British Virgin Islands-domiciled exploration company Black Marlin Energy Holdings Limited has announced that on September 21, 2010 it received the approval of the majority of Afren shareholders for the proposed acquisition of Black Marlin by Afren. Earlier this year, the BVI holding entered into a definitive agreement with Afren plc, providing for this acquisition. Upon completion of the arrangement, Black Marlin is to become a wholly-owned subsidiary of Afren, pursuant to a scheme of arrangement under the law of the British Virgin Islands.
Black Marlin also provided an update to the Arrangement to the shareholders of the BVI company.
The final court hearing to approve the arrangement is expected to be held on October 6, 2010, and the arrangement is expected to take effect from October 8, 2010. On the effective date, the shares of the Black Marlin Energy will be delisted from the TSXV. In addition, Black Marlin intends to close the register of shareholders maintained by Olympia Trust Company after close of business on the business day prior to the effective date.
Wednesday, September 29, 2010
Wednesday, September 22, 2010
BVI-registered company acquires 9.7 percent of Bank of Cyprus
On September 21, Bank of Cyprus announced that British Virgin Islands-registered company Odella Resources had raised its stake in the bank to 9.7 percent, by acquiring shares from the bank's employee pension funds and on the market. The BVI company had acquired 7.50 percent of the bank at 4.90 euro per share from the bank's employee pension funds, and the rest amount of shares on the Athens and Cyprus stock exchanges at an average price of 4.07 euro per share.
According to the statement of the Bank of Cyprus, BVI-registered Odella Resources is owned by a Cypriot trust with foreign interests. The new shareholders who have no other banking-related interest have expressed their confidence in the prospects of the bank, which is actually the largest in Cyprus, with presence in Greece and expanding presence in eastern Europe and Russia.
After Tuesday's transaction with Odella Resources, the bank's employee provident funds had reduced their shareholding from 7.6 percent to 0.1 percent.
The Bank of Cyprus also had been notified the pension funds have also entered into an agreement to sell 29,400,000 nil-paid rights to Odella Resources at an average price of 0.8286 euro per right, which corresponds to 8,400,000 new shares upon their exercise.
According to the statement of the Bank of Cyprus, BVI-registered Odella Resources is owned by a Cypriot trust with foreign interests. The new shareholders who have no other banking-related interest have expressed their confidence in the prospects of the bank, which is actually the largest in Cyprus, with presence in Greece and expanding presence in eastern Europe and Russia.
After Tuesday's transaction with Odella Resources, the bank's employee provident funds had reduced their shareholding from 7.6 percent to 0.1 percent.
The Bank of Cyprus also had been notified the pension funds have also entered into an agreement to sell 29,400,000 nil-paid rights to Odella Resources at an average price of 0.8286 euro per right, which corresponds to 8,400,000 new shares upon their exercise.
Wednesday, September 15, 2010
CIC Energy receives takeover proposal from Indian company
CIC Energy Corp., a British Virgin Islands-registered company engaged in the exploration, development and operation of coal properties in Southern Africa, and trading on the stock exchanges of Toronto and Botswana, announced that it has received a takeover bid from an unidentified Indian conglomerate. In the takeover proposal, the Indian company offered an “indicative price of US$8.50 per share” for each of BVI company's shares, and with almost 52.6 million shares of CIC Energy this would make US$447 million. This is almost three times higher than the market value of the BVI company, which is around US$166.4 million by this day.
It is said in the press-release of CIC Energy that, along with the other terms and conditions of the proposal, the price will be subject to negotiation and may change. The committee of independent directors is formed to evaluate the proposal.
According to CIC Energy, the unidentified Indian conglomerate, as well as the BVI company, has interests in coal mining and power generation.
It is said in the press-release of CIC Energy that, along with the other terms and conditions of the proposal, the price will be subject to negotiation and may change. The committee of independent directors is formed to evaluate the proposal.
According to CIC Energy, the unidentified Indian conglomerate, as well as the BVI company, has interests in coal mining and power generation.
Monday, September 6, 2010
China Mobile Communications to invest US$7.0m in BVI company
Taiwan-based mobile telecommunications company Far EasTone Telecommunications (FET) announced that it will invest US$7.0 million in British Virgin Islands-registered company Yuan Dong Technology, through its wholly-owned subsidiary FarEastern New Diligent Company also based in BVI.
The purpose of the investment is to acquire 55% stake in FarEastern New Century Information Technology (Beijing), which is wholly-owned subsidiary of Yuan Dong. FarEastern New Century Information Technology is a China-based developer of software and provider of IT system integration services, and this investment of Far EasTone Telecommunications is the first step of the telecom carrier to enter the Chinese market. FarEastern New Century will step into production of digital content in line with FET's cooperation with China Mobile Communications to provide value-added services for customers of China Mobile.
The purpose of the investment is to acquire 55% stake in FarEastern New Century Information Technology (Beijing), which is wholly-owned subsidiary of Yuan Dong. FarEastern New Century Information Technology is a China-based developer of software and provider of IT system integration services, and this investment of Far EasTone Telecommunications is the first step of the telecom carrier to enter the Chinese market. FarEastern New Century will step into production of digital content in line with FET's cooperation with China Mobile Communications to provide value-added services for customers of China Mobile.
Monday, August 30, 2010
Columbus Energy sold its 5% stake in BVI-registered Columbus Oil and Gas
Canada-based company Columbus Energy Limited entered into agreement according to which it sells its interest in British Virgin Islands-registered company Columbus Oil and Gas to Robert Charles Laslett, for a cash payment of US$42,500 and US$2,975,000 in royalty payments. The transaction is subject to regulatory approval.
Columbus Energy Limited was the owner of 5% interest in Columbus Oil and Gas, which was purchased in July 2007 for cash payment of US$1,100,000, and Mr. Laslett is the majority shareholder in the BVI company. Columbus Oil and Gas (BVI) has a 100% interest in Columbus (Tunisia) Oil and Gas, Inc. incorporated under the Tunisia law.
Columbus Energy Limited was the owner of 5% interest in Columbus Oil and Gas, which was purchased in July 2007 for cash payment of US$1,100,000, and Mr. Laslett is the majority shareholder in the BVI company. Columbus Oil and Gas (BVI) has a 100% interest in Columbus (Tunisia) Oil and Gas, Inc. incorporated under the Tunisia law.
Monday, August 23, 2010
SinoCoking's subsidiary enters into agreement with two mining companies in Henan Province
SinoCoking Coal and Coke Chemical Industries, Inc., coal and coke processor in central China, making its operations through its British Virgin Islands-registered subsidiary Top Favour Limited, announced that its subsidiary Pingdingshan Hongli Coal & Coke Co., Ