Monday, March 31, 2014

BVI company acquired stake in Celamin Holdings NL

BVI-incorporated natural resources exploration company Polo Resources Limited announced that it has acquired a placement in Celamin Holdings NL, an ASX-listed company with phosphate interests in Tunisia, representing a strategic 12.7 per cent stake in the expanded fully paid capital of the company, for an investment of A$1.2 million.

By words of Michael Tang, the Executive Chairman of the BVI company, “This is an excellent opportunity for Polo Resources to add phosphate to its suite of projects through this investment in Celamin.”

Celamin holds an agreed 51 per cent interest in the licences, along with its Tunisian partner holding 49 per cent.

Tuesday, March 25, 2014

MDM Engineering Group signed agreement to merge with Foster Wheeler AG

MDM Engineering Group Limited, BVI-registered company engaged in mineral process engineering and project management, signed a merger implementation agreement with Foster Wheeler AG, the global engineering and construction company and power equipment supplier registered in Switzerland and having its operational headquarters in the United Kingdom.

Under the terms of the merger agreement, Foster Wheeler’s BVI subsidiary, Foster Wheeler M&M Limited, will acquire all the ordinary shares in MDM; the offer price is £1.70 cash per share. Foster Wheeler will also make an offer to acquire all outstanding options held over the shares of MDM. All the ordinary shares and options will be purchased by the company in issue in a cash transaction of approximately £65.3 million.

MDM shareholders representing 42.4% of the issued ordinary shares of the BVI company have executed agreements under which agreed to vote in favour of the proposed merger. It is expected that the Notice of Extraordinary General Meeting relating to the offer will be despatched to MDM shareholders by the end of March 2014, with the general meeting in relation to the transaction to be held on or around 11 April 2014.

The BVI company expects the transaction to be completed in August 2014, subject to the approval by shareholders. Upon the implementation of the merger, the admission to trading of MDM’s ordinary shares on the AIM Market will be cancelled.

Thursday, March 13, 2014

Indian company sold its shares in Mozambique’s natural gas Rovuma Basin

The government of Mozambique has collected more than US$227 million in capital gains tax from the sale of shares by India’s Videocon Group. The shares in the Rovuma Basin Offshore Area One, where large quantities of natural gas have been discovered, were sold to Indian public sector companies – ONGC Videsh and Oil India.

Videocon was the owner of 10% of the shares in the Area One of the Rovuma Basin through its subsidiaries – the British Virgin Islands-incorporated company Videocon Hydrocarbon Holding Ltd, as well as Videocon Mauritius Energy Ltd, based in Mauritius, and Videocon Mozambique Rovuma One Ltd, based in Mozambique. From the sale of its shares, Videocon received US$2.47 billion, according to Indian press.

The tax of US$227 million paid from this transaction to the tax authorities of Mozambique makes 9.1% of US$2.47 billion. It can be said that, since operations to collect capital gains tax started in 2012, total amount of tax was US$802.8 million, all paid by companies operating in the Rovuma Basin.

Tuesday, March 4, 2014

Harneys represents Play LA Inc in acting against NFC Data Inc.

Play LA Inc., an international online publishing company incorporated in the British Virgin Islands, made an announcement that it has retained the services of BVI offshore firm Harney Westwood & Riegels, in order to represent company’s interests against NFC Data Inc.

In December 2013, NFC Data withdrew from the Share Purchase Agreement signed with Play LA Inc. in the previous year, and now is in default on loans owed to the BVI company and related to that agreement. By terms of the proposed transaction, Play LA would exchange shares and acquire business and assets of NFC Data Inc. in a deal that valued NFC Data Inc. at $7,500,000.

Its withdrawal was a unilateral decision made by NFC Data Inc. after entering into transaction which would value NFC Data Inc. at approximately $25,000,000.