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.

Friday, January 29, 2016

BVI Holding’s Insider acquired 20,000 shares

British Virgin Islands-based holding company Thalassa Holdings Limited announced that 20,000 shares of its stock were purchased by company’s insider Francis Smulders, August. The shares were acquired at an average cost of US$0.49 per share, for a total consideration of US$9,701.81 (£6,800).

Also, WH Ireland lowered their target price on the BVI Holding company from US$1.57 (GBX 110) to $0.86 (GBX 60) and established a “buy” rating on the stock in a research report.

Thalassa Holdings Limited has a 12 month low of GBX 32.00 and a 12 month high of GBX 70.00. Its market capitalization is GBX 8.68 million.

Monday, January 25, 2016

UTi Worldwide Inc. acquired by global transport company


International logistics supplier UTi Wolrdwide Inc., incorporated in the British Virgin Islands, has been purchased by global transport and logistics company DSC A/S, listed on NASDAQ Copenhagen. The transaction has been completed on January 22 with the approval of UTi shareholders and competition authorities. Upon the acquisition, which adds approximately 50 per cent to DSV’s existing revenue, the company will become the fourth largest freight forwarder in the world. Also, the deal will add geography diversification to the company, and help in creating one of the world’s strongest transport and logistics networks. Further on, the commercial activities of DSV and UTi will continue under the DSV brand.

Some days earlier, UTi Worldwide Inc. received antitrust approval in South Africa, which was the final required regulatory approval needed for the consummation of the acquisition transaction. Under the terms of the transaction, each ordinary share of UTi Worldwide will be converted into the right to receive cash payment of US$7.10, without interest.

Wednesday, December 30, 2015

Mecox Lane Limited entered into merger agreement with BVI business company

Mecox Lane Limited, Chinese retailer focused on health, beauty and lifestyle products, entered into an agreement and plan of merger with the British Virgin Islands-registered business company Minat Associated Co., and its wholly owned subsidiary ChinaEquity Alliance Victory Co., Ltd., an exempted company incorporated with limited liability in the Cayman Islands.

Under the terms of the agreement, the BVI company will acquire Mecox Lane for cash consideration which equals to US$0.114 per ordinary share, or US$4.00 per American Depositary Share of the Chinese company. The CI-based subsidiary will merge with and into Mecox Lane, the last one continuing as the surviving company and wholly owned subsidiary of Minat Associated Co.

The merger transaction is expected to close during the second quarter of 2016. As a result of the merger, Mecox Lane Limited will become a privately-held company, and its ADSs will no longer be listed on the NASDAQ Global Select Market.

Wednesday, December 23, 2015

Kirin International entered into agreement with BVI company

Kirin International Holdings Inc., a Nevada corporation operating through its wholly-owned subsidiary, Kirin China, announced that it has entered into share exchange agreements with the British Virgin Islands company Energetic Mind Limited, and all of its shareholders. According to the agreement, Kirin acquired 100 per cent of issued and outstanding ordinary shares of the BVI company from the shareholders, in exchange for the issue of 151,000,000 shares of its common stock of an aggregate value of US$1,510,000,000, and for the issue of 8% convertible promissory note in the amount of US$150,000,000 to a certain shareholder.

Upon completion of the transaction, Energetic Mind’s shareholders received a total of 151,000,000 shares of the issued and outstanding common stock of the company, representing approximately 88 per cent of the total amount. Energetic Mind operates its business mainly through its subsidiary, a Chinese company Wuhan Yangtze River Newport Logistics Co. Limited.

Tuesday, December 8, 2015

Oil and gas company announced deferral of payment of interest

Greenfields Petroleum Corporation, a junior oil and natural gas company focused on the development and production of oil and gas reserves in the Republic of Azerbaijan, has secured temporary relief from the interest payments related to the debenture indenture governing the 9 per cent convertible unsecured debentures. On June 30, 2015, the majority of the holders of Debentures instructed the trustee to waive the Event of Default resulting from the failure by Greenfields resulting from the failure by the company to make the interest payment due on May 31, 2015. Pursuant to the waiver, the May Interest Payment was deferred until the earlier of: (i) December 30, 2015; and (ii) 15 business days after the receipt by Greenfields Petroleum International Company Ltd. (GPIC) of payment from Bahar Energy Limited (BEL) of at least US$9.0mln of the Default Amount. Also, a further interest payment was due under the Debentures on November 30, 2015.

