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.

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”.