Thursday, December 27, 2007

BVI-controlled Rise & Grow Limited merges with Dexterity Surgical, Inc.

Dexterity Surgical, Inc. has announced the completion of a reverse merger with Hong Kong holding company Rise & Grow Limited, which is controlled by the British Virgin Islands company Newise Century Inc. To finilize the transaction, 26,400,000 common shares newly issued by Dexterity Surgical, Inc. (that is 66% of Dexterity Surgical’s 40,000,000 issued and outstanding shares) were issued to the BVI company, which is the sole shareholder of Rise & Grow.

Rise & Grow’ sole operating entity is Zhi Bao Da Tong (Beijing) Technology Co. Ltd. – a company formed under the law of the People’s Republic of China as a wholly foreign-owned enterprise doing business on the Chinese territory. After the transaction is closed, the operations of the Chinese company will become the only operations of Dexterity Surgical, Inc.

Wednesday, December 12, 2007

Mercury Group acquires substantial stake in BVI-controlled retailer Dixy Group

Russia's Mercury Group announced that it has reached an agreement to acquire a stake of 50.96% in Open Joint Stock Company Dixy Group for an undisclosed amount. Both parties said the transaction is expected to close before February 1, 2008, and is still waiting approval from Russian regulators.

Mercury Group will make the acquisition by purchasing 100% of Dixy Retail Ltd, registered in the British Virgin Islands, which holds a 50.96% stake in the Dixy Group, via another holding company.

The BVI-controlled Dixy Group raised US$360 million through an initial public offering on Moscow's RTS and MICEX exchanges. At the current moment, about 48% of its shares are in free float. Currently, company's market capitalization is US$870 million, showing that the market value of the stake which Mercury Group is acquiring is worth approximately US$443 million.

Dixy is one of Russia's largest retailers, with 372 outlets, including 8 hypermarkets. Company's 2006 year sales totaled US$1.01 billion, in the first nine months of the year turnover reached US$990 million.

Mercury Group is a major Russian holding company with annual revenues of more than US$8 billion, having control over various assets including the Megapolis trading company, Orton Oil and the Moscow Wine and Brandy Distillery KiN.

Saturday, December 8, 2007

BVI-registered company, together with other 2 parties, emerged as the holder of 24.33% in Mutiara Goodyear

Weida (M) Bhd, Laman Arif Sdn Bhd and the British Virgin Islands registered Dickenscott Investment Ltd have become the holders of the substantial part of Mutiara Goodyear Development, - with a total 24.33% stake comprising 56.18 mln shares in Malaysian property developer. A week ago, Weida acquired 13 mln of Mutiara shares, or 5.63%; BVI-domiciled Dickenscott Investment Ltd purchased 23.18 mln shares, or 10.04%, and Laman Arif Sdn Bhd bought 20 mln shares, or 8.66% of the whole amount.

Mutiara is the owner of 735.6 acres of land in Seberang Prai Selatan valued at about RM240.8 million, about 95 acres in Gombak with a net value of close to RM100 million, and an office building in Petaling Jaya, Selangor, with a net value of RM32 million.

According to the fiscal results published by the end of July 2007, the company had about RM35 million in cash; it also had about RM124.8 million in long-term borrowings, and about RM97.2 million in current liabilities.

Tuesday, December 4, 2007

Laguna Research Partners Releases Analysis of Merger btw BVI-based PMI and Tank Sports

In the end of November, business intelligence and research firm Laguna Research Partners LLC has released a Research Report providing analysis of the recently completed merger between Tank Sports and People's Motor International LTD (PMI), a British Virgin Islands company with manufacturing operations in Pudong, Shanghai.

BVI-registered People Motor International (PMI) – its primary name is Dazon - is one of leading buggy and go-kart developers and manufacturers. It has a special focus on motorsports vehicles approved by the European Economic Community and the US Environmental Protection Agency. For the first 8 months of 2007, the BVI company generated $4.45 million in sales, and Tank Sports expects cost saving are likely to be realized as a result of this merger.

Tank Sports is one of the leading companies that develops, engineers, and markets high performance on-road motorcycles and off-road all-terrain vehicles, through OEMs in China, and utilizes the so-called “China Concept” to participate in the $31.5 billion annually motorcycle/ATV market.

