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ARTICLE

AIM fraud Origo Partners – hero John Chapman puts the boot in to ex board, crooked advisors, ex Nomad in excruciating detail

2019-06-29 07:39:04

Fraud Origo Partners (OPP) is one of the few remaining stocks of our AIM-China Filthy Forty. One might wonder if there is hope given that it is still here but Chairman John Chapman has offered up its FY18 accounts which are truly dreadful (again) and his chairman’s letter is pretty explicit as to why. In short, Origo shows everything that is wrong with AIM: the transfer of wealth from the many (shareholders) to the few. Read it and weep Marcus Stuttard, the head of AIM and Sham Sheriff – this is your system.

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Norwegian E24 goes after Chris Rynning (formerly of F40 Origo) - part 2: the company credit card

2019-05-14 14:44:34

This gets worse and worse for Chris Rynning, the former boss of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP). Having discussed how a billion Kroner disappeared to tax-havens under this self-styled China expert, today E24 looks at the company credit card. If you thought Nilesh Jagatia of Teathers (TEA), Insprit (INSP) and Octagonal (OCT) was, ahem, generous (to himself), this appears to take the biscuit.

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Filthy Forty Origo Partners – where’s the website gone?

2019-04-07 04:17:31

I noted last month that ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) had sacked its investment adviser, Origo Advisers Limited “for cause”. Now it seems that the company’s website has disappeared, as you can see HERE – which is, of course, contrary to AIM Rules. But before I get on my high horse, I would note a few things.

ARTICLE

Filthy Forty Origo sacks Investment Adviser, shares gain 85% - someione is 'avin' a Turkish.

2019-03-16 03:53:26

AIM-China Filthy Forty play Origo Partners (OPP) has sacked its investment adviser “for cause”. Origo has been a total disaster for its investors, but a great wheeze for the investment adviser as you can see HERE: while shareholders have lost almost everything the adviser, Origo Advisers Limited (OAL), coined it in fees, bonuses and so on. You might wonder what took the company so long, but until recently the board was dominated by its investment adviser…..and then along came hero of the hour Mr John Chapman.

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KERBOOM, KERPOW! Origo Interims part 2 – hero Chapman rightly blasts the old regime again

2018-09-30 10:25:32

In part 1 of this expose we saw that the new board of AIM-listed Origo (OPP) had spent time getting to grips with the trainwreck of a company left behind by previous management. New chairman, John Chapman was not mincing his words as he told us that company records were missing, such as the due diligence and investment rationale for the company’s investments – as were some of the investments, “expenses” had been paid to someone who left the scene four years ago and that the old guard  including its Nomad had been understandably reluctant to hand over the keys. Now let’s look at some of Origo’s portfolio.

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KERBOOM!!! KERPOW!!! MAJOR AIM SCANDAL: hero Chairman John Chapman blows the lid on previous board and advisers at Origo – part 1

2018-09-30 08:28:42

I commented back in June, when ShareProphets AIM-China Filthy Forty investment company Origo Partners (OPP) announced its FY17 results that I underestimated the new board of Origo after new Chairman John Chapman tore into the investments made under the old board and advisers. Yesterday, as Origo got its interims out on deadline day, John Chapman tore into the old crew even more. The attack (totally justified, in my humble opinion) is astonishing – no “old school tie” behaviour here, it is utterly devastating. Mind you, given that the (now former) investment adviser had coined it to the tune of $31 million in performance payments by the end of 2014, and now Origo’s shareholders have just $13.6 million to share between them (as opposed to $81 million as at June 2017) with no dividends one has to think Mr Chapman has a point. Will AIM Regulation act? (Don’t laugh too loud….)

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Filthy forty Origo – reveals a true horror story. Ouzo? No thanks, I want the sick bucket

2018-06-30 01:05:47

I warned on Thursday that if you are still holding, one might be tempted to compare the benefits of that versus a bag of crisps. Following a flow of dire news, on Friday ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued the most damning statements in its FY17 accounts, and the shares crashed by a horrifying 64%. It is truly horrifying. Step forward the investment adviser Origo Advisers (which more-or-less doubled as the company’s previous management), take a very special bow, please, Auditor BDO in Hong Kong. Take a turn, please, former Nomad Smith & Williamson. Normally at times like this I would be reaching for some of Tom Winnifrith’s Ouzo, but I can’t seem to let the sick-bucket go.

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Filthy Forty Origo Partners: FY17 numbers due tomorrow, another investment disaster clocked up

2018-06-28 07:26:14

On Tuesday 26 June, ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) fessed up that it had lost another boat-load of cash, this time on Kincorra Copper (TSX.V: KCC). Actually, it didn’t – we were simply told it had been sold for CAD 2 million (around US$ 1.5 million). It is not until you realise that the company had sunk US$ 8.5 million into Kincora that you see what a shambles that investment was.

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Red Flags at Night Bank Holiday Special: AIM-China Filthy Forty Origo Partners

2018-05-27 02:54:49

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a stonking warning on Friday night, at 5.30pm going into a bank holiday. Talk about no-one-is-watching o’clock. I previously warned in the light of a previous warning (HERE) that the question was whether the asset realisations will generate anything at all for shareholders after holders of the Zeros (whose money appears not to be contributing to OAL’s new fees) have been paid off. Last night’s RNS suggests the answer may well be nothing.

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AIM-China Filthy Forty Origo warns on NAV – ouzo time as shareholders brace for another spanking

2018-04-20 01:43:47

ShareProphets AIM-China Filthy Forty investment company Origo Partners (OPP) has updated the market this morning in a series of announcements which look to amount to a complete dog’s breakfast as far as shareholders are concerned. There is a new Nomad which looks to me to have been appointed in suspicious circumstances, there are proposals to change the remuneration of the company’s grotesquely overpaid advisors….and expected realisation amounts will be significantly less than the Company's last reported net asset value. What’s not to like!

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F40 Origo – disposals: how’s the NAV doing?

2017-07-25 06:20:45

ShareProphets AIM-China Filthy Forty play Origo (OPP) has announced a couple of disposals. With the share price still languishing on a 2-2.25p spread, compared to the last quoted NAV in the FY16 accounts of 13c (US) – call that 10p per share. After a series of scandals over massive payments to the fund manager what now for the company with scheduled redeemable/convertible prefs after the dispute with Brooks MacDonald was finally resolved?

ARTICLE

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

2016-12-05 01:46:39

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.

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

2016-09-23 00:05:18

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 30th. 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?

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Filthy 40 Origo Partners – still a bargepole ahead of EGM

2016-09-17 04:13:25

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.

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

2016-09-02 04:51:10

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.

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

2016-08-21 06:09:34

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.

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

2016-04-10 07:50:12

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.

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F40 Origo – a history lesson in reading Admission Documents

2016-03-14 07:16:52

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.

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

2016-03-11 06:48:11

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 23rd suspension/delisting.

NEWSFLOW ARTICLE

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

2016-03-10 08:10:42

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.

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

2016-03-07 07:15:56

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?

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F40 Origo - last chance for the Walkers?

2016-03-07 01:12:42

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?

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F40 Origo Partners: The Noose Tightens

2016-02-16 06:41:46

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.

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

2016-02-05 01:10:35

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.

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

2015-10-31 03:57:54

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.

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

2015-10-24 01:16:38

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?

ARTICLE

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

2015-10-23 05:59:47

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).

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Origo Partners – AIM-China Filthy Forty member restructures debt

2015-09-29 03:15:15

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?




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