and is positioned to supply fast growing demand from clients in both western and north eastern China. Origo's 20.8% stake gives it the largest single equity interest in Gobi and Origo has taken a seat on the board. The founding shareholder and chairman of Gobi, Mo Munshi, is experienced in Mongolian mining having previously worked as executive vice president for business and corporate development at Ivanhoe Mines. Gobi has two open pit mines with a 320mt coal deposit in Mongolia (60% thermal and 40% coking coal). Based on Origo's entry price, Gobi's resource base is valued at $71.4m, or 22c per in-ground tonne. This valuation is well below producing peer valuations, which tend to trade at an in-ground valuation of $2-$6/t depending on the stage of development, quality of coal, cost of mining and access to markets. While Gobi already produces small amounts of coal for local markets, it will ramp up production once infrastructure is in place to deliver coal by rail in order that the coal can be sold and delivered at optimum prices. It is expected that the required approvals will be received and construction started on this key rail link during 2010. In order to finance infrastructure and further develop the company, Gobi is seeking an IPO in Hong Kong in Q4 2010/Q1 2011. Such an IPO would likely be significantly above Origo's well negotiated entry price. An obvious comparable for Gobi Coal & Energy is Toronto and Hong Kong listed SouthGobi (SGQ CN) which has a 402Mt coal resource and a $2.3bn market capitalisation. SouthGobi currently trades at market value of $6.74 per tonne of coal, so there is significant potential upside in the value of Origo's Gobi stake. According to Origo management, Gobi is currently in the process of appointing an investment bank to advise on the IPO and an expected price range of $6-$9/share has been given. It is expected that coking coal prices will remain strong. David Fang of the China Coal Transport & Distribution Association commented in an April 2010 interview with Bloomberg that coking coal prices may increase 10% to 20% in H2 2010 as demand for steel rises. Although Origo Partners bought into Gobi only recently at $1.10/share and would normally hold at cost for a period of time, we write this asset up to $2.00/share based on a fair valuation as at 31/12/09 from Baker Steel Capital Managers, which also has an interest in Gobi. Baker Steel set this valuation out in the prospectus for Baker Steel Resources Trust. We believe this to be fair given the $6-$9/share price level for a proposed lPO of Gobi.
Origo share price data is direct from the London Stock Exchange
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