Further investments
11 April 2008 - 2:30AM
UK Regulatory
RNS Number:1100S
Origo Resource Partners Limited
10 April 2008
10 April 2008
Origo Resource Partners makes further investment into RIBEC
Origo Resource Partners Limited ("ORP" or "the Fund") announces a further
investment in Roshini International Bio-Energy Corporation ("RIBEC").
Further to ORP's announcement of 28 January 2008, Origo Sino India plc ("OSI"),
the AIM listed private equity investment and advisory company which provides
consultancy services to ORP, has assigned to ORP at cost US$1 million in a
convertible note previously extended to RIBEC by OSI. An additional amount of
US$40,000 relating to interest receivable was also transferred to ORP.
The loan is convertible at the option of ORP into ordinary shares in RIBEC on
the basis of a valuation of RIBEC of US$64 million. The shares issued if ORP
were to convert the loan would represent approximately 1.3% of RIBEC's enlarged
share capital (assuming the conversion of all outstanding convertible
instruments). ORP already has an equity interest in RIBEC of approximately 20%.
RIBEC is a fast growing, profitable company that produces non-edible, tree-borne
bio energy feedstock and is based in Hyderabad, India. RIBEC's unaudited pre-tax
profits for the year ended 31 March 2007 were 165.7 million Rupees
(approximately �2.1 million) and its unaudited net asset value at that date was
43.9 million Rupees (approximately �0.6 million). The amount payable is being
satisfied out of the Fund's existing cash resources.
ENDS
Further information:
Origo Resource Partners Limited +86 1390 124 6417
Chris Rynning
chris@origoplc.com
Nominated Adviser: +44 (0)20 7131 4000
Smith & Williamson Corporate Finance Limited
Azhic Basirov
Broker: +44 (0)20 3100 2223
Liberum Capital Limited
Simon Atkinson
Public Relations: +44 (0)20 7321 0000
Aura Financial
Michael Oke/Andy Mills
This information is provided by RNS
The company news service from the London Stock Exchange
END
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