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 0.0% 0.175 0.15 0.20 0.175 0.175 0.175 5 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -6.7 -0.4 - 1

Origo Partners PLC Replacement Interim Unaudited Financial Statements

27/09/2019 11:05am

UK Regulatory (RNS & others)


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RNS Number : 9547N

Origo Partners PLC

27 September 2019

The following amendment has been made to the 'Interim Unaudited Financial Statements ' announcement released on 27 September 2019 at 07:00 under RNS No 8592N

The first line of the announcement referred to audited results for the period ended 30 June 2019. This should have read as 'unaudited results for the period ended 30 June 2019'.

All other details remain unchanged.

The full amended text is shown below.

Origo Partners PLC

("Origo" or the "Group" or the "Company")

Replacement Interim Unaudited Financial Statements

Origo Partners PLC today announces its unaudited results for the period ended 30 June 2019.

For further information, please contact:

 
Origo Partners plc             IOMA House 
 John Chapman                   Hope Street 
 Chairman                       Douglas 
                                Isle of Man IM1 1AP 
Nominated Adviser and Broker 
 Arden Partners plc 
 Steve Douglas 
 Ben Cryer                      +44 (0)20 7614 5900 
 

Chairman's Statement

Dear Shareholders,

Origo's new asset value as at 30 June 2019 was approximately $5.33 million as compared to approximately $6.27 million as at year end 2018 and approximately $13.6 million as at 30 June 2018.

The primary reason for the substantial reduction in net asset value as compared with the same period last year was substantial write downs in various Company assets including Celadon, Six Waves, Gobi Coal, Staur Aqua, Fram Exploration, Unipower, and Niutech.

The reasons for these write downs were discussed in prior reports. As compared to year end 2018, the primary reasons for the reduction in net asset value were the realized loss from the Niutech sale and the Company's running costs. Shareholders should not extrapolate these numbers to arrive at a full year figure since there are timing issues with when costs are reflected in the Company's financial statements. The Company expects its total running costs for 2019 to be approximately in line with the figure provided in the 2018 year-end report.

Concurrent with the release of these accounts, the Company has announced a distribution of $2.1 million to shareholders of record as at 4 October 2019 with payment on or around 31 October 2019. Please note that as explained in note 22 of this report, 80 per cent of that amount will be distributed to record holders of the Company's convertible preference shares and 20% of that amount will be distributed to the record holders of the Company's ordinary shares.

The Company has continued its efforts to recover the Company's books and records. Several of the Company's former directors have been cooperative in this regard but the two founders have not. This is a matter that continues to be dealt with by the Company's lawyers.

Regarding the Company's investments, there have been no material developments since the 2018 annual report was released three months ago. Earlier this month the Company received the final proceeds from the Niutech sale, which amounted to about $134,000.

As noted in the 2018 annual report, Celadon Mining, an investment the Company made in 2011, has predicted a liquidity event for this November. The Board will keep the market informed of what we learn, though, as we have explained previously, we have no oversight over the sale process including the identity of the purported buyer.

The Board then expects to put the Company's remaining assets up for auction with an announcement identifying those assets and the auction procedures to be made toward the end of the year. Following the completion of the auction process the Board expects to call a shareholder meeting to determine the future direction of the

Company.   Further details will be provided in due course. 

Very truly yours,

John D. Chapman

Chairman

Origo Partners Plc

26 September 2019

Interim Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2019

 
                                                      (Unaudited)    (Unaudited) 
                                                       Six months     Six months      (Audited) 
                                                            ended          ended     Year ended 
                                                          30 June        30 June    31 December 
                                                             2019           2018           2018 
                                             Notes          $'000          $'000          $'000 
------------------------------------------  ------  -------------  -------------  ------------- 
 Investment income/(losses):                   6 
 Realised gains/(losses) on disposal 
  of investments                                            (210)          (292)          (292) 
 Unrealised gains/(losses) on investments                       -           (22)        (5,843) 
                                                            (210)          (314)        (6,135) 
                                            ------  -------------  -------------  ------------- 
 