The Laguna Research Partners analysis of the planned BVI company's merger with Tank Sports states that “In the opinion of Laguna Research Partners, Tank's January 2007 acquisition of RedCat Motors, February 2007 financing of $1.1 million, and operating expense reductions, provide the foundation for improved operating results over the next several years. The company's acquisition of PMI, in our opinion, provides even greater certainty regarding Tank's ability to achieve our projected revenue and profit figures."

Tuesday, November 27, 2007

BVI-registered Kenton Assets Limited acquired by subsidiary of Fraser and Neave Limited

Fraser and Neave Limited Group has announced that its subsidiary Asia Pacific Investment Pte Ltd acquired the entire issued share capital of British Virgin Islands-registered Kenton Assets Limited, for the purpose of investment holding. The company was purchased for US$1, which is the paid-up capital of the BVI company.

It is reported that none of the directors or controlling shareholders of Fraser and Neave, Ltd. has any interest, either direct or indirect, in the acquisition. Also, the acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Group for the current financial year.

Friday, November 23, 2007

Cumbre Ventures Inc acquires the sole owner of BVI-registered Atlas Moly Investments Corporation

Yesterday the TSX Venture Exchange has accepted Qualifying Transaction of Cumbre Venture Inc., described in its management proxy and information circular dated August 21, 2007. Company's trading symbol will change from CUB.P to AMR, and the company will no longer be
considered a Capital Pool Company, effective from the opening on November 23, 2007.

The Qualifying Transaction includes the following issues:

1) Acquisition of all of the issued and outstanding shares of Atlas Minerals Inc. The TSX Venture Exchange has accepted for filing an Amalgamation Agreement dated September 20, 2007, between Cumbre Venture Inc. and Atlas Minerals Inc., pursuant to which the Cumbre Venture amalgamated with Atlas and acquired all of the issued and outstanding shares of Atlas.

Atlas Minerals Incorporated is the whole owner of the issued and outstanding shares of Atlas Moly Investments Corp., a corporation incorporated pursuant to the laws of the British Virgin Islands. The main mining project of the BVI company is the Tres-Chorreras Project located in the south-western part of Equador. The Tres-Chorreras Project is a copper and polymetallic property, consisting of one registered mining concession and 17 requested mining concession applications comprising a total area of 43,860 hectares.

Pursuant to the terms of the Amalgamation Agreement, each Atlas shareholder will receive one common share of the company for each Atlas share held. Based on the aggregate number of Atlas issued and outstanding shares, Cumbre Venture issued 20,787,613 shares to Atlas shareholders with a deemed value of $0.80 per share.

The above transaction was completed by November 9, 2007.

2) In conjunction with the completion of the Qualifying Transaction and pursuant to a private transaction, 900,000 shares of Cumbre Venture held under the CPC Escrow Agreement, dated December 28, 2006, were transferred within escrow.

3) Name change. Pursuant to a resolution passed by the shareholders of the company on September 19, 2007, Cumbre Venture has changed its name to “Atlas Minerals Inc.” There was no consolidation of capital.

Effective at the opening of trading on November 23, 2007, the common shares of Atlas Minerals Inc. will commence trading on the TSX Venture Exchange, and the common shares of Cumbre Ventures Inc. will be delisted. The company is classified as a 'Mineral Exploration and Development' company.

Sunday, November 18, 2007

Metorex Ltd makes offer to minority shareholders of BVI-registered Copper Resources Corporation

Metorex Ltd, a South African company focused on diversified mining, released a proposed mandatory offer to the minority shareholders of Copper Resources Corporation - a company registered in the British Virgin Islands.

The document included an offer to purchase all remaining shares of Copper Resources Corporation (CRC); also, Metorex offered 73 of its shares for every 100 CRC shares with cash alternative. In case the CRC shareholders would choose the cash, the cash offer would be 125,1p in cash, for each CRC share. Based on the closing price of 204p a share on November 2, this offer valued each CRC share at 149p, and CRC's existing issued share capital at about £120.7 million. Currently, Metorex share price values each CRC share at £1.49.

On September 18, 2007, Metorex's acquisition of the Forrest Group's shareholding in the CRC became unconditional. In connection to this, South African company's CEO Charles Needham said that their offer to CRC's shareholders would be on the same terms as their acquisition of Forrest's 39% interest , - providing them with an exposure to Metorex's established projects in the Democratic Republic of Congo and a diversified mineral portfolio. He also noted that CRC would add significantly to Metorex's copper output, as part of company's ongoing development strategy. The term of the formal offer will be 15 November 2007, or such later date as may be decided by Metorex.

