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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 |
From Apr 2019 to Apr 2024
TIDMOPP TIDMOPPP
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:
Hot Features
Premium
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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