   Investment Advisory Fees                                     -          (154)              - 
 Other income                                  7                -            629            139 
 Other administrative expenses                 8            (716)          (995)        (1,644) 
 Bad Debt Provision                                             -          (100)        (1,222) 
 Foreign exchange gains/(losses)                              (5)           (10)           (11) 
 Net loss before Finance Costs and 
  Taxation                                                  (931)          (944)        (8,873) 
 
 Finance costs                                10              (2)            332            338 
 Loss before tax                                            (933)          (612)        (8,535) 
------------------------------------------  ------  -------------  -------------  ------------- 
 Income tax credit                            11                -              -            499 
 
 Profit after tax                                           (933)          (612)        (8,036) 
------------------------------------------  ------  -------------  -------------  ------------- 
 
 Other comprehensive income 
------------------------------------------  ------  -------------  -------------  ------------- 
 Other comprehensive income to be 
  reclassified to profit or loss 
  in subsequent periods 
 Exchange differences on translating 
  foreign operations                                         (12)           (47)            146 
------------------------------------------  ------  -------------  -------------  ------------- 
 Net other comprehensive income 
  to be reclassified to profit or 
  loss in subsequent periods                                 (12)           (47)            146 
------------------------------------------  ------  -------------  -------------  ------------- 
 Tax on other comprehensive income                                             -              - 
------------------------------------------  ------  -------------  -------------  ------------- 
 Other comprehensive income net 
  of tax                                                     (12)           (47)            146 
 Total comprehensive loss after 
  tax                                                       (945)          (659)        (7,890) 
------------------------------------------  ------  -------------  -------------  ------------- 
 
 Total comprehensive loss                                   (945)          (659)        (8,036) 
------------------------------------------  ------  -------------  -------------  ------------- 
 Basic loss per share                         12     (0.05) cents   (0.04) cents   (0.45 cents) 
------------------------------------------  ------  -------------  -------------  ------------- 
 Basic loss per redeemable zero                                                         (42.10) 
  dividend preference share                   12     (4.98) cents   (3.52) cents          cents 
------------------------------------------  ------  -------------  -------------  ------------- 
 

The accompanying notes from an integral part of these consolidated financial statements.

Interim Consolidated Statement of Financial Position

As at 30 June 2019

 
                                              (Unaudited)       (Audited)   (Unaudited) 
                                                  30 June     31 December       30 June 
                                                     2019            2018          2018 
                                      Notes         $'000           $'000         $'000 
-----------------------------------  ------  ------------  --------------  ------------ 
 Non-current assets 
 Property, plant and equipment         13               -               5            13 
 Investments at fair value through 
  profit and loss                      15               -               -         9,357 
 Loan investments                      16               -               -           350 
                                                        -               5         9,720 
-----------------------------------  ------  ------------  --------------  ------------ 
 Current assets 
 Investments at fair value through 
  profit or loss                       15           1,407           3,527             - 
 Loans due within one year             16               -               -           384 
 Trade and other receivables                          252              27           250 
 Cash and cash equivalents                          4,787           3,883         4,312 
                                                    6,446           7,437         4,946 
-----------------------------------  ------  ------------  --------------  ------------ 
 Total assets                                       6,446           7,442        14,666 
-----------------------------------  ------  ------------  --------------  ------------ 
 
 Current liabilities 
 Trade and other payables                             331             382           322 
 Financial guarantee contracts         17             435             435           435 
-----------------------------------  ------  ------------  --------------  ------------ 
 Total current liabilities                            766           1,816           757 
-----------------------------------  ------  ------------  --------------  ------------ 
 Non-Current Liabilities 
 Provision                                            103             103           103 
 Deferred income tax liability         11             247             247           247 
                                     ------ 
 Total non-current liabilities                        350             350           350 
-----------------------------------  ------  ------------  --------------  ------------ 
 
 Net assets                                         5,330           6,275        13,559 
-----------------------------------  ------  ------------  --------------  ------------ 
 