BVI-registered Copper Resources Corporation is the holding company of a group of mineral exploration and development companies working mainly in the Democratic Republic of Kongo (DRC).

Wednesday, November 14, 2007

BVI company buys a substantial stake in Golden Plus

China Investment Capital Limited, a company registered in the British Virgin Islands, purchased a 5.45% stake comprising of eight million shares in Golden Plus Holdings Bhd. As a result of the deal that took place on November 11 China Investment has become a substantial shareholder of this property company.

Golden Plus Holdings is involved in quarries and supplies premix; company's subsidiaries are focused on property development, water theme park and restaurant.

Along with the BVI company, the major shareholders of Golden Plus are Strategik Bakti Sdn Bhd with 18.16% stake or 26.66 million shares, and BHLB Trustee Bhd holding 8.45%, or 12.4 million shares.

Monday, November 12, 2007

AAAC and Tongxin Enterprise Co. merging into a new BVI company Tongxin International, Ltd.

Asia Automotive Acquisition Corporation (AAAC) has reported the unaudited financials for its merger partner Hunan Tongxin Enterprise Co., Ltd., for the three and nine month periods ended September 30, 2007.

AAAC is a blank check company incorporated in June 20, 2005, for the purpose of effecting a merger, capital stock exchange, or other business combination with one or more operating business within the global automotive component industry that have their primary operating facilities located in China, India, or the Association of South Eastern Nations. On July 25, 2007, AAAC announced that it signed an Equity Acquisition Agreement with Tongxin Enterprise Co., Ltd. Pursuant to this agreement, AAC and Tongxin will merge into a new British Virgin Islands-domiciled company, Tongxin International, Ltd.

Tongxin Enterprise was established under in 1984 under Chinese corporate law. On November 2, 2000, Tongxin was converted into a stock holding company, and currently it is the largest private Chinese independent supplier of Engineered Vehicle Body Structures.

For the third quarter ended September 30, 2007, the reported revenue of Tongxin was approximately $21.8 million, - a 43% increase from $15.2 million for the same period in the previous year. Operating income made approximately $4.1 million, an increase of 41% from $2.9 million for the same period last year. Net income totaled approximately $2.5 million, that is 39% increase from $1.8 million for the same period in the prior year.

For the nine month period ended September 30, 2007, Tongxin had net income of $7.75 million, - a 102% increase from $3.83 million for the same period of the year 2006. Company's net income for the current period excludes one time costs of $230,000 for legal, accounting and audit fees associated with the proposed transaction with AAAC. Earnings before Interest and Tax payment made $14.6 million, or 23.2% of net revenues.

Wednesday, November 7, 2007

Chinese machine manufacturer takes over Zhafir Plastics Machinery through its BVI-based subsidiary

Haitian International Holdings Ltd., the Cayman Islands-based holding company behind the world's most prolific injection molding machine manufacturer Haitian (China), has acquired a 91% in Zhafir Plastics Machinery GmbH (Ebermannsdorf, Germany). The official buyer of Zhafir is Sunnew Investments Ltd., a 100% subsidiary of Haitian registered in the British Virgin Islands.

According to Haitian, the acquisition will give the Chinese company better access to German technologies, as Zhafir has started assembly of high-end, all-electric injection molding machinery. The firm will exibit it at the K Show in October.

Haitian is paying for the Zhafir purchase with the help of a €6,57 million loan from Zhang Jianming – one of two executive directors and founders of the Chinese company.

Sunday, November 4, 2007

Jaguar Acquisition Corp. Announces Agreement and Plan of Merger with BVI-based China Cablecom Ltd.

In the end of October, a special purpose acquisition company Jaguar Acquisition Corporation announced that it has signed an agreement and plan of merger to acquire all of the issued and outstanding shares of China Cablecom Ltd.

China Cablecom Ltd. is the British Virgin Islands company, an emerging consolidated cable network operator and acquirer in the highly-populated Shandong province in the People's Republic of China. By terms of the transaction, immediately prior to its transaction with China Cablecom, Jaguar will redomesticate to the British Virgin Islands by means of merging with a wholly-owned subsidiary.

