By Rebecca Melvin
New York, Feb. 16 - Origo Partners plc has placed conditionally $60 million of 0% five-year convertible preferred shares with a par of $1.00 to yield 5% with an initial conversion premium of 42%, according to a news release.
The Regulation S offering, placed by Liberum Capital Ltd., was initially talked at $60 million to $80 million in size.
The shares will have a redemption price of $1.28 and will be convertible at 60p per share, which was 42% over the ordinary share price on Jan. 21. Initial purchasers are U.K.-based investors.
Origo is a private equity investment company focused on Asian-linked growth opportunities.
Proceeds are earmarked to take advantage of new identified investment opportunities.
The convertibles are subject to shareholder approval at a March 7 meeting, and trading is expected to start March 15 with listing on the AIM market of the London Stock Exchange.
Origo is listed on the London Stock Exchange under the symbol OPP.
| Issue: | Origo Partners plc
|
| Issue: | Convertible preferred shares
|
| Placement agent: | Liberum Capital Ltd.
|
| Amount: | $60 million
|
| Maturity: | March 8, 2016
|
| Dividend: | 0%
|
| Price: | Par, $1.00
|
| Redemption price: | $1.28
|
| Yield: | 5%
|
| Initial conversion premium: | 42%
|
| Conversion price: | 60p (or 95 cents)
|
| Call: | On March 8, 2013 or if the middle market share price exceeds 78p for 20 out of 30 trading days
|
| Put: | No puts
|
| Takeover protection: | Yes
|
| Distribution: | Regulation S
|
| Pricing date: | Jan. 21
|
| Settlement date: | March 15
|
| Stock reference price: | 45p
|
| Market capitalization: | £143.55 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
