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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Origo Partners Plc | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.075 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOPP TIDMOPPP
RNS Number : 1930A
Origo Partners PLC
28 September 2020
Origo Partners PLC
("Origo" or the "Group" or the "Company")
Interim Unaudited Financial Statements
Origo Partners PLC today announces its interim unaudited Financial Statements for the six months ended 30 June 2020
For further information about Origo please visit www.origopartners.com or contact:
Origo Partners plc 55 Athol Street John Chapman Douglas Chairman Isle of Man IM1 2LA Nominated Adviser and Broker Arden Partners plc Richard Johnson Ben Cryer +44 (0)20 7614 5900
Chairman's Statement
Dear Shareholders,
As shareholders know, our plan was to wind up the Company by the end of this year. As noted in our 7 May 2020 RNS announcement, this has not been practicable due to the global pandemic.
Aside from assets with a nil valuation, we continue to maintain investments in Celadon Mining Limited (Celadon) and Gobi Coal & Energy Ltd. (Gobi Coal). Celadon, as we announced on 12 June 2020, has entered into an agreement with a third party for the sale of the Company's assets. If the transaction completes, the Company would expect to receive net proceeds of approximately GBP 3.3 million as compared to a current carrying value of $1.129 million. The controlling shareholder has been unable to complete the transaction due to various countries' travel restrictions, which block the closing. We are in regular contact with Celadon's controlling shareholder and will report further in due course.
Gobi Coal has informed us that it has retained KPMG (Beijing) to sell the company. We have reviewed the offering documents, and Gobi Coal's management are hopeful that a sale will be consummated before the end of the year. We are in regular contact with the management team and will report as matters develop.
Our objectives continue to be selling the Company's remaining assets, returning capital to shareholders and putting the Company into liquidation. We will do our best to meet these objectives but have been hindered by difficulties arising from the global pandemic.
Very truly yours,
John D. Chapman
Chairman
Origo Partners Plc
25 September 2020
Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited) (Unaudited) Six months Six months (Audited) ended ended Year ended 30 June 30 June 31 December 2020 2019 2019 Notes $'000 $'000 $'000 ------------------------------------------ ------ ------------- ------------- ------------- Investment income/(losses): 6 Realised gains/(losses) on disposal of investments - (210) (75) Unrealised gains/(losses) on investments - - - - (210) (75) ------ ------------- ------------- ------------- Other income - - - Other administrative expenses 7 (436) (716) (1,270) Share based payment - - 103 Financial guarantee derecognition - - 435 Foreign exchange gains/(losses) (9) (5) (3) Net loss before Finance Costs and Taxation (445) (931) (810) Finance costs (2) (2) (4) Loss before tax (447) (933) (814) ------------------------------------------ ------ ------------- ------------- ------------- Income tax credit 9 - - 247 Loss after tax (447) (933) (567) ------------------------------------------ ------ ------------- ------------- ------------- Other comprehensive income ------------------------------------------ ------ ------------- ------------- ------------- Other comprehensive income to be reclassified to profit or loss in subsequent periods Exchange differences on translating foreign operations (39) (12) (41) ------------------------------------------ ------ ------------- ------------- ------------- Net other comprehensive income to be reclassified to profit or loss in subsequent periods (39) (12) (41) ------------------------------------------ ------ ------------- ------------- ------------- Tax on other comprehensive income - - - ------------------------------------------ ------ ------------- ------------- ------------- Other comprehensive income net of tax (39) (12) (41) Total comprehensive loss after tax (486) (945) (608) ------------------------------------------ ------ ------------- ------------- ------------- Total comprehensive loss (486) (945) (608) ------------------------------------------ ------ ------------- ------------- ------------- Basic loss per share 10 (0.03) cents (0.05) cents (0.03) cents ------------------------------------------ ------ ------------- ------------- ------------- Basic loss per redeemable zero dividend preference share 10 (2.38) cents (4.98) cents (3.24) cents ------------------------------------------ ------ ------------- ------------- -------------
The accompanying notes from an integral part of these consolidated financial statements.