The BVI-registered China Cablecom is entitled to a 60% economic interest of Binzhou Broadcast and Television Information Network Co., Ltd., an operating cable TV joint venture with a local state-owned enterprise. China Cablecom consolidates 60% of the financial results of operations and cash flows of Binzhou Broadcasting, pursuant to applicable principles of US Generally Accepted Accounting Principles.

In 2006, the businesses acquired by Binzhou Broadcasting, which is located in the Shandong province in north-east China, generated approximately $8.3 million in revenues. Based on China Cablecom's 60% consolidation of Binzhou Broadcasting, this would have resulted in $3.3 million in earnings, and $1.7 million in net income. For 2007, Binzhou Broadcasting projects growth of revenues of approximately 10%.

Thursday, November 1, 2007

UTi Worldwide completes forming its consolidated subsidiary in Israel

UTi Worldwide, an international non-asset-based global integrated logistics company registered in the British Virgin Islands, has made an announcement in the middle of October that it has completed the acquisition of controlling package of interests of Newlog Ltd. from Zim Integrated Shipping Services Ltd., the subsequent merger of Newlog into UTi's wholly-owned Israeli subsidiary, UTi Eilat Overseas Ltd., and the acquisition of certain assets, including goodwill, of Transclal Trade Ltd.

The consolidated entity will now operate under the trade name UTi Logistics Israel, as both companies, Newlog and Transclal, were leading providers of freight forwarding services in Israel.

John Hextall, chief operating officer of UTi Worldwide, has commented on this deal: “With the successful completion of this business combination, we are pleased that UTi is now one of the top
airfreight and ocean freight forwarding and logistics companies in Israel”.

UTi Logistics Israel will be lead by M. Friedman, CEO and majority shareholder of Transclal Trade Ltd., and Dr. Yoram Sebba, formerly vice chairman of Zim Integrated Shipping Services Ltd.

Monday, October 29, 2007

BVI Company's subsidiary RINO to complete merger with Nevada-based Jade Mountain Corporation

In the beginning of October, Nevada-based Jade Mountain Corporation reported about the acquisition of all the issued and outstanding capital stock of Innomind Group Limited, - the company registered in the British Virgin Islands. The deal took place through a share exchange.

Innomind Group, through its direct and indirect subsidiaries, including Chinese corporation Dalian RINO Environmental Engineering Science and Technology Co., Ltd., designs, manufactures, installs and services proprietary and patented wastewater treatment, exhaust emission desulphurization equipment, and high temperature anti-oxidation systems. The products of BVI company's subsidiary RINO are worked out to reduce industrial pollution and/or energy utilization.

RINO's proprietary and patented wastewater treatment equipment, called the “Lamella Inclined Tube Settler” wastewater disposal system, is a market leader in China's iron and steel industry. The Lamella system is patented, and patent applications extend also on the anti-oxidation system. These products were developed as a result of RINO's co-operation with the Chinese Academy of Science.

For the first half of the year 2007, BVI company's subsidiary received revenues of $28.7 million and net income of $7.3 million, compared to revenue of $4.1 million and net income $1.3 million during the respective period a year ago.

CEO and Chairman of RINO, Mr. Dejun Zou, has commented on the agreement between the BVI company and Jade corporation, "We are pleased to have completed this financing ... The proceeds are expected to be utilized for working capital and to expand our production capacity to meet the growing market demand. This will include implementing new operating systems, equipment and technology to improve both our operating efficiency and profitability. In addition, we intend to expand and strengthen our distribution and sales network in China, while continuing to focus on new product development efforts."

Saturday, October 27, 2007

KS Energy Ltd. acquires a BVI-registered shelf company KS Oil Rig Services Inc.

Global energy provider KS Energy Limited has acquired a shelf company KS Oil Rig Services Inc., incorporated in the British Virgin Islands with an authorised share capital of US$50,000.

KS Oil Rig is a wholly-owned subsidiary of KS Energy, with effect from 3 July 2007. The paid-up share capital of KS Oil Rig is that of an investment holding company for the purpose of seeking business opportunities in the U.S. and Gulf of Mexico.

