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Origo Partners PLC shares plummeted on Tuesday after the company said it has lost its nominated advisor, won't name a new one, and will be suspended from trading on AIM.
Shares were trading 25% lower at 0.079 pence each late Tuesday morning in London. Earlier, the stock had fallen to 0.050p.
The Isle of Man-based investment company explained that its nominated advisor Arden Partners PLC is being acquired by Ince Group PLC. As a consequence, Arden will no longer be able to act as a nomad to the AIM company after Thursday.
Origo said it considered retaining another nominated advisor; however it determined that the financial implications of naming a new nomad are not in its best interests, considering that it has monetised all its legacy investments that are saleable and returned the proceeds to shareholders.
Consequently, Origo will be will be suspended from trading on the AIM market on Thursday and the admission of shares will be cancelled on May 30.
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