Interim Consolidated Statement of Financial Position
As at 30 June 2020
(Unaudited) (Audited) (Unaudited) 30 June 31 December 30 June 2020 2019 2019 Notes $'000 $'000 $'000 ----------------------------------- ------ ------------ -------------- ------------ Non-current assets Property, plant and equipment - - - Investments at fair value through profit and loss 12 - - - Loan investments 13 - - - - - - ----------------------------------- ------ ------------ -------------- ------------ Current assets Investments at fair value through profit or loss 12 1,407 1,407 1,407 Loans due within one year 13 - - - Trade and other receivables 175 34 252 Cash and cash equivalents 1,890 2,445 4,787 3,472 3,896 6,446 ----------------------------------- ------ ------------ -------------- ------------ Total assets 3,472 3,896 6,446 ----------------------------------- ------ ------------ -------------- ------------ Current liabilities Trade and other payables 358 296 331 Financial guarantee contracts - - 435 ----------------------------------- ------ ------------ -------------- ------------ Total current liabilities 358 296 766 ----------------------------------- ------ ------------ -------------- ------------ Non-Current Liabilities Provision - - 103 Deferred income tax liability 9 - - 247 ------ Total non-current liabilities - - 350 ----------------------------------- ------ ------------ -------------- ------------ Net assets 3,132 3,600 5,330 ----------------------------------- ------ ------------ -------------- ------------ Equity attributable to equity holders of the company Share capital 56 56 56 Share premium 150,027 150,027 150,414 Share-based payment reserve 5,048 5,048 5,048 Accumulated Losses (200,663) (200,216) (200,582) Translation reserve (1,418) (1,379) (1,350) Other reserve 14 50,064 50,064 51,744
----------------------------------- ------ ------------ -------------- ------------ 3,114 3,600 5,330 Non-Controlling Interests - - - ----------------------------------- ------ ------------ -------------- ------------ Total equity 3,114 3,600 5,330 ----------------------------------- ------ ------------ -------------- ------------
The accompanying notes from an integral part of these consolidated financial statements.
Interim Consolidated statement of changes in equity
For the six months ended 30 June 2020
Attributable to equity holders of the parent -------------------------------------------------------------------------------- Share-based Issued Share payment Accumulated Other Translation Non-controlling Total capital premium reserve Losses reserve reserve Total interests equity $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 -------- -------- ------------ ------------ -------- ------------ -------- ---------------- -------- At 1 January 2019 56 150,414 5,048 (199,649) 51,744 (1,338) 6,275 - 6,275 --------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- -------- Loss for the period - - - (567) - - (567) - (567) Other comprehensive income - - - - - (41) (41) - (41) --------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- -------- Total comprehensive income/loss - - - (567) - (41) (608) - (608) Capital distribution - (387) - - (1,680) - (2,067) (2,067) At 31 December 2019 56 150,027 5,048 (200,216) 50,064 (1,379) 3,600 - 3,600 --------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- -------- Loss for the period - - - (447) - - (447) - (447) Other comprehensive income - - - - - (39) (39) - (39) --------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- -------- Total comprehensive income/loss - - - (447) - (39) (486) - (486) Minority interests - - - - - - - - - At 30 June 2020 56 150,027 5,048 (200,663) 50,064 1,418 3,114 - 3,114 --------------- -------- -------- ------------ ------------ -------- ------------ -------- ---------------- -------- Reserve Description and purpose Share premium Amounts subscribed for share capital in excess of nominal value. Share-based payment Equity created to recognise share-based payment expense. reserve Accumulated losses Cumulative net gains and losses recognised in profit or loss. Translation reserve Equity created to recognise foreign currency translation differences. Other reserve Own shares acquired, EBT (as defined in Note 19) shares and capital redemption and capitalisation of redeemable preference shares
The accompanying notes from an integral part of these consolidated financial statements.