KS Energy, formerly known as KS Tech Ltd, is an energy services group catering to the oil and gas and petrochemical industries around the world. The Group is headquartered in Singapore, and has subsidiaries and representative offices in China, Vietnam, Thailand, Qatar, UAE, USA, and Malaysia, to support its global base of oil and gas customers.

Thursday, October 25, 2007

Yanglin Group acquired by Victory Divide Mining through BVI-domiciled Faith Winner Investment Ltd

Victory Divide Mining company has reported about the acquisition of Faith Winner Investment Limited, which is registered in the British Virgin Islands. The announced deal took place on October 3, 2007.

BVI-domiciled corporation, through a Chinese-based Faith Winner (Jixian) Agriculture Development Company, has a series of contracts with Heilongjiang Yanglin Soybean Group Co. Ltd, which gives it control over Yanglin's finances and business, - manufacturing and selling non-genetically modified soybean products, - as if it were a wholly owned subsidiary of the BVI company. Over the past two years, Yanglin's business has grown significantly, with revenues increasing to $88,078,494 for the fiscal year ended December 31, 2006, from $38,395,505 for the prior year.

The CEO of the Victory Divide Mining company, Shulin Liu, commented on the deal that “The closing of our reverse merger transaction and financing provide us with the capital investment we need to not only continue the growth of Yanglin's business, but to accelerate that growth. We can now focus on meeting existing demand for our products, as well as accelerating marketing efforts to increase our market share both in the PRC and abroad."

Also, on the same date Victory Divide Mining company completed a private placement of $21.5 million through the sale of share of its Series A Convertible Preferred Stock and attached warrants.

Friday, October 19, 2007

Polymetal becomes the whole owner of its BVI-domiciled subsidiary

Polymetal, the largest silver producer and one of the leading gold producers in Russia, has acquired the 100% stake in the British Virgin Islands company Polymetal Esop Ltd. The Russian company said in its statement that it increased the stake in its subsidiary on September 26.

Polymetal operates in the Khabarovsk and Krasnoyarsk territories, the Sverdlovsk, Magadan and Chita regions, and in Mongolia. Company's shares are traded on the London Stock Exchange (LSE), the Russian Trading System (RTS) and the Moscow Interbank Currency Exchange (MICEX).

Wednesday, October 17, 2007

BVI-based manufacturing company to be acquired by Tank Sports Inc. incorporated in the U.S.

Tank Sports, Inc., a company originally incorporated under the laws of the State of California, has made an announcement that it has concluded a Letter of Intent to acquire People's Motorcycle International Company Limited (PMI), a company incorporated in the British Virgin Islands and having manufacturing facilities in Shanghai.

Tank Sports is planning to purchase 100% stock of PMI, by issuance of 4 million shares of Tank restricted common stock, and 1.5 million warrant coverage to the shareholders of the BVI company.

Tank Sports will begin custodial operation in PMI's Shanghai operation, and will start due diligent investigation concerning both legal issues and accounting. Both parties agree to initiate drafting a definitive stock purchase agreement after having finished the initial due diligence.

People's Motorcycle International was incorporated in the British Virgin Islands in June 2001, and is currently distributing products to six continents, including the establishment of a global Sales & Support Center located in Arizona, USA, in June 2002. PMI/Dazon also holds multiple design patents, both in the US and China. Mr. Thomas Chia, the founder and CEO of the BVI company, has indicated that the experience of their team in private companies will be a significant contribution to Tank's business plan of taking Tank Sports into major stock listing.

Monday, October 15, 2007

BVI company China Cablecom Ltd. to be acquired by Jaguar Acquisition Corporation

A special purpose acquisition company Jaguar Acquisition Corporation has published a Letter of Intent to acquire all of the issued and outstanding shares of China Cablecom Ltd., a company registered in the British Virgin Islands, an emerging consolidated cable network operator in the Shandong Province in the Republic of China. To secure this transaction, China Cablecom has raised $20 million of debt and equity bridge financing.

Jaguar Acquisition will provide further details on this transaction in the next two to three weeks. Pursuant to the provisions of its certificate of incorporation, the company now has until April 13, 2008 to complete its business combination and to satisfy the criteria for extension. The company anticipates signing a definitive agreement relating to its business combination within the next 30 days.

China Cablecom Ltd. is an emerging consolidated cable TV network operator. This BVI-incorporated company enables municipal cable TV network operators to be restructured into new companies in which local management incentives.

