Friday, July 29, 2016

Northwestern Enterprises acquires shares of Rio Novo Gold Inc.

BVI company Northwestern Enterprises Ltd entered into binding agreements with two separate sellers, for the acquisition of ownership of an aggregate of 95,480,414 ordinary shares of Rio Novo Gold Inc., in private transactions at a price of US$0.092 per share. The shares will be purchased on or before August 22, 2016, subject to customary closing conditions. The purchased shares represent approximately 63.03% of the issued and outstanding ordinary shares of the company.

Concurrently with the completion of this transaction, BVI company's owner plans to cause 3,557,000 ordinary shares to be transferred from Sercor Ltd to Northwestern (both companies controlled by the same person). This amount represents approximately 2.35% of the issued and outstanding ordinary shares.

After the acquisition and the transfer, Northwestern Enterprises will hold 99,037,414 ordinary shares representing approximately 65.4% of the issued and outstanding ordinary shares of Rio Novo.

Wednesday, July 20, 2016

Polo Resources announced new share issue

Polo Resources Limited, the natural resources investment company having interests in oil, coal and metals, has issued 9,832,358 new ordinary shares as consideration for the transaction with Blackham Resources announced in June.

The application has been made for the consideration shares to be admitted to trading on AIM on 25 July 2016. The enlarged issued share capital of the BVI company will amount to 311,789,151 ordinary shares of no par value each, with one vote per share.

Monday, July 4, 2016

BVI group completed acquisition of Finance Bank Zambia Limited

BVI-domiciled financial services group Atlas Mara Limited has completed the acquisition of 100 per cent of Finance Bank Zambia Limited and its subsidiaries, for consideration of approximately US$61 million in cash and 3.3 mln of BVI group's shares, not including deferred contingent consideration of up to 1.3 million Atlas Mara shares. Finance Bank Zambia Limited will be combined with African Banking Corporation Zambia Limited, which is a Zambian subsidiary of Atlas Mara Limited. The merged bank, with combined assets of approximately US$567 million as at December 31, 2015, will be one of the largest banks in terms of branch footprint in Zambia. Its physical presence will increase from 23 to 65 branches, 176 ATMs and 23 agencies.

CEO of the BVI financial group said in his comments: "The acquisition of FBZ is another important step in the execution of Atlas Mara's strategy to build sub-Saharan Africa's premier financial institution, in part, by becoming a scale participant in our countries of operation, which this transaction will achieve for us in Zambia..."

Tuesday, June 14, 2016

BVI company to increase its stake in Blackham Resources

Polo Resources Limited, the natural resources investment company registered in the British Virgin Islands, has informed of its intention to exercise its right to purchase further 49 per cent of Perfectus Management Ltd for A$3.0mln, to be satisfied by the issue of 9,832,358 new ordinary shares of Polo Resources, at a price of £0.15 per share.

As at 24 May 2016, Perfectus had unaudited net assets of US$4.68 million (approximately £3.24 million or A$6.35 million). Perfectus owns 5,888,495 ordinary shares in Blackham Resources Limited issued fully paid ordinary share capital. Polo directly holds a further 14,761,905 (5.83 per cent) of Blackham ordinary shares.

Sunday, May 22, 2016

Talon Metals sold all its shares in Tlou Energy

Talon Metals Corp., a TSX-listed exploration and development company domiciled in the British Virgin Islands, has made an announcement that it has sold all of its shares in Tlou Energy Limited, for gross proceeds of approximately C$600,000.

Sean Werger, the president of Talon Metals, said in his comments on the transaction: "We are pleased that we have been able to increase our treasury through the sale of our shares in Tlou Energy ... The Company's sole focus is working with Kennecott Exploration Company to move the Tamarack Project towards becoming a tier 1 project. Going forward, we will continue to opportunistically seek ways to divest of our remaining non-core assets, and increase our cash position."

Monday, May 9, 2016

Canadian retailer acquires majority shares in BVI-operating Roadtown Wholesale Trading Ltd

The North West Company Inc., which is a Canada-based retailer of food and everyday products and services to rural communities and urban neighbourhoods in Canada, Alaska, the South Pacific and the Caribbean countries, entered into letters of intent to purchase the majority of shares of Roadtown Wholesale Trading Ltd., operating as Riteway Food Markets in the British Virgin Islands. Riteway is a privately held company with seven retail outlets, one Cash&Carry, and one wholesale operation serving the British Virgin Islands. The proposed transaction is subject to a definitive purchase agreement and government approvals.

The Canadian company will continue to operate the business under the trade names Riteway Food Markets and Roadtown Wholesale Trading. Certain Riteway shareholders will continue company’s ownership and will be represented on its Board of Directors. Also, the BVI company will become an administration headquarters for North West’s stores across the Caribbean territory.

Thursday, April 28, 2016

BVI company entered into Option Agreement with Voyage Wisdom Limited

BVI-incorporated company Novel Sunrise Investments Limited, which is the largest shareholder of SouthGobi Resources Ltd., entered into an Option Agreement with the private company Voyage Wisdom Limited. Under the terms of the agreement signed on April 15, 2016, the BVI company granted Voyage Wisdom an option to purchase, and Voyage Wisdom granted Novel Sunrise an option to sell 25,768,162 common shares of SouthGobi Resources, for a total price of US$24,000,000, or US$0.93138 per share, to be paid in cash. The option shares represent 10 per cent of the total number of common shares of SouthGobi, issued and outstanding.

Both options may be exercised by the companies in whole but not in part, at any time prior to April 21, 2016 or later as the parties may agree, but no later than October 21, 2016.

Currently, Novel Sunrise owns and controls 72,127,140 common shares of SouthGobi (including the above 10%), which represent 27.99 per cent of the total number of common shares of the company.