Interim Consolidated statement of cash flows
For the six months ended 30 June 2020
(Unaudited) (Audited) (Unaudited) 30 June 31 December 30 June 2020 2019 2019 Notes $'000 $'000 $'000 ---------------------------------------- ------- ------------ -------------- ------------ Loss before tax (447) (814) (933) ---------------------------------------- ------- ------------ -------------- ------------ Adjustments for: Depreciation and amortisation 7 - 5 5 Share based payment - (103) - Provision for bad debts - - - Realised losses/(gains) on disposal of investments 6 - 75 210 Unrealised losses on investments at FVTPL* 6 - - - Foreign exchange (gains)/losses - 15 5 Other adjustment - (23) - ---------------------------------------- ------- ------------ -------------- ------------ Operating loss before changes in working capital and provisions (447) (845) (713) ---------------------------------------- ------- ------------ -------------- ------------ Purchases of investments at FVTPL* - - - Proceeds from disposals of investments at FVTPL* - 2,045 1,910 Movement in loans - - - Derecognition of financial guarantee - (435) - Decrease/(increase) in trade and other receivables (140) (7) (225) (Decrease)/increase in trade and other payables 22 (86) (52) ---------------------------------------- ------- ------------ -------------- ------------ Net cash outflow from operations (565) 5,049 920 ---------------------------------------- ------- ------------ -------------- ------------ Investing activities Net cash acquired with subsidiary - - - Net cash flows outflow from investing activities - - - ---------------------------------------- ------- ------------ -------------- ------------ Financing activities Capital distribution - (2,100) - Net cash flows inflow from financing activities - (2,100) - ---------------------------------------- ------- ------------ -------------- ------------ Net increase/(decrease) in cash and cash equivalents (565) 1,428 920 ---------------------------------------- ------- ------------ -------------- ------------ Effect of exchange rate changes on cash and cash equivalents - - (16) Cash and cash equivalents at beginning of period 2,455 3,883 3,883 ---------------------------------------- ------- ------------ -------------- ------------ Cash and cash equivalents at end of period 1,890 2,455 4,787 ---------------------------------------- ------- ------------ -------------- ------------ * FVTPL refers to the fair value through profit and loss
The accompanying notes from an integral part of these consolidated financial statements.
Notes to the Interim Consolidated Financial Statements
For the six months ended 30 June 2020
1 Reporting entity
Origo Partners Plc is a limited liability company incorporated and domiciled in the Isle of Man whose shares are publicly traded on the AIM market of the London Stock Exchange.
The Company and its subsidiaries are collectively referred to as the Group.
The principal activities of the Group are private equity investment, focused on growth opportunities created by the urbanization and industrialization of China. The Group's Investing Policy has now changed from that of a closed-ended, permanent capital vehicle to that of a realisation company with the mandate to return the net proceeds of realisations to shareholders.
2 Basis of accounting
These interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting". These interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2019, which were prepared in accordance with IFRSs as adopted by the European Union. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.
The consolidated financial statements of the Group as at and for the year ended 31 December 2019 are available upon request from the Company's registered office at 55 Athol Street, Douglas, Isle of Man or the Company website http://origopartners.com
These interim consolidated financial statements have been approved and authorised for issue by the Company's Board of directors on 25 September 2020.
3 Use of judgments and estimates
In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.
Measurement of Fair Value
When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
If the inputs used to measure the fair value of an asset or a liability might be categorised indifferent levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
4 Changes in significant accounting policies
The accounting policies applied in these interim financial statements are the same as those applied in the last annual financial statements. A number of new standards are effective from 1 January 2019 but they do not have a material effect on the Group's financial statements.
5 Financial risk management policies
The principal risks and uncertainties are consistent with those disclosed with the preparation of the Group's annual financial statements for the year ended 31 December 2019.
