Thursday, March 26, 2015

Maxim Resources signs HOA over BVI company-related concession

Maxim Resources Inc., the Canadian oil and gas production and exploration company, made an announcement that it has entered into a non-binding Heads of Agreement with Quest Investments LLC, incorporated in Dubai, and its wholly-owned subsidiary Quest Oil & Gas Ventures Inc.

Upon completion of the transactions under the agreement, dated effective March 20, 2015, Quest will become a significant shareholder of Maxim, and the Canadian company will purchase up to 25 per cent indirect equity ownership interest in an oil and gas exploration and production concession, in the United Arab Emirates. The concession right holder, pursuant to Petroleum Concession Agreement, is UAQ Petroleum Limited – a HK company, which is a subsidiary of Canemir Petroleum Corp., incorporated in the British Virgin Islands. This BVI company is 50 per cent owned by Quest Oil & Gas Ventures, and 50 per cent by Arawak Euroasia FZE.

Under the terms of the agreement, Maxim will acquire 50 per cent of Quest, which will give the Canadian company an indirect 25 per cent equity ownership interest in Canemir. Upon completion of the transactions contemplated in the agreement, Quest may become the holder of more than 20 per cent of Maxim shares, which will give it a control over oil and gas company.

Monday, March 2, 2015

BVI company entered into private placement agreement with SouthGobi Resources

SouthGobi Resources Ltd., an integrated coal mining, development and exploration company operating in Mongolia, entered into a private placement agreement with Novel Sunrise Investments Limited, an investment holding company incorporated in the British Virgin Islands, and focused on the real estate, logistics and supply chain management industries. Pursuant to this agreement, an aggregate of up to 21,750,000 common shares of SouthGobi are issuable to the BVI company. The proceeds of the agreement, where Novel Sunrise Investments is an investor and strategic partner, will make up to US$7.5 million, with initial tranche of approximately US$3.5 million, to be closed on March 3, 2015. The proceeds will be applied towards general working capital.

Novel Sunrise has also entered into a Sale and Purchase Agreement with Turquoise Hill Resources Ltd, the largest shareholder of SouthGobi Resources, to purchase 48,705,155 common shares of which Turquoise Hill is the current holder, at a price of CDN$0.35 per common share payable in cash. The closing of this agreement is expected to occur no later than March 31, 2015.

Saturday, February 21, 2015

Luxoft Holding announced acquisition of Excelian Limited

Luxoft Holding, Inc., BVI-registered company providing software development services and IT solutions, has acquired Excelian, the UK-based systems integrator and technology consulting company specializing in trading and risk management software for financial services industry. Privately held Excelian has customer base consisting mainly of investment banks, large wholesale banks and commodity traders, company’s offices are located in Western Europe, the United States, Canada, Australia and South Africa. Its expertise includes implementation of financial software platforms from industry leading providers such as Murex, OpenLink and Calypso.

Strata Partners was an exclusive financial adviser to Luxoft on this transaction, while Smith & Williamson Corporate Finance was an adviser to Excelian.

According to BVI company’s announcement, acquisition of Excelian by Luxoft will allow it to expand its financial services vertical, engage with more world leading technology partners, and will provide cross-selling opportunities to a wider client base.

Monday, February 9, 2015

Atlas Mara Limited completes share purchase

BVI-based company Atlas Mara Limited made an announcement following the share buyback update on 23 January 2015, informing that on 3 February 2015 it completed the purchase of the remaining 414,455 Atlas Mara shares from the previous managers of ABC Holdings Limited.

Upon the completion of the purchase, total number of ordinary shares of the BVI company is 72,458,524 of which 1,743,888 are now held in treasury. According to the company’s notification, total number of voting rights in Atlas Mara Limited is 70,714,636.

Monday, January 26, 2015

Euro Tech announced stock repurchase

British Virgin Islands-registered company Euro Tech Holdings Company Limited made an announcement that its Board of Directors approved a share repurchase program, to repurchase up to 60,000 shares of issued and outstanding stock by January 21, 2016.

The stock buyback program provides the BVI company with the possibility to purchase shares in the open market, or through negotiated or block transactions based on market and business conditions during the next 12 months.

Saturday, December 27, 2014

BVI-based investment firm acquires Hoyts Group

Chinese businessman and one of the richest people in the PRC, Sun Xishuang, bought Australian second biggest cinema chain Hoyts Group from private equity firm, Pacific Equity Partners. Hoyts Group was bought through Mr Sun’s British Virgin Islands-domiciled investment company ID Leisure Ventures. Financial part of the deal is confidential, but it is believed to be about US$900 million worth. It is said that ID Leisure will retain Hoyts’ management, led by chief executive Damian Keogh and chairman David Kirke.

