Monday, February 20, 2017

UK financial company signs LOI to acquire GVC Holdings Ltd

Financial services company Simian Global Plc signed a non-binding letter of intent to acquire BVI-incorporated GVC Holdings Ltd. in an all-share deal. As a result of the reverse takeover, if completed subject to due diligence and other criteria, shareholders of Simian Global will have minority interest in the enlarged group.

GVC Holdings Ltd is an unrelated and separate entity to London Stock Exchange-listed media and advertising company GVC Holdings Plc.

Simian Global PLC is the company headquartered in the UK, operating acquired business, strategy implementation, and working capital management services.

Friday, February 10, 2017

BVI-based RFW announced update on recapitalization transactions

RFW Banro Investments Limited, incorporated in the British Virgin Islands, announced that it or its affiliates will acquire direct or indirect beneficial ownership in an additional 278,138,715 common shares of Banro, pursuant to the support agreement entered into by RFW in respect of a plan of arrangement of Banro to effect a comprehensive recapitalization transaction.

Currently, RFW has direct or indirect ownership of 50,000,000 Common Shares, representing approximately 16.48% of the outstanding Common Shares, as well as ownership of warrants to acquire an additional 7,500,000 Common Shares, and US$20mln of preferred shares exchangeable for 29,256,766 Common Shares at a price of US$0.5673 per Common Share. Subject to the terms and conditions of the plan, the BVI company would have direct or indirect ownership of 328,138,715 Common Shares, which represent approximately 29.87% of the total amount of Common shares expected to be outstanding. Also, RFW agreed to purchae for cash up to US$50mln in principal amount of 10% senior secured notes.