Jaguar Acquisition Corporation is a special purpose acquisition company formed in June 2005 for the purpose of acquiring, through a merger, asset acquisition or other similar business combination, or controlling an operating business in the financial services, payment or other industry. In April 2006, Jaguar Acquisition Corporation raised $289.3 million as its units began trading.

Friday, October 12, 2007

GeoProMining Ltd. has to complete successfully takeover for Sterlite Gold Ltd.

British Virgin Islands company GeoProMining Ltd. has announced that 253,526,305 common shares of Sterlite Gold Ltd., representing approximately 95.6% of the outstanding common shares of Sterlite Gold, were deposited to the offer made by GeoProMining to acquire all of the oustanding common shares of Sterlite Gold, for US$0.3845 in cash, per common share as at the expiry time of the offer. The date of expiration of the offer was September 27, 2007. All of the conditions of the offer were satisfied as at the expiry time, and GeoProMining has taken up all of the Sterlite Gold common shares that were deposited to the offer.

The BVI company intends to acquire the remaining Sterlite Gold common shares by means of a statutory compulsory acquisition at the same price as the Offer price, and to de-list the common shares from the Toronto Stock Exchange.

GeoProMining is a private diversified resources holding company having a portfolio of quality exploration and mining projects. Sterlite Gold is a Canada-based company, currently operating in Armenia in the business of acquiring, exporing and developing mineral resource properties, as well as operating gold mines.

Thursday, October 11, 2007

Leading optoelectronics manufacturer completes Share Exchange with BVI-domiciled Keep On Holdings Ltd.

Lincoln International Corporation, a company manufacturing optoelectronic products, has made an announcement that it has completed share exchange with the shareholder of BVI-registered Keep On Holdings Ltd. Pursuant to the agreement, the BVI company has become the wholly-owned subsidiary of Lincoln International.

Concurrent to the share exchange, Lincoln International completed a $4.0 million private placement of convertible preferred stock and warrants with accredited investors which purchased 3,703,704 shares of the company's series A preferred stock at $1.08 per share, and common stock purchase warrants to purchase 41,250,000 shares of Common Stock at $17 1/3 per share, and warrants to purchase 45,000,000 shares of Common Stock at $0.20 per share. In connection with the private placement, Lincoln International Corporation placed an aggregate of 3,700,000 shares of Series A Preferred Stock in an escrow account.

Keep On is the only shareholder of a Chinese corporation Suny Electronics (Shenzhen) Ltd, which designs, manufactures and markets small and mid-sized LED and CCFL backlights for various types of displays. In 2006, Suny reached the amounts of $15.9 mln in revenue and $2.4 mln in net income, - the 120% and 245% increase from 2005. For the six mopnths ended June 30, 2007, company's revenue increased 91% over the comparable period in 2006.

Friday, October 5, 2007

British Virgin Islands private company entered into Investor Relations Engagement with Columbia Metals Corp.

International Financial Consulting International Coordination Ltd. (IFCIC), a private company incorporated in the British Virgin Islands, has been engaged to provide international investment promotion services, to Columbia Metals Corporation Limited.

The investor relations agreement between the two companies comes into effect immediately and for a 12 months term. For its services, the BVI company will be granted options to purchase up to a total amount of 500,000 common shares at an exercise price to be determined in accordance with the TSX Venture Exchange policies at the date the options are granted. The options will vest up to a maximum of 125,000 options every three months, commencing on the third month after the date of the above agreement. The amount of options is based upon services provided by IFCIC in the preceding three months, as reviewed and determined by the Board of Directors of Columbia Metals Corporation.

Pursuant to the agreement, International Financial Consulting will provide following services in Columbia:
  • Diversification of Columbia's shareholder base, with a focus on long-term investors;
  • Assistance with scheduling and attendance on meetings with institutional investors, shareholders, the financial community and the media;
  • Assistance with the development of a complete public relations and marketing program;
  • Assistance in providing advice and guidance to Columbia, in its relationship with trade and the financial media;
  • Creation and maintenance of Columbia's contact lists;
  • Implementation of an effective web-based marketing strategy including regular electronic update services.
Currently, BVI-based IFCIC owns an amount of 2,871,000 common shares of Columbia Metals Corporation, representing 3.79% of company's current issued and outstanding share capital.