6 Investment loss (Unaudited) (Unaudited) Six months Six months ended ended 30 June 2020 30 June 2019 $'000 $'000 ------------------------------------------- --------------------- ---------------- Realised (losses)/gains on disposal of investments - (210) - Investments at FVTPL - (210) - Subsidiary - - ------------------------------------------- --------------------- ---------------- Unrealised (losses)/gains on investments - - - Investments at FVTPL - - - Loans at FVTPL - - ------------------------------------------- --------------------- ---------------- Income from Loans - - ------------------------------------------- --------------------- Total - (210) ------------------------------------------- --------------------- ---------------- 7 Other administrative expenses (Unaudited) (Audited) (Unaudited) Six months Six months ended Year ended ended 31 December 30 June 2020 2019 30 June 2019 $'000 $'000 $'000 -------------------------------- ---------------- --------------- ---------------- Recurring expenses: (400) (928) (515) * Directors fees (108) (210) (103) * Audit fees (18) (58) (25) * Depreciation expenses - (5) (5) * Amortisation expenses - (1) - * Other (274) (654) (382) Non-recurring expenses* (36) (342) (201) Total (436) (1,270) (716) -------------------------------- ---------------- --------------- ----------------
* Non-recurring expenses include professional fees of an ad-hoc nature.
8 Directors remuneration
Directors' remuneration for the six-month period ended 30 June 2020 and the number of options held were as follows:
Directors Share-based 30 June 2020 fee payment* Number of Name US$'000 US$'000 options --------------------- ----------- ------------- -------------- Hiroshi Funaki 38 - - Philip Peter Scales 30 - - John Chapman 40 - - 108 - - --------------------- ----------- ------------- --------------
Directors' remuneration for the six-month period ended 30 June 2019 and the number of options held were as follows:
Directors Share-based 30 June 2019 fee payment* Number of Name US$'000 US$'000 options --------------------- ----------- ------------- -------------- Hiroshi Funaki 38 - - Philip Peter Scales 25 - - John Chapman 40 - - 103 - - --------------------- ----------- ------------- --------------
* Share-based payment refers to expenses arising from the Company's share option scheme
9 Income Tax
As the Company is not in receipt of income from Manx land, certain related business or property and does not hold a Manx banking licence, it is taxed at the standard rate of 0% on the Isle of Man. The Company is resident for tax purposes in the Isle of Man and subject to corporate income tax at the standard rate of 0% and as such no provision for tax in the Isle of Man has been made.
(Audited) (Unaudited) Year ended Six months ended 31 December 30 June 2020 2019 $'000 $'000 ------------------------------------------------ ------------------- -------------- Current tax Current year - - Deferred tax Deferred income tax - - ------------------------------------------------ ------------------- -------------- Total income tax liability in the consolidated statement of financial position - - ------------------------------------------------ ------------------- -------------- 10 Loss per share (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2020 2019 2019 US$'000 US$'000 US$'000 ----------------------------------------- -------------- -------------- --------------- Loss for the year attributable to ordinary shareholders of the
parent as used in the calculation of basic loss per share (89) (187) (122) Weighted average number of ordinary shares 351,035,389 351,035,389 351,035,389 Basic loss per share of ordinary shares (0.03) cents (0.05) cents (0.03) cents ----------------------------------------- -------------- -------------- --------------- Loss for the year attributable to redeemable preference shareholders of the parent as used in the calculation of basic loss per share (358) (746) (486) Weighted average number of redeemable preference shares 14,991,781 14,991,781 14,991,781 Basic loss per share of redeemable preference shares (2.38) cents (4.98) cents (3.24) cents ----------------------------------------- -------------- -------------- --------------- 11 Investments in subsidiaries Proportion Proportion of ownership of ownership interest interest at at Country of 30 June 30 June Name incorporation 2020 2019 -------------------------------------- ----------------- --------------- --------------- Ascend Ventures Ltd Malaysia 100% 100% Origo Resource Partners Ltd Guernsey 100% 100% PHI International Holding Ltd Bermuda 100% 