Register for real-time alerts, custom portfolio, and market movers
| 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 | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.075 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.075 | GBX |
Origo Partners (OPP) Share Charts1 Year Origo Partners Chart |
|
1 Month Origo Partners Chart |
Intraday Origo Partners Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 05/1/2023 | 08:57 | Origo Partners - Chinese small cap Incubator | 1,327 |
| 03/12/2014 | 18:34 | overseas property and pensions | 1 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 05/1/2023 08:57 by zcaprd7 Chairman's letter regarding the class action (could be big, but 3 years) gulp:Dear Shareholders,Over the last year, the Company has sold its remaining legacy assets and has made a cash distribution to shareholders. In January,the Company sold its investment in Six Waves, a Hong Kong based gaming company, for about USD 2.2 million and in Marchdistributed USD 1.7 million to shareholders. Following an auction with a single bid, that of the controlling shareholder, Origosold its Moly World investment for USD 200,000. This past October, the Company sold its entire investment in Celadon to thecontrolling shareholder for USD 50,000 following an auction in which no bids were received. Earlier this year, the Companyannounced a delay in its plan to wind up the Company and return any remaining capital to shareholders and alluded to a pendingclass action lawsuit that could benefit the Company. I would like now to report on what we know about that lawsuit.Well before this board's involvement with the Company, about thirteen years ago, in 2009, the Company invested in R. M.Williams ("RMW"), an Australian company with livestock and other farming operations in northern Australia. The Companyinvested about $20 million in RMW's equity and about $3.1 million in RMW's debt. The primary business objective of RMWwas to raise cattle and other agricultural products in Australia and ship the cattle to Asia for sale. Beginning in June 2011 and in response ponse to a television program that raised concerns about animal welfare, the Australian Minister of Agriculture issued severalorders that effectively barred the export of live cattle to Indonesia. In 2013 RMW went insolvent. When RMW went insolvent,RMW owed the Company about $8 million for the loans including accrued interest, and the Company owned about 24% ofRMW's equity. RMW's total debt at around that time included secured debt held by one of Australia's large banks which may ormay not have been compromised in a settlement, the unsecured Origo debt and a small amount of other third-party debt, andRMW had shareholder equity of about AUD $85 million. There were legal proceedings involving RMW and in or about 2019RMW's liquidation was completed and RMW was stricken from the Companies' Register.In 2014, Brett Cattle, an Australian cattle company, brought a claim against the Australian Minister of Agriculture, effectively theCommonwealth of Australia, that essentially alleged that the Minister had exceeded his authority in issuing the order barring livecattle exports to Indonesia and seeking damages. This claim was financed by an organization representing farmers in Australia'sNorthern Territory, "the Northern Farmers Fighting Fund" or the "NFFF" and prosecuted by one of Australia's leading law firms,the Minter Ellison firm. In June 2020, the Federal Court for Australia issued a long and complex judgment ruling that theMinister in exceeding his authority had committed the tort of misfeasance in public office and that the Commonwealth was liablefor the damages that flowed from his wrongful conduct both to the plaintiff that brought the action and to other businesses thatwere similarly situated and also suffered losses flowing from the Minister's tortious conduct. In October 2020 the Court orderedthat the judgment be publicized to alert other possible class members. This past May, the Company learned of this lawsuit from alocally based former shareholder in RMW.The composition of the class has not yet been determined, but the class when constituted will be represented by Minter Ellison,and the class action is being financed by the NFFF in return for 10 per cent of the gross recovery. The Commonwealth has noappeals and has essentially conceded liability. So the issues appear to be whether RMW's damages are the kinds of damages thatqualify it for class membership and what is the quantum of those damages that properly flow from the Minister's tortiousconduct. If the lawyers determine that RMW is eligible for membership in the class, RMW would join in excess of 200 otherclass members eligible to share in total damages Minter Ellison has estimated at around AUD $1 billion. Given that the NFFF isfinancing the litigation, there is not the usual issue of the costs of litigation. In terms of the timing of any payment, the judgmentis accruing interest at 8% per annum so for this reason and, we are told, local political considerations, the Commonwealth isincentivized to wind the matter up sooner rather than later. That said, Minter Ellison have indicated that the whole process couldtake up to three years (or even longer).We had hoped that by now we would be able to quantify any possible recovery to determine whether it is worth Origo's while toparticipate in the lawsuit, i.e., whether the probable amount and timing of an award can be reasonably expected to offset theCompany's running costs. Unfortunately we are still not in a position to do that but have been informed that a mediation with theCommonwealth of Australia scheduled for 9 December will produce some clarity. Shareholders should note that there is a widerange of possible outcomes both in terms of the amount of any recovery and the timing of its receipt. That range is between zeroand a large number that could reflect the amount Origo invested plus accrued interest. There are other administrative issues aswell including that RMW was liquidated and struck from the Australian Companies' Register several years ago (and so needs tobe restored to the register with directors or liquidators appointed to run it and to determine distributions to creditors andshareholders) and that the Company subsidiary that held this investment has also been liquidated. Based on our review of thefacts and various discussions we have had, we believe that nonetheless the claim is worth pursuing because it could result in asubstantial monetary recovery - at little or no out of pocket cost to the Company. Shareholders should note that given theCompany's expense structure, it is unlikely that there will be further distributions without a recovery from RMW. |
Posted at 21/2/2022 13:47 by bean02 Sold on the last spike .25:.3. Had a little back at half price. I'll wait ... |
Posted at 25/10/2021 08:06 by dave4545 Interesting looking at this nowThe usual suspects the pump and dumpers all long gone and the price now down over 75% from the highs. You warn people about the preference shares and got stick, and still they carry on from one stock to the next telling people how amazing they are then selling minutes later. |
Posted at 12/4/2021 11:50 by alexios1201 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 £ 3.3 million as compared to a current carrying value of $1.129 million28Sep update https://www.investeg |
Posted at 12/4/2021 08:47 by alexios1201 #OPP80% prefs20% ordsSo £3.3million will be distributed as follows:£2.64million to prefs£0.66million to ords or 0.184pAdd cash of ~£1.4million (£280k to ords)£400k listing£1.34m value to #OPP ords or 0.37pCurrent share price 0.17pMin +1? https://t.co/qHVVp7T |
Posted at 05/3/2021 15:44 by zuludave77 The twitter accounts with large followings have done well out this leaving their less savvy followers and other fools holding a dog of a share which is a closed end investment fund. Shocking! |
Posted at 29/1/2021 13:46 by dennisbergkamp And what's there not to like about the epic OPP! #naughtybynatureLet's see if my maths was any good and we're sitting on a multiplier. D |
Posted at 23/9/2020 09:24 by zcaprd7 Some activity over a St Peters port, and some volume here yesterday, that triggered a price monitoring RNS... |
Posted at 01/8/2020 07:17 by dmk1198 Sharetalk Zak mir coveragehttps://www. |
Posted at 18/6/2020 21:28 by dmk1198 Why has share price been decimated? |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