 Equity attributable to equity holders 
  of the company 
 Share capital                                         56              56            56 
 Share premium                                    150,414         150,414       150,414 
 Share-based payment reserve                        5,048           5,048         5,048 
 Accumulated Losses                             (200,582)       (199,649)     (192,272) 
 Translation reserve                              (1,350)         (1,338)       (1,431) 
 Other reserve                         19          51,744          51,744        51,744 
-----------------------------------  ------  ------------  --------------  ------------ 
                                                    5,330           6,275        13,559 
 Non-Controlling Interests                              -               -             - 
-----------------------------------  ------  ------------  --------------  ------------ 
 Total equity                                       5,330           6,275        13,559 
-----------------------------------  ------  ------------  --------------  ------------ 
 

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 2019

 
                                   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 
  2018                 56   150,414         5,048     (191,613)    51,744       (1,484)    14,165                 -    14,165 
---------------  --------  --------  ------------  ------------  --------  ------------  --------  ----------------  -------- 
 Loss for the 
  period                -         -             -       (8,036)         -             -   (8,036)                 -   (8,036) 
 Other 
  comprehensive 
  income                -         -             -             -         -           146       146                 -       146 
---------------  --------  --------  ------------  ------------  --------  ------------  --------  ----------------  -------- 
 Total 
  comprehensive 
  income/loss           -         -             -       (8,036)         -           146   (7,890)                 -   (7,890) 
 At 31 December 
  2018                 56   150,414         5,048     (199,649)    51,744       (1,338)     6,275                 -     6,275 
---------------  --------  --------  ------------  ------------  --------  ------------  --------  ----------------  -------- 
 Loss for the 
  period                -         -             -         (933)         -             -     (933)                 -     (933) 
 Other 
  comprehensive 
  income                -         -             -             -         -          (12)      (12)                 -      (12) 
---------------  --------  --------  ------------  ------------  --------  ------------  --------  ----------------  -------- 
 Total 
  comprehensive 
  income/loss           -         -             -         (933)         -             -     (945)                 -     (945) 
 Minority 
 interests              -         -             -             -         -             -         -                 -         - 
 At 30 June 
  2019                 56   150,414         5,048     (200,582)    51,744       (1,350)     5,330                 -     5,330 
---------------  --------  --------  ------------  ------------  --------  ------------  --------  ----------------  -------- 
 
 
 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 2019

 
                                                    (Unaudited)       (Audited)   (Unaudited) 
                                                        30 June     31 December       30 June 
                                                           2019            2018          2018 
                                            Notes         $'000           $'000         $'000 
----------------------------------------  -------  ------------  --------------  ------------ 
 Loss before tax                                          (933)         (8,535)         (659) 
----------------------------------------  -------  ------------  --------------  ------------ 
 Adjustments for: 
 Depreciation and amortisation               13               5              16             7 
 Other income                                7                -               -         (629) 
 Provision for bad debts                                      -           1,222           125 
 Realised losses/(gains) on disposal 
  of investments                             6              210             292           292 
 Unrealised losses on investments 
  at FVTPL*                                  6                -           5,843            22 
 Foreign exchange (gains)/losses                              5              14            10 
 Interest expenses of long term 
  borrowing                                  10               -               -         (335) 
----------------------------------------  -------  ------------  --------------  ------------ 
 Operating loss before changes in 
  working capital and provisions                          (713)         (1,148)       (1,167) 
----------------------------------------  -------  ------------  --------------  ------------ 
 Purchases of investments at FVTPL*                           -               -           (4) 
 Proceeds from disposals of investments 
  at FVTPL*                                               1,910           7,383         7,927 
 Movement in loans                                            -             734             - 
 Current and deferred tax                                     -           (550)             - 
 Decrease/(increase) in trade and 
  other receivables                                       (225)           (371)           487 
 (Decrease)/increase in trade and 
  other payables                                           (52)           (999)       (1,607) 
----------------------------------------  -------  ------------  --------------  ------------ 
 Net cash outflow from operations                           920           5,049         5,636 
----------------------------------------  -------  ------------  --------------  ------------ 
 Investing activities 
 Net cash acquired with subsidiary                            -               -             - 
 Net cash flows outflow from investing 
  activities                                                  -               -             - 
----------------------------------------  -------  ------------  --------------  ------------ 
 Financing activities 
 Repayment of short-term borrowings          18               -         (2,500)       (2,500) 
 Net cash flows inflow from financing 
  activities                                                  -         (2,500)       (2,500) 
----------------------------------------  -------  ------------  --------------  ------------ 
 Net increase/(decrease) in cash 
  and cash equivalents                                      920           2,549         3,136 
----------------------------------------  -------  ------------  --------------  ------------ 
 Effect of exchange rate changes 
  on cash and cash equivalents                             (16)             135          (23) 
 Cash and cash equivalents at beginning 
  of period                                               3,883           1,199          1199 
----------------------------------------  -------  ------------  --------------  ------------ 
 Cash and cash equivalents at end 
  of period                                               4,787           3,883         4,312 
----------------------------------------  -------  ------------  --------------  ------------ 
 