100% PHI International (Bermuda) Holding Ltd* Bermuda 100% 100% Ascend (Beijing) Consulting Ltd** China 100% 100% -------------------------------------- ----------------- --------------- --------------- * Owned by Origo Resources Partners Limited ** Owned by Ascend Ventures Limited 12 Investments at fair value through profit and loss As at 30 June 2020 (Unaudited) Proportion Country of of ownership Cost Fair value Name incorporation interest US$'000 US$'000 ---------------------------- ----------------- --------------- ---------- ------------ British Virgin China Rice Ltd Islands 32.1% 13,000 - British Virgin Moly World Ltd Islands 20.0% 10,000 - Unipower Battery Ltd Cayman Islands 16.5% 4,301 - Gobi Coal & Energy British Virgin Ltd Islands 10.8% 14,963 275 Staur Aqua AS Norway 9.2% 719 - British Virgin Celadon Mining Ltd Islands 8.9% 13,069 1,129 British Virgin Six Waves Inc Islands 1.1% 240 - Marula Mines Ltd South Africa 0.9% 250 - Fram Exploration AS Norway 0.6% 1,223 - Other quoted investments* 593 3 ------------ 1,407 ---------------------------------------------- --------------- ---------- ------------ As at 31 December 2019 (Audited) Proportion Country of of ownership Cost Fair value Name incorporation interest US$'000 US$'000 ---------------------------- ----------------- --------------- ---------- ------------ British Virgin China Rice Ltd Islands 32.1% 13,000 - British Virgin Moly World Ltd Islands 20.0% 10,000 - Unipower Battery Ltd Cayman Islands 16.5% 4,301 - Gobi Coal & Energy British Virgin Ltd Islands 7.5% 14,960 275 Staur Aqua AS Norway 9.2% 719 - British Virgin Celadon Mining Ltd Islands 8.9% 13,069 1,129 British Virgin Six Waves Inc Islands 1.1% 240 - Marula Mines Ltd South Africa 0.9% 250 - Fram Exploration AS Norway 0.6% 1,223 - Other quoted investments* 593 3 ----------------------------------------------- --------------- ---------- ------------ 1,407 ---------------------------------------------- --------------- ---------- ------------
All investments measured at a fair value hierarchy level of 3 except:
* Measured at a fair value hierarchy level of 1
The shares held in China Rice Ltd and Unipower Battery Ltd are all convertible preference shares whilst the remaining investments held in the other entities are all ordinary equity shares. The 'proportion of ownership interest' represents the percentage of the shares held by the Group in all share classes.
13 Loan Investments
As at 30 June 2020 (Unaudited) & 31 December 2019 (Audited)
Loan Loan Loans due Loans due rates principal within one after one Fair value Borrower % US$'000 year US$'000 year US$'000 US$'000 Staur Aqua AS 0-15 3,848 - - - ---------------- --------------- --------------- ------------ Total - - - ---------------- -------- ------------ --------------- --------------- ------------
The convertible loan issued to Staur Aqua was fully impaired in 2018.
The loan consists of a convertible credit agreement and is measured at fair value, in accordance with level 3 of the fair value hierarchy.
14 Other reserve
This is mainly comprised of 57,000,000 (US$50,688,000) redeemable zero dividend preference shares at no par value capitalised in September 2017.
15 Related party Transactions
Identification of related parties
The Group has a related party relationship with its subsidiaries, associates and key management personnel. The Company receives and pays certain debtors and creditors on behalf of its subsidiaries and the amounts are recharged to the entities. Transactions between the Company and its subsidiaries have been eliminated on consolidation.
Transactions with key management personnel
The Group's key management personnel are the executive and non-executive directors as identified in Note 8.
The following balances were included in trade and other payables and were outstanding in respect of Directors remuneration at the period end.
(Audited) (Unaudited) Year ended Six months ended 31 December 30 June 2020 2019 $'000 $'000 --------------------------------- ------------------- -------------- Amounts due to related parties Key management personnel: Hiroshi Funaki (19) (19) Philip Peter Scales (15) (15) John Chapman (40) (35) --------------------------------- ------------------- -------------- 16 Commitments and contingencies
There were no material contracted commitments or contingent assets or liabilities at 30 June 2020 (31 December 2019: none).
17 Subsequent events
There were no significant subsequent events.
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September 28, 2020 02:00 ET (06:00 GMT)
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