GPIC is a wholly owned subsidiary of Greenfields Petroleum Corporation, holding one third of interest in Bahar Energy Limited; another two thirds are held by British Virgin Islands-registered Baghlan Group Ltd., which failed to fund its share of the costs of Bahar Energy in accordance with the shareholders agreement and its loan funding obligation to BEL.

As at November 30, 2015, GPIC has funded by way of loans to BEL, over US$22.1 million to cover the defaulted obligations of the BVI company. By this date, the total amount due to GPIC is estimated at US$ 28.1 million. Receivers have taken control of Baghlan and are seeking to sell either Baghlan or Baghlan's interest in BEL. In June 2015, the company filed for an order appointing a liquidator in the British Virgin Islands.

Thursday, November 5, 2015

Atlas Mara announced repurchase of shares

Atlas Mara Limited, BVI-registered sub-Saharan African financial services group, on 3 November 2015 repurchased 20,000 shares, at a price of US$5.50. The shares, all of which will be held as treasury shares, have been repurchased pursuant to the authority granted by company’s Board of Directors to re-initiate share repurchase program. In accordance with the program, Atlas Mara Limited will seek to acquire up to US$10mln of its ordinary shares in the market.

As a result of share repurchase, company’s total amount of ordinary shares is 72,458,524; of them, 1,6888,559 shares are held in treasury. Atlas Mara has notified the market that the total number of voting rights in the company is 70,769,965.

Monday, October 19, 2015

Redefine International buys 25 per cent in BVI property investment company

Redefine International, the company listed in London and Johannesburg, South Africa, has purchased a 25.35 per cent stake in the International Hotel Group - a hotel- and leisure-focused property investment company incorporated in the British Virgin Islands. Redefine said that it would pay about £3.8 million for the stake.

International Hotel Group, owning three hotels in the UK, is listed on the Luxembourg Stock Exchange, and last week it listed its shares on the JSE’s Alternative Exchange, having become the 12th company to list on the AltX in 2015.

Redefine CEO Mike Watters stated that this investment is “part of our overall hotel investment strategy”, and Redefine expects that the International Hotel Group will “grow into a significant hotel investment vehicle over the medium-term”.

Wednesday, October 7, 2015

BVI holding announces financial results for Q1 of fiscal 2016 and receives acquisition offer

BVI holding company Global-Tech Advanced Innovations Inc. reported its financial results for the first quarter of fiscal 2016. For the quarter period ended June 30, 2015, company’s net sales were US$15.3mln, as compared to US$24.6mln for the same period of fiscal 2015. Net loss announced by the company was US$1.0mln, or US$0.34 per share, as compared to net loss of US$0.3mln, or US$0.10 per share for the quarter ended June 30, 2014. The sales decreased primarily due to falling sales in commodity CCMs, by words of company’s President and Chief Executive Officer John C.K. Sham. However, he stated that average unit pricing improved “as a result of a more favorable product mix and our efforts to control production costs, leading to increases in profit margins.”

Also, Global-Tech announced the receipt of “Going Private” offer on August 3, 2015, from company’s President and CEO and some of his affiliated entities - an unsolicited preliminary non-binding proposal letter, proposing to acquire all of the outstanding common shares of the company not already beneficially owned by them, for US$8.75 per share. It is planned to form an acquisition company for implementing the offer, which will be financed with cash and debt. Following the proposal, the Board formed a special committee of independent directors to consider the offer.

