Thursday, April 28, 2016

BVI company entered into Option Agreement with Voyage Wisdom Limited

BVI-incorporated company Novel Sunrise Investments Limited, which is the largest shareholder of SouthGobi Resources Ltd., entered into an Option Agreement with the private company Voyage Wisdom Limited. Under the terms of the agreement signed on April 15, 2016, the BVI company granted Voyage Wisdom an option to purchase, and Voyage Wisdom granted Novel Sunrise an option to sell 25,768,162 common shares of SouthGobi Resources, for a total price of US$24,000,000, or US$0.93138 per share, to be paid in cash. The option shares represent 10 per cent of the total number of common shares of SouthGobi, issued and outstanding.

Both options may be exercised by the companies in whole but not in part, at any time prior to April 21, 2016 or later as the parties may agree, but no later than October 21, 2016.

Currently, Novel Sunrise owns and controls 72,127,140 common shares of SouthGobi (including the above 10%), which represent 27.99 per cent of the total number of common shares of the company.

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.