Saturday, June 10, 2017

JA Solar received takeover bid from BVI company

JA Solar Holdings Co., world leading manufacturer of high-performance solar power products, received a non-binding takeover offer from its Chief Executive Baofang Jin, and Jinglong Group Co. Ltd., a British Virgin Islands company of which Mr. Baofang Jin is the sole director. The offer is for US$6.80 in cash per American depositary share, which represents five ordinary shares, or US$1.36 per ordinary share.

The offer will be reviewed with financial and legal advisers. It is said in the statement issued by JA Solar Holdings: "The special committee cautions the company's shareholders and others considering trading in the company's securities that no decision has been made by the special committee or the board with respect to the revised proposal."

Friday, June 2, 2017

BVI oil and gas company to be merged with Carlaw Capital V Corp.

Carlaw Capital V Corp. has entered into a definitive agreement with Charrua Hydrocarbons Company Ltd, a privately-held oil and gas company, incorporated under the laws of the British Virgin Islands. Under the general terms and conditions of the acquisition agreement, Carlaw will acquire all of the issued and outstanding shares of the BVI company, by way of a three-cornered merger pursuant to the provisions of the BVI Business Companies Act.

According to the merger agreement Charrua, Carlaw and its wholly-owned subsidiary to be incorporated under the BVI Act will merge to form a new merged corporation, which will be a wholly-owned subsidiary of Carlaw.

The proposed transaction will constitute a reverse take-over of Carlaw by Charrua where the existing shareholders of Charrua will own a majority of the outstanding common shares in the capital of Carlaw. The transaction is expected to constitute Carlaw's "qualifying transaction" pursuant to the policies of the TSX Venture Exchange; it will not constitute a non-arm's length qualifying transaction or a related party transaction.

Charrua is a privately held company focused on producing assets and development assets with proven reserves and exploration potential onshore in Argentina and Peru.