AGM result and directorate change
09 Juli 2009 - 10:00AM
UK Regulatory
TIDMORP
RNS Number : 3733V
Origo Resource Partners Limited
08 July 2009
9 July 2009
Origo Resource Partners Limited ("the Company")
Result of AGM and directorate change
The Company announces that all the resolutions proposed at the Company's annual
general meeting held yesterday were duly passed.
Accordingly, Nigel Taylor, who retired by rotation and chose not to offer
himself for re-election, is no longer a director of the Company. The Company
thanks Mr Taylor for his contribution to the Company's development to date.
The Company is pleased to announce that Charles Wilkinson has been appointed as
Chairman of the Company and that Richard John Battey, aged 57, has been
appointed as a non-executive director of the Company with immediate effect. Mr
Battey is a non-executive director of a number of quoted investment companies
including AcenciA Debt Strategies Limited, Juridica Investments Limited and
Princess Private Equity Holding Limited, and is a Fellow of the Institute of
Chartered Accountants in England and Wales. Mr Battey worked within the Schroder
Group for over 25 years, including as Finance Director and Chief Operating
Officer of Schroders (C.I.) Limited in Guernsey. He was also formerly Chief
Financial Officer of CanArgo Energy Corporation, which was engaged in oil and
gas exploration and production in Georgia and Kazakhstan, and an adviser on the
preparations for the spin-out of its Kazakhstan assets.
Further information about Richard Battey as required to be disclosed under
Schedule Two, paragraph (g) of the AIM Rules, is set out below.
The Company's investment policy as approved at the annual general meeting is as
follows:
"The Company seeks to provide shareholders with capital appreciation primarily
through investments in equity and equity-linked instruments in private, unlisted
companies whose primary business is related to the natural resource sectors of
China and India.
The Company seeks to invest between US$5 million and US$20 million over the
life-cycle of an investment. It is the intention of the Board that no investment
(or investment in a group of entities with the same, or substantially the same,
owners) exceeds 20 per cent. of the Net Asset Value of the Company at the time
of investment. However, on a case-by-case basis the Board may consider
investments which represent a larger proportion of the net asset value of the
Company should the Board deem that the risk and reward profile justifies such
investment. The Company predominantly seeks to acquire substantial minority
interests in investments, holding between 10 and 40 per cent. of the investee
company's equity. However, on a case-by-case basis, the Company also considers
smaller or larger stakes should the Board deem that the risk and reward profile
justifies such investment.
The executive directors of the Company, with the assistance of the investment
consultant and/or Origo Sino-India plc, will work closely with the management of
each investee company post investment to try to maximise the overall value of
the Company's portfolio. Typically, the investment consultant will seek to have
the right to appoint a director to the board of the investee company (or in
absence thereof a right to appoint an observer to the board). In addition, the
investment consultant or Origo Sino-India plc will aim to dedicate at least one
other individual who, together with the board director/observer will
be responsible for assisting the investee company on matters such as building
and augmenting the management team, implementing relevant corporate governance
and financial control procedures, defining and executing a growth and
financing strategy, introducing suitable partners and business opportunities and
all matters related to future fund-raisings, acquisitions or exit
considerations.
For the foreseeable future, the Company's level of gearing is not expected to be
significant. The Directors may, however, exercise all the powers of the Company
to borrow money and to mortgage or discharge its undertaking, property (present
and future) or uncalled capital or any part or parts thereof and to issue
debentures or other securities whether outright or as collateral security for
any debt, liability or obligation of the Company or of any third party. The
Company may borrow for the purpose of the orderly settlement of transactions or
for other general working capital purposes. Companies in which the Company
invests, directly or indirectly, may themselves have outstanding borrowings. In
these instances, it is intended that any borrowing incurred by an investee
entity or special purpose vehicle will be non-recourse to the Company.
The holding period for investments is expected to vary depending on the type of
investment, the circumstances of the relevant investee company and the intended
exit route. The Company will aim to realise investments within no more than 48
months from the time of the initial investment, with an expected average holding
period of 24 months.
The Company does not have a fixed life."
The following are Mr Battey's current directorships and those held within the
last five years:
+----------------------------------+----------------------------------------------+
| Current directorships | Past directorships |
+----------------------------------+----------------------------------------------+
| AcenciA Debt Strategies Limited | Balmoral Partners Limited |
+----------------------------------+----------------------------------------------+
| Falcon Investment Property SPC | Braye Finance Limited |
+----------------------------------+----------------------------------------------+
| Himeji X2 LiquidFund Inc. | Burnaby Insurance (Guernsey) Limited |
+----------------------------------+----------------------------------------------+
| Juridica Capital Management | China Growth Opportunities Limited |
| Limited | |
+----------------------------------+----------------------------------------------+
| Juridica Investments Limited | JPL Co (Jersey) Ltd |
+----------------------------------+----------------------------------------------+
| Macau Sniper Fund Limited | Parkmead Special Situations Energy Fund |
| | Limited |
+----------------------------------+----------------------------------------------+
| Northwood Capital European Fund | Partners Group Private Real Estate |
| Limited | Opportunities Limited |
+----------------------------------+----------------------------------------------+
| Princess Private Equity Holding | Ptarmigan II Limited |
| Limited | |
+----------------------------------+----------------------------------------------+
| Stratton Street Capital | Sapphire Managers (Europe) Limited |
| LiquidFunds Inc. | |
+----------------------------------+----------------------------------------------+
| | SASCIL Nominees Limited |
+----------------------------------+----------------------------------------------+
| | Schroder Administrative Services (C.I.) |
| | Limited |
+----------------------------------+----------------------------------------------+
| | Schroder Corporate Services (C.I.) Limited |
+----------------------------------+----------------------------------------------+
| | Schroder Executor and Trustee Company (C.I.) |
| | Limited |
+----------------------------------+----------------------------------------------+
| | Schroder Investments (Guernsey) Limited |
+----------------------------------+----------------------------------------------+
| | Schroder Nominees (Guernsey) Limited |
+----------------------------------+----------------------------------------------+
| | Schroder Venture Managers (Guernsey) Limited |
+----------------------------------+----------------------------------------------+
| | Schroders (C.I.) Limited |
+----------------------------------+----------------------------------------------+
Save for the information disclosed above, there is no other information falling
to be disclosed under Schedule Two, paragraph (g) of the AIM Rules.
Further information:
+----------------------------------------+----------------------------------------+
| Origo Resource Partners Limited | +86 1390 124 6417 |
| Chris Rynning | +86 1351 106 1672 |
| (chris@origoplc.com) | |
| Niklas Ponnert | |
| (niklas@origoplc.com) | |
| | |
+----------------------------------------+----------------------------------------+
| Nominated Adviser: | +44 (0)20 7131 4000 |
| Smith & Williamson Corporate Finance | |
| Limited | |
| Azhic Basirov / Jo Royden-Turner | |
| | |
+----------------------------------------+----------------------------------------+
| Broker: | +44 (0)20 3100 2222 |
| Liberum Capital Limited | |
| Simon Atkinson | |
| | |
+----------------------------------------+----------------------------------------+
| Public Relations: | +44 (0)20 7321 0000 |
| Aura Financial | |
| Andy Mills / Nina Legge | |
| | |
+----------------------------------------+----------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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