Filthy 40 Origo borrows $2.5m at min 50% cost to keep the lights on

You may have thought that ShareProphets AIM-China Filthy Forty investment company Origo (OPP) had put its troubles behind in and was heading for calmer waters. Having finally resolved its ongoing troubles over payouts on its preference shares, reaching a deal with Brooks Macdonald, and just a couple of weeks ago given a positive update on the progress of its portfolio and realisations, this morning the company announced that it had borrowed $2.5 million with repayment terms the higher of 50% or 12% a year (non-compounded) to discharging Origo liabilities to professional advisors (excluding those of Origo Advisors Limited) existing as at 19 August 2016.

Filthy 40 Origo Partners: "Notice of Results" = profit warning

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a notice of results RNS on Wednesday, telling us that its interims to June 2016 will be released on reporting deadline day of Sept 30^th. But the statement also had a massaging down of expectations slipped into it. Oh, alright, let’s call it a profit warning – but how bad?

Filthy 40 Origo Partners – still a bargepole ahead of EGM

A week on Monday sees ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) put a series of proposals to its shareholders which it hopes will finally draw to an end the ongoing dispute with Brooks Macdonald in relation to the non-redemption of a tranche of its zeros dividend convertible preference shares. The last effort at this ended up with shareholders defeating proposals aimed at a resolution, but perhaps this time – with the threat of an orderly wind-up under the watchful eye of the Isle of Man Court in mind – perhaps it will be different this time. But the shares remain a bargepole in my view.

Origo from the Filthy Forty – Execution No. 24 pencilled in for a week on Monday as photos arrive at ShareProphets Towers

It rather looks as though the ShareProphets AIM-China Filthy Forty is set for its twenty-fourth execution, in the form of Origo Partners (OPP) which has now been suspended pending financial clarification for just under the six month period which triggers automatic delisting under AIM Rule 41 (if, that is, the Oxymorons at AIM Regulation bother to enforce it). The ouzo is on ice.

Filthy 40 Origo Partners – settlement deal on the table (again)

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) has had its shares suspended from trading pending clarification of its financial position since 11 March this year, and with a six-month timetable to AIM execution due to expire next month things were looking dire until a no-one-is-watching o’clock RNS at 4.50pm yesterday. It seems as though there may be some light at the end of the tunnel. Has the Filthy Forty turned up some good news? I rather suspect the answer to that may just be yes.

F40 Origo Partners set to remain suspended until (at least) late July

On Friday at 5.36pm, no-one-is-watching o’clock, ShareProphets AIM-China Filthy Forty member Origo Partners (OPP) updated on court proceedings in the Isle of Man with regard to the winding-up petition presented last month.  The trial date is set for Friday 22 and Monday 25 July, which means that shares in Origo will remain suspended pending financial clarification until then. Unless, of course, Nomad Smith & Williamson decides enough is enough and resigns.

F40 Origo – a history lesson in reading Admission Documents

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) remains suspended pending financial clarification as shareholders face a grim high noon in the Isle of Man courts when the majority holder of (now defaulting) zeros looks set to get the company forced into wind-up.

Filthy Forty Origo suspended pending clarification: Kill number 23 out of 40, 17 to go.

Well you can’t say you weren’t warned: ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) was finally suspended pending clarification of its financial position this morning. It was blindingly obvious that this - or a Nomad resignation - was inevitable. I hope anyone unlucky enough to hold this POS managed to get out even if only with a bag of Tesco Value crisps. Perhaps I should head to Bristol and claim a glass (or two) of Ouzo to toast the Filthy Forty’s 23^rd suspension/delisting.

Origo (#OPP) shares suspended pending clarification - KILL for Nigel S

F40 Origo faces winding up order. Why are the shares still trading?

It comes as no surprise at all. ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) had already made no secret that it would be in no position to meet a required $12 million redemption on its Zeros by Tuesday's deadline, which would constitute a default. Why the shares are still trading is beyond me. Surely if Nomad Smith Williamson cannot secure a suspension pending financial clarification it could just resign in order to force the issue. But it gets worse.

DISGUSTING & SHOCKING: F40 Origo Partners – Where did all the money go?

A sickening email arrived at ShareProphets Towers regarding AIM-China Filthy Forty play Origo Partners (OPP). It begs all manner of questions and casts a dark shadow even by Filthy Forty standards. Who got all the money?

F40 Origo - last chance for the Walkers?

Tomorrow is an important deadline for ShareProphets AIM-China Filthy Forty play Origo Partners (OPP). It has a $12 million bill to pay and the company has already warned that it hasn't got the cash. The payment was due to be made to satisfy a planned partial redemption of Zeros. Suspension pending financial clarification, anyone?

F40 Origo Partners: The Noose Tightens

I previously commented (HERE) in the wake of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) seeing shareholders reject proposals aimed at settling a dispute with the majority holder of its Zeros, Brooks Macdonald, that the company seemed to have a bit of a problem. In particular, one might note that the company had already ‘fessed up that it would not be able to meet scheduled redemptions next month. Now Brooks has made a move as the noose tightens.

F40 Origo Partners – is it bag of crisps time? 0p ahoy?

This surely is terrible news for shareholders in ShareProphets AIM-China Filthy Forty play Origo Partners (OPP): an RNS shortly before close of play yesterday saw the announcement of the results of a series of meetings which had been called to consider the restructuring of a series of debts (or, rather, convertible zero dividend preference shares). The holders of the zeros voted it through but, oh dear, those pesky ordinary shareholders did not. The result: Origo could be toast.

F40 Origo finally corrects over currency (a week after we did)

ShareProphets AIM-China Filthy Forty member Origo Partners (OPP) announced last week that it had rolled over a loan to $2.5 million loan to TSX-listed Kincora Copper Ltd, but it got the currency wrong (it was CAD$, not US$ as stated). We pointed this out a week ago and yesterday the company (and its Nomad, Smith & Williamson, which no doubt checked and verified last week's foul-up of an RNS very carefully) has finally 'fessed up to the error. Seven days later.

More on that Filthy Forty Origo loan of US$2.5m. Or CAD$2.5m. Can it ever get repaid?

I’ve already covered the Filthy Forty AIM-China Origo Partners (OPP) RNS yesterday regarding the rolling over of a loan to Kincora Copper Ltd and whether it is US$ or CAD$. But there is more to this. For a start, Kincora announced to the market that it intended to settle the loan (and interest thereon) in shares! Except that it then retracted that statement. The question is why Origo did not convert the loan into shares, and why it went for the roll-over option instead. Is it anything to do with the likelihood of it ever getting repayment?

Filthy Forty Origo Partners updates on US$2.5m loan. Or is it Canadian $?

There seems to be a spot of confusion at ShareProphets AIM-China Filthy Forty member Origo Partners plc (OPP).  Today it updated the market on an outstanding loan of US$2.5 million to investee company Kincora Copper Ltd which due for repayment on 19 July. It has been replaced by a new loan of US$ 2.5 million. The confusion is that in its interims statement, the loan was described as being CAD$2.5 million. There’s a bit of a difference (about 30% at today’s exchange rates, source: Google).

Origo Partners – AIM-China Filthy Forty member restructures debt

I flagged HERE that AIM-China Origo Partners (OPP) had a bit of a problem with some zero dividend preference debt. This has now been resolved with the announcement of a restructuring of the liability, subject to various conditions – not least of which is a GM. But still there are Interims to come by tomorrow in order to avoid suspension. Following a 60% decline in net assets as at FY14, will we be once again singing Where has all the money gone?