Pacific Equity Partners, Australia’s largest private equity firm, acquired Hoyts Group in December 2007 from West Australian Newspapers and Publishing and Broadcasting Limited, in a deal about US$440 million worth. Despite the financial crisis and media recession, Hoyts earnings before interest, taxes, depreciation and amortization have almost doubled from US$48 million at acquisition year to US$86 million in 2014.

Monday, October 20, 2014

BVI company announced merger becoming unconditional

MDM Engineering Group Limited, the BVI company involved in the mineral process in the mining industry in Africa, provided an update on the proposed merger with Foster Wheeler M & M Limited, which is an indirect subsidiary of Foster Wheeler AG. According to the company’s announcement, all conditions precedent to the deal have now been satisfied, and the merger has become unconditional.

The merger between MDM Engineering and Foster Wheeler is expected to be implemented on 23 October 2014. Shareholders of the BVI company will receive the merger consideration of £1.70 per MDM share. Trading in MDM’s ordinary shares on AIM is expected to stop on 22 October 2014, while company’s admission to trading will be cancelled on 23 October 2014.

Saturday, August 23, 2014

BVI company sold additional 10% of its interest in Offshore Namibia

Eco (Atlantic) Oil & Gas Ltd. made an announcement that it has accepted an offer from Azimuth Namibia Ltd., according to which this company will increase its interest in Blocks 2111B and 2211A, offshore Namibia (the Guy Block) by 10 per cent.

Upon completing this transaction, Azimuth Namibia will bear additional 10 per cent of Block’s operating costs. Azimuth Namibia will be responsible for 51 per cent of the costs for the 1,000 km2 3D survey. The BVI company, although its obligations on the Guy Block are reduced, remains its Operator. Eco Atlantic and Azimuth Namibia currently hold 70 per cent and 20 per cent of working interest in the Guy Block, respectively, while 10 per cent is held by NAMCOR. Upon the transfer, Azimuth will become the holder of 30 per cent, and NAMCOR will retain its 10 per cent stake.

This transaction is subject to a number of conditions among which should be the approval of Namibia’s Ministry of Mines and Energy.

Saturday, August 16, 2014

Thailand’s Bangchak Petroleum entered into share sale agreement with BVI company

Bangchak Petroleum Plc, majority part of which is owned by Thailand Government, will purchase 20 per cent stake in Nido Petroleum Ltd. for AUS$22.2 million. The purpose of company’s buying of Australian oil and gas explorer is expanding and diversifying Bangchak’s international portfolio and leveraging business risks. 

BCP Energy International, the wholly-owned Singaporean subsidiary of Bangchak Petroleum Plc, entered into a share-sale agreement with Petroleum International Investment Corporation, domiciled in the British Virgin Islands, for 402.95 million fully paid ordinary shares of Nido Petroleum Ltd. BCP Energy was set up for the purpose of international investment in and the trading, operation and management of the energy, natural resources and petrochemical business.

Bangchak president Vichien Usanachote said that the company plans to use its own working capital to raise the capital of BCP Energy to A$22.2 million to fund the Nido Petroleum share acquisition.

Saturday, August 9, 2014

Merger between MDM Engineering and Foster Wheeler AG approved by Tanzanian Fair Competition Commission

MDM Engineering Group Limited, the mineral process engineering and project management company based in the BVI and working in Africa, received the approval from Tanzanian Fair Competition Commission for its proposed merger with Foster Wheeler AG. Also, the company confirmed that the application with the South African Competition Commission is progressing, and final result is expected during this month.

The merger implementation agreement between MDM Engineering Group and Foster Wheeler AG, the global engineering and construction company and power equipment supplier based in Switzerland and having its operational headquarters office is in Reading, United Kingdom, was signed in March 2014. Upon the implementation of the merger, the admission to trading of MDM’s ordinary shares on the AIM Market will be cancelled.

Thursday, July 31, 2014

Eco (Atlantic) Oil & Gas Ltd. received Ghana Parliament’s ratification of purchase agreement

Eco (Atlantic) Oil & Gas Ltd., an integrated oil and gas exploration company incorporated in the British Virgin Islands, announced that the Parliament of the Republic of Ghana has ratified a petroleum agreement under the terms of which the company may acquire a 50.51 per cent interest in the Deepwater Cape Three Points West Block, located in offshore Ghana, close to significant producing Jubilee Oil Field. The contract area is approximately 944km² in water depth between 800m and 2,000m. The BVI corporation has been qualified as operator of the Block.