Monday, September 28, 2015

Atacama Pacific Gold Corporation shares purchased by Executive Chairman through BVI company

Executive Chairman and Director of Atacama Pacific Gold Corporation Dr. Albrecht Schneider announced that he had acquired beneficial ownership of 10,499,500 common shares and 75,000 common share purchase warrants of the corporation, which make approximately 16.13% of its issued and outstanding common shares. The shares were purchased through Pacific Land First Corp., a company controlled by the Executive Chairman and domiciled in the British Virgin Islands, from four private companies for consideration of C$0.175 per share, with no additional consideration for 75,000 common share warrants.

Following the acquisition, Dr. Schneider becomes beneficial owner of more than 16,930,685 common shares, 1,425,000 share options and 775.000 warrants – that is approximately 26.02% of Atacama’s issued and outstanding common shares on an undiluted basis. He entered into the transactions for investment purposes.

Friday, August 28, 2015

West African Minerals announced disposal of Sierra Leone licences

BVI-registered company West African Minerals Corp announced its withdrawal from Sierra Leone licences, in order to save US$50,000 in costs this year. According to the plan, which was initially proposed in February 2015, and is brought into life now, West African Minerals agreed to sell its wholly-owned subsidiary, Ferrous Africa Limited, which held five licences in Sierra Leone, to Sierra Resources Ltd., for US$1. Sierra will be also liable for any outstanding liabilities, including any costs for rehabilitation and wind-up, which had been estimated to cost the BVI company US$50,000 in 2015. Upon completion of the transaction, West African Minerals has no remaining interests in Sierra Leone, and no financial liabilities in respect of these five licences.

According to company’s unaudited financial results for the six months period ended 30 September 2014, the balance sheet including value of Ferrous Africa Limited (FAL) amounted to £4,101,164, and will be written down to zero. In the year 2014, audited loss before tax of the FAL amounted to £321,497.

Monday, August 17, 2015

Talon Metals signs agreement with Orion Mine Finance

British Virgin Islands-registered mining and exploration company Talon Metals Corp., together with its Brazilian subsidiary Talon Ferrous Mineracao Ltda., has signed a definitive agreement with Orion Mine Finance, for the sale of the 1 per cent net smelter returns royalty that Talon with its subsidiary holds over the Sao Jorge Gold Project in Brazil. The Sao Jorge Gold Project is wholly owned by Brazil Resources Inc.

Under the terms of the Sao Jorge Royalty Purchase Agreement, Orion Mine Finance has agreed to purchase the royalty for gross proceeds of US$1.9mln (approximately C$2.5mln). On August 25, 2015, Talon Metals announced the completion of the sale transaction.

Friday, July 3, 2015

Global energy corporation entered into definitive agreement with BVI company

A global energy and gasification technology company Synthesis Energy Systems, Inc. has entered into a definitive Share Purchase and Investment Agreement with the British Virgin Islands company and a separate Operation and Management Agreement with its subsidiary China-registered Shandong Saikong Automation Equipment Co. Ltd. The agreements, which are to achieve Synthesis' strategic aim of repurposing and expanding its Zao Zhuang New Gas Company joint venture facility (ZZ) in Zao Zhuang City, Shandong Province, China, became effective on June 26, 2015, with the first installment payment of US$1.6 million received by Synthesis.

The transaction is to be completed outside of China. Under its terms, the partners will pay US$10 million cash to Synthesis in four installments during the period of 15 months, for 59.81 per cent of Synthesis shares in ZZ. The Transaction Partners will also invest a minimum additional equity of US$6.6 million to fund US$16 million expansion and increase its ownership to 73.53 per cent.

Wednesday, June 24, 2015

BVI corporation announced sale of its stake in Brainworks Capital

The sub-Saharan African financial services group, incorporated in the British Virgin Islands, Atlas Mara Limited, announced that it has sold its 10.1 percent stake in Brainworks Capital Management (Private) Limited, the Zimbabwe-focused private equity and advisory firm, for US$8.72mln.

ADC Financial Services & Corporate Development, which is an indirectly wholly-owned subsidiary of the BVI company, has agreed to sell its Brainworks stake for approximately US$3.1 million in cash and 665,195 Atlas Mara ordinary shares. The transaction is to be completed by 30 June 2015, subject to certain conditions.