I commented on the strange rise of ShareProhets AIM-China Filthy Forty play Origo Partners (OPP) last week, suggesting that the rise from 0.145p to a peak of over 0.4p was simply ridiculous – not, I hasten to add, that current boss John Chapman is in any way to blame.
For the record, I do not believe management at ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) have anything to do with this- indeed, my view is that head honcho John Chapman is a breath of fresh air. But shares in Origo seems to have gone stark raving bonkers – only on Wednesday they closed at 0.145p and now they are 0.275p, having peaked at over 0.4p. What’s going on?
One can only have sympathy for John Chapman, the chairman of AIM-China Filthy Forty play Origo (OPP), who came in after the damage had been done by previous management and leaving a hospital pass for whoever followed. The full horror of what Mr Chapman inherited is detailed here in the FY18 Annual Report and this morning the bad news was that Origo’s investment (and I use the term in its loosest sense) had suffered another setback as a purported bidder (unidentified!) had apparently walked in the face of a demand for arbitration being served. Given that this was about the only asset of measurable (but questionable) value, Origo shares have slumped...
Chris Rynning, the former boss of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) can rest a little easier today as we continue to follow the fine work of Norewegian E24 as the scandal of Rynning and Origo continues. Today we learn that having left Origo, Rynning was helping Norwegian entrepreneurs get a foothold in China as Innovation Norway referred them via its own website to Nhack, another Rynning company, based in Shanhai. Of course, Innovation Norway had checked him out.....hadn't they?
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.
I have covered the scandal of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) in some detail – see HERE. To cut a (very) long story short, it raised a pile of cash and seems to have lost almost the whole lot – apart from the generous remuneration and related party dealings – and the management paid itself a stack of bonuses just as the icing on the cake. New boss John Chapman has been forthright with what he found out on getting his feet under the table and now Norwegian outfit E24 has been looking into the original brains behind Origo, Mr Chris Rynning.
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.
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.
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 $81 million as at June 2017) with no dividends one has to think Mr Chapman has a point. Will AIM Regulation act? (Don’t laugh too loud….)
I warned on Thursday that if you are still holding, one might be tempted to compare the benefits of that versus a bag of crisps. Following a flow of dire news, on Friday ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued the most damning statements in its FY17 accounts, and the shares crashed by a horrifying 64%. It is truly horrifying. Step forward the investment adviser Origo Advisers (which more-or-less doubled as the company’s previous management), take a very special bow, please, Auditor BDO in Hong Kong. Take a turn, please, former Nomad Smith & Williamson. Normally at times like this I would be reaching for some of Tom Winnifrith’s Ouzo, but I can’t seem to let the sick-bucket go.
On Tuesday 26 June, ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) fessed up that it had lost another boat-load of cash, this time on Kincorra Copper (TSX.V: KCC). Actually, it didn’t – we were simply told it had been sold for CAD 2 million (around US$ 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.
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.
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!
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?
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.
Last year’s Sept reporting season saw a raft of casualties as members of the ShareProphets AIM-China Filthy Forty either failed to release numbers on time and/or saw the Nomad quit. With less than one week to go until deadline day for interims to June 2016 (or finals to March 2016) there are ten of the remaining 17 members of our iffy index still to report (or announce that they won’t). Which will be the next to get suspended?
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?
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.
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.
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.
It seems that Yougov, Mori and whatever else the pollster are called these days have a thing or two to learn from ShareProphets polling. They keep on getting it wrong, but our readers responded to the question of how many delistings and suspensions were coming on the ShareProphets AIM-China Filthy Forty over four weeks from 17 June and half of respondents said two or three. So far, it is bang on. Mind you, there are still a few days to go.
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.
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.
I refer you to my bonus podcast earlier for the depression note. I ask you what is the point? back to the markets and I look at another Horse Hill pump and dump, step forward Regency Mines (RGM ) and Andrew Bell. Next to dump Solo (SOLO) then UK Oil & Gas (UKOG) whatever David Lenigas tweets. Then I look at Origo (OPP) and also at Sprue Aegis (SPRP)
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.
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?
Tomorrow is an important deadline for ShareProphets AIM-China Filthy Forty play Origo Partners (OPP). It has a $12 million bill to pay and the company has already warned that it hasn't got the cash. The payment was due to be made to satisfy a planned partial redemption of Zeros. Suspension pending financial clarification, anyone?
At 12.41pm today ShareProphets AIM-China Filthy Forty commodity investment company Origo Partners (OPP) issued a trading statement which reads like a suicide note. One wonders how long this one has left on the Casino: will it be suspended pending clarification, or might we see the Nomad, Smith & Williamson, walk the plank first?
I’ve already covered the Filthy Forty AIM-China Origo Partners (OPP) RNS yesterday regarding the rolling over of a loan to Kincora Copper Ltd and whether it is US$ 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?