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- Origo Partners : OPP – dispute with Brooks Macdonald
Origo Partners has responded to a press release put out this morning by Brooks Macdonald (one of its largest investors). The two are already in dispute about Origo’s convertible zero dividend preference shares (CZDPs – NB you won’t find these on our zeros sheet as they are a more complex beast than most zero issues). This morning Brooks (in a statement that wasn’t published by the stock exchange in connection with Origo Partners but was tagged against Brooks MacDonald) said it talked to Cantor Fitzgerald Europe and together they had concluded that many of them also had concerns about “regarding the corporate governance, performance, investment strategy and prospects of Origo”. On that basis Brooks have come up with a set of proposals that comprise:
Origo Partners is saying it “has in fact been engaged in a detailed consultation with certain of its shareholders, alongside its advisers Smith & Williamson, and Brooks MacDonald and its advisers, Cantor Fitzgerald, regarding the proposals”.. “for some time”. They also say they are “currently in the process of finalising a set of detailed proposals which are expected to include: changes in the Company’s management structure; investment strategy; asset realisation programme; and management incentive plan associated with asset realisation.”
Origo say they were planning to publish these and ask shareholders for their approval.
It is not obvious to us whether Brooks Macdonald actually plans to call an EGM to put its proposals to shareholders – watch this space!
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