   *              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 2019

   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 2018, 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 2018 are available upon request from the Company's registered office at IOMA House, Hope Street, Douglas, Isle of Man or the Company website http://origoplc.com

These interim consolidated financial statements have been approved and authorised for issue by the Company's Board of directors on 26 September 2019.

   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 2018.

   6           Investment loss 
 
                                                      (Unaudited)       (Unaudited) 
                                                                         Six months 
                                                 Six months ended             ended 
                                                     30 June 2019      30 June 2018 
                                                            $'000             $'000 
-------------------------------------------  --------------------  ---------------- 
  Realised (losses)/gains on disposal 
   of investments                                           (210)             (292) 
  - Investments at FVTPL                                    (210)             (292) 
  - Subsidiary                                                  -                 - 
-------------------------------------------  --------------------  ---------------- 
  Unrealised (losses)/gains on investments                      -              (22) 
  - Investments at FVTPL                                        -              (22) 
  - Loans at FVTPL                                              -                 - 
-------------------------------------------  --------------------  ---------------- 
  Income from Loans                                             -                 - 
-------------------------------------------  -------------------- 
  Total                                                     (210)             (314) 
-------------------------------------------  --------------------  ---------------- 
 
   7           Other income 
 
                               (Unaudited)      (Unaudited) 
                                Six months       Six months 
                                     ended            ended 
                              30 June 2019     30 June 2018 
                                     $'000            $'000 
------------------------  ----------------  --------------- 
  Tax payable reversal*                  -              499 
  Sundry                                 -              130 
  Total                                  -              629 
------------------------  ----------------  --------------- 
 

* This relates to a provision dating back to 2011 which is no longer payable and written back into the income statement within the period ended 30 June 2018.

   8           Other Administrative expenses 
 
                                           (Unaudited)        (Audited) 
                                      Six months ended       Year ended 
                                                            31 December 
                                          30 June 2019             2018 
                                                 $'000            $'000 
--------------------------------  --------------------  --------------- 
  Recurring expenses:                            (515)            (826) 
 
     *    Directors fees                         (103)            (205) 
 
     *    Audit fees                              (25)             (62) 
 
     *    Depreciation expenses                    (5)             (15) 
 
     *    Amortisation expenses                      -              (1) 
 
     *    Other                                  (382)            (543) 
  Non-recurring expenses*                        (201)            (818) 
  Total                                          (716)          (1,644) 
--------------------------------  --------------------  --------------- 
 

* Non recurring expenses include professional fees of an ad-hoc nature and previous advisor fees.

