Yesterday Origo Partners announced that the Isle of Man Court handed down judgment in favor of it, regarding a complaint raised by Brooks MacDonald in relation to terms of convertible zero dividend preference shares issued on March 8, 2011.
Today Brooks Macdonald Asset Management (International) Ltd., notified Origo Partners that it was making a claim against it.
Brooks Macdonald believes that Origo’s Article 4.17(c) must be construed so as to require convertible preference shares to convert into such number of ordinary shares as equals by value the accreted principal amount divided by the change of control conversion price (rounded to the nearest number).
Origo Partners say they are giving serious consideration to the concerns raised by Brooks Macdonald and remains committed to achieve a mutually acceptable resolution.
OPP : New line of attack from Brooks MacDonald in zero dispute with Origo