Partners in the Block are Eco (Atlantic) Oil & Gas Ltd., which will own 50.51 per cent through its wholly owned subsidiary Eco Atlantic (Ghana) Ltd., A-Z Petroleum Products Ghana Limited, which will be the holder of 32.14 per cent, the Ghana National Petroleum Company with 13 per cent, and GNPC Exploration and Production Company Limited with 4.35%. The signed agreement provides for a term of 25 years, subject to the discovery of oil within the first seven years.

Thursday, July 17, 2014

Mineral exploration company closes sale of Oman properties through its BVI subsidiary

Gentor Resources Inc., a mineral exploration company working in Turkey, closed the sale of its properties in Oman to AIM-listed company Savannah Resources plc. The deal was made by Turkish company selling to Savannah Resources all the outstanding shares of its wholly-owned subsidiary, British Virgin Islands-registered company Gentor Resources Limited.

The agreement between the companies was signed in April 2014. The initial consideration for the sale includes, as it was announced before, a cash payment of US$800,000 paid to Gentor on closing. Deferred Consideration consists of: the sum of US$1,000,000, payable to Gentor upon a formal final investment decision being made for the development of the Block 5 licence in Oman, (b) the sum of US$1,000,000, payable to Gentor upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 licence in Oman, and (c) the sum of US$1,000,000, payable to Gentor within six months of the payment of the deferred consideration. Also, Savannah Resources may choose to pay up to 50 per cent of the above deferred consideration by the issue of shares to Gentor Resources.

Monday, June 30, 2014

Talon Metals entered into agreement to acquire interest in US-located nickel-copper-platinum project

Mineral exploration company Talon Metals Corp., through its subsidiary Talon Nickel (USA) LLC, entered into a definitive agreement with Kennecott Exploration Company, which is a subsidiary of the Rio Tinto Group. Pursuant to this agreement, BVI-based Talon Metals has the right to acquire a 30 per cent stake in Kennecott's Tamarack Nickel-Copper-Platinum Project, located in Minnesota, USA, over a 3 year period, by making US$7.5 million in instalment payments to Kennecott, and incurring US$30 million in exploration expenditures. During the earn-in period, Kennecott will continue to be the operator of the Tamarack Project.

The Chairman of Talon Metals Warren Newfield commented on the agreement: "We are fortunate to participate in Kennecott's Tamarack Project… Over the past two years, the Talon team has reviewed and considered more than 700 projects, and we have finally identified a project that could be a company-maker. I would like to thank our shareholders for their patience and dedication. We expect the next three years to be an exciting time for Talon."

The definitive agreement between Talon and Kennecott was concluded after a number of months of due diligence conducted by the Talon team. Following the period of Talon’s earn-in to the Tamarack Project, the US company must either to proceed with this project with Talon as its joint venture participant owning 30 per cent of the Tamarack Project, or grant BVI company’s subsidiary the right to purchase 100 per cent of the Project.

Friday, June 13, 2014

Polo Resources signed agreement with Australian Exploration Company

Polo Resources Limited, the natural resources investment company domiciled in BVI, signed the agreement with an Australian gold exploration company Blackham Resources Limited. Under the terms of the agreement, Polo Resources agreed to subscribe for 49% of the enlarged capital of Perfectus Management Limited, which is the owner of 15% of Blackham’s issued fully paid ordinary share capital.

In consideration, the BVI company agreed to pay AU$1 million in cash and AU$2 million by way of issuing and allotting 7,317,564 new ordinary shares at an agreed price of 15 pence per share to Perfectus. The new shares will represent 2.64% of Polo’s enlarged issued share capital.

Upon completion of the transaction, Polo Resources increase its interest in Blackham from direct holding of 4.2% to a combined and indirect holding of 11.85%. The BVI company also has the right to acquire further 49% of Perfectus within the next two years, for AU$3 million to be satisfied by the issue or transfer to the vendor of ordinary shares in Polo at an agreed price of 15 pence per share.

The 7,317,564 new ordinary shares of Polo Resources, are expected to be admitted to trading on AIM on or around 2 June 2014. After the admission, Polo Resources’ enlarged issued share capital will amount to 276,940,309 ordinary shares.