   9           Directors remuneration 

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              -               - 
-----------------------  -----------  -------------  -------------- 
 

Directors' remuneration for the six month period ended 30 June 2018 and the number of options held were as follows:

 
                            Directors    Share-based    30 June 2018 
                                  fee       payment*       Number of 
  Name                        US$'000        US$'000         options 
------------------------  -----------  -------------  -------------- 
  Mr. Niklas Ponnert**              -              -       4,500,000 
  Hiroshi Funaki**                 38              -               - 
  Philip Peter Scales**            25              -               - 
  John Chapman**                   45              -               - 
                                  108              -       4,500,000 
------------------------  -----------  -------------  -------------- 
 
   *           Share-based payment refers to expenses arising from the Company's share option scheme 

** Mr. Lionel de Saint-Exupery and Ms. Shonaid Jemmett Page resigned as non-executive directors of the Company in October 2017. Mr. Hiroshi Funaki was appointed as director of the Company in September 2017, and Mr. Philip Peter Scales and Mr. John Chapman were appointed as directors of the Company in October 2017. Mr. Niklas Ponnert resigned as executive director of the Company in April 2018.

   10        Finance Costs 
 
                                               (Unaudited) 
                                                Six months      (Unaudited) 
                                                     ended       Six months 
                                                   30 June            ended 
                                                      2019     30 June 2018 
                                                     $'000            $'000 
------------------------------------------  --------------  --------------- 
  Interest expense on long term borrowing                -              335 
  Bank charges                                           -              (3) 
  Total                                                  -              332 
------------------------------------------  --------------  --------------- 
 

In April 2018, the Company repaid the US$2.5 million loan that the Company entered into on 5 December 2016 by repaying the US$2.5 million principal amount of the loan in full satisfaction of the obligation with no interest or penalty payments. Accrued interest of $335,000 has been written back into the income statement in the period ended 30 June 2018.

   11        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 2019            2018 
                                                                $'000           $'000 
------------------------------------------------  -------------------  -------------- 
  Current tax 
  Current year                                                      -               - 
  Deferred tax 
  Deferred income tax                                               -               - 
------------------------------------------------  -------------------  -------------- 
  Total income tax liability in the consolidated 
   statement of financial position                                  -               - 
------------------------------------------------  -------------------  -------------- 
 
   12        Loss per share 
 
                                              (Unaudited)     (Unaudited)        (Audited) 
                                                  30 June         30 June      31 December 
                                                     2019            2018             2018 
                                                  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                          (187)       (131,747)          (1,578) 
  Weighted average number of ordinary 
   shares                                     351,035,389     351,035,389      351,035,389 
  Basic loss per share of ordinary 
   shares                                    (0.05) cents    (0.04) cents     (0.45) cents 
-----------------------------------------  --------------  --------------  --------------- 
 
  Loss for the year attributable 
   to redeemable preference shareholders 
   of the parent as used in the 
   calculation of basic loss per 
   share                                            (746)       (526,988)          (6,312) 
  Weighted average number of redeemable 
   preference shares                           14,991,781      14,991,781       14,991,781 
  Basic loss per share of redeemable 
   preference shares                         (4.98) cents    (3.52) cents    (42.10) cents 
-----------------------------------------  --------------  --------------  --------------- 
 
   13        Property, Plant and Equipment 
 
                                  Vehicles 
                                     $'000 
---------------------------     ---------- 
  Cost 
  At 1 January 2019                     85 
  Additions                              - 
  Disposals                              - 
---------------------------     ---------- 
  At 30 June 2019                       85 
------------------------------  ---------- 
 
  Accumulated depreciation 
  At 1 January 2019                     80 
  Charge for the period                  5 
------------------------------  ---------- 
  At 30 June 2019                       85 
------------------------------  ---------- 
 
  Net Book Value 
--------------------------- 
  At 1 January 2019                      5 
  At 30 June 2019                        - 
------------------------------  ---------- 
 
   14        Investments in subsidiaries 
 
                                                                Proportion       Proportion 
                                                              of ownership     of ownership 
                                                                  interest         interest 
                                                                        at               at 
                                          Country of               30 June          30 June 
  Name                                     incorporation              2019             2018 
--------------------------------------  -----------------  ---------------  --------------- 
  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 
   15        Investments at fair value through profit and loss 
 
  As at 30 June 2019 
   (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             - 
  Fram Exploration AS           Norway                      0.6%       1,223             - 
  Other quoted investments*                                              593             3 
                                                                              ------------ 
                                                                                     1,407 
 ----------------------------------------------  ---------------  ----------  ------------ 
 
 
  As at 31 December 2018 (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             - 
  Kincora Copper Ltd            Canada                     30.9%       8,571             - 
                                British Virgin 
  Moly World Ltd                 Islands                   20.0%      10,000             - 
                                British Virgin 
  Niutech Energy Ltd             Islands                    3.7%       2,654         2,120 
  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 
-----------------------------------------------  ---------------  ----------  ------------ 
                                                                                     3,527 
 ----------------------------------------------  ---------------  ----------  ------------ 
 

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.

   16        Loan Investments 

As at 30 June 2019 (Unaudited) & 31 December 2018 (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.

   17        Financial guarantee Contracts 
 
                                      (Unaudited)       (Audited) 
                                       Six months      Year ended 
                                            ended     31 December 
                                     30 June 2019            2018 
                                            $'000           $'000 
  Financial guarantee contracts               435             435 
  Total                                       435             435 
--------------------------------  ---------------  -------------- 
 

In July 2013, the Group entered into a guarantee agreement with IRCA Holdings Ltd and ABSA Bank Limited to guarantee the repayment of loan facilities of up to Rand 6,769,000 extended by ABSA Bank Limited to IRCA Holdings Ltd, which has applied for liquidation, so the Group recognised it as a liability. The payment request by ASA Bank related to this provision is expected at any time.

   18        Short/Long Term Borrowings 

On 2 December 2016, the Company entered into an unsecured loan agreement with an independent third party for an unsecured loan US$2,500,000 (the "Facility"). The Facility carried a rate of return (payable at repayment) of the higher of 12% per annum (calculated on a non-compounding basis) and US$1,250,000 (accrued on a day to day basis).

The Facility was repayable on the earlier of (i) 2 December 2020; and (ii) when the Company has distributed US$6,000,000 to the Company's shareholders in accordance with articles 4.10 to 4.12 of the Company's Articles provided it has sufficient funds to repay the Facility. The Company was entitled at any time prepay the Facility, in whole or in part, without penalty.

The Company settled the loan in April 2018. The lender agreed to waive interest.

   19        Other reserve 

This mainly comprised of 57,000,000 (US$50,688,000) redeemable zero dividend preference shares at

no par value capitalised in September 2017.

   20        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.

Service receiving transactions

The following table provides the total amount of significant transactions and outstanding balances which have been entered into with related parties during the six month ended 30 June 2019 and 31 December 2018.

 
                                                             (Audited) 
                                           (Unaudited)      Year ended 
                                      Six months ended     31 December 
                                          30 June 2019            2018 
                                                 $'000           $'000 
---------------------------------  -------------------  -------------- 
  Amounts due to related parties 
  Key management personnel: 
  Hiroshi Funaki                                     -            (19) 
  Philip Peter Scales                                -            (13) 
  John Chapman                                    (45)            (35) 
---------------------------------  -------------------  -------------- 
 
 
   21           Commitments and contingencies 

There were no material contracted commitments or contingent assets or liabilities at 30 June 2019 (31 December 2018: none).

   22           Subsequent events 

After the reporting date, on 26 September 2019, the following dividends were proposed by the Board of directors.

$0.00117 per Ordinary Share totalling $419,734

$0.02947 per Preference Share totalling $1,679,790

The ex-dividend date will be 3 October 2019 and the Associated Record Date will be 4 October 2019. The Group will aim to pay the dividend on or around 31 October 2019.

The dividends have not been recognised as liabilities and there are no tax consequences.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR PGUAGBUPBUBM

(END) Dow Jones Newswires

September 27, 2019 06:05 ET (10:05 GMT)

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