Wednesday, April 20, 2016

Mecox’s shareholders approved merger agreement with BVI and CI companies

Mecox Lane Limited, the multi-brand and multi-channel retailer of health, beauty and lifestyle products in China, announced that its shareholders approved the proposal to authorize the agreement and merger with the BVI business company Minat Associated Co., Ltd., and ChinaEquity Alliance Victory Co., Ltd., an exempted company based in the Cayman Islands and wholly owned by the BVI company.

The agreement, pursuant to which the CI company will be merged with Mecox Lane, and the Chinese company will continue as the surviving company and become a wholly owned subsidiary of Minat Associated.

Approximately 75.99 per cent of the company’s total outstanding shares voted at an extraordinary general meeting on April 12, 2016; of them, approximately 99.84 per cent were voted in favor of the merger agreement and the plan of merger.

Thursday, April 14, 2016

Agria Corporation announced withdrawal of acquisition proposal

Agria Corporation, which on January 28, 2016 received a preliminary non-binding take-private proposal letter from its executive chairman Mr. Guanglin Lai, and BVI-incorporated Brother Capital Limited, to acquire all of Agria’s outstanding ordinary shares, announced that its board of directors received a notice from Mr. Guanglin Lai and the BVI company, to withdraw the proposal.

Agria Corporation is a global agricultural company working within three main segments, including Seed and Grain; Crop Protection, Nutrients and Merchandise; and Rural Services.

Sunday, April 3, 2016

Acquisition of UTi Worldwide: major customers stay with the group

According to the Bloomberg agency, acquisition of the BVI company UTi Worldwide Inc. by DSV A/S, worth US$1.35 billion, which was announced in October and completed in the beginning of 2016, has become successful, as far as 100 major clients of the purchased company committed to the combined group. By words of SEB analyst Lars Heindorff, it is very important for DSV, as their strategy is to keep the front office operations unchanged to limit the loss of customers.

DSV CEO Jens Bjoern Andersen said that feedback from UTi’s biggest customers “has been very good, but we also know that they expect us to deliver. We have met with them to present our case and told them, in all modesty, that we believe the new combined company will be able to provide them with a better service.”

DSV has become the world’s fourth-largest freight forwarder, after buying more than 30 companies, and UTi was the biggest transaction since DSV took over ABX Logistics Worldwide SA in 2008, for US$850 million. Danish company expects the deal to yield synergies of US$230 million within 3 years, integration costs will be the same.

Thursday, March 17, 2016

Mecox Lane announced shareholders’ meeting to discuss merger with BVI company

Chinese retailer Mecox Lane Limited announced an extraordinary general meeting of shareholders which will take place on April 12, 2016. The main purpose of the shareholders’ meeting is to vote on the proposal to approve the agreement and plan of merger with the British Virgin Islands-incorporated business company Minat Associated Co., Ltd., and Cayman Islands-incorporated exempted company ChinaEquity Alliance Victory Co., Ltd., wholly owned by the BVI company.

The agreement and the plan of merger were previously announced in the end of 2015. Under the terms of the Merger Agreement, ChinaEquity is to be merged with and into the Chinese company, which will become a wholly owned subsidiary of the BVI company. As a result, Mecox Lane will become a privately-held company and its ADSs will be delisted from the NASDAQ Global Select Market.

Saturday, March 5, 2016

Quattro Exploration signed agreement with BVI company’s subsidiary

Quattro Exploration and Production Ltd., focused on the competitive execution of the exploration and development of oil and natural gas reserves in Western Canada, purchased 100 per cent interest in the El Cedro License in Guatemala, from GFI Petroleum (Guatemala) Limited, a Guatemalan subsidiary of an oil and gas exploration and production company residing in the British Virgin Islands.

The price of CDN$5,470,000 is to be paid through the issuance of 50,000 non-voting Class C Preferred Shares at a price of US$100 per share, and the assumption of US$470,000 in liabilities. The acquisition transaction is planned to occur on or before May 1, 2016.

Friday, February 26, 2016

Luxoft Holding, Inc announced acquisition of Symtavision

Luxoft Holding, Inc, the BVI company providing software development services and innovative IT solutions, acquired Symtavision, a provider of automotive software tools and consulting services for planning, optimizing, and verifying embedded, real-time systems within all modern automobiles. Symtavision’s tools are focused on scheduling analysis, architecture optimization and timing verification. The company is headquartered in Braunschweig, Germany, has offices in Munich, Germany; Cologne, Germany and Troy, Michigan, and is supported by a network of distributors.

The acquisition of the BVI holding goes in line with its strategy of offering end-to-end solutions, by expanding its embedded software expertise into automotive sector. As the cars’ elements are moving from being hardware to software-defined, future demand will be connected with UTH-focused opportunities and solutions. Also, Luxoft sees growing opportunity created by the demand for tooling and expertise around real-time systems design and development.

Friday, February 5, 2016

Agricultural corporation received preliminary acquisition proposal from BVI company and its owner

The global agricultural company Agria Corporation received a preliminary non-binding proposal letter from Mr. Guanglin Lai, its executive chairman, and Brother Capital Limited, which is a company incorporated in the British Virgin Islands and wholly-owned by Mr. Lai, to acquire all of the outstanding ordinary shares of Agria Corporation, not already owned by them. According to the Letter dated January 28, 2016, ordinary shares of the company, including those represented by the ADS (each representing two ordinary shares), are to be purchased for US$0.60 in cash per ordinary share, or US$1.20 in cash per ADS.

A special committee to consider the proposal was formed by the Board of Directors of Agria Corporation, consisting of three independent and disinterested directors, which has retained Kirkland & Ellis as its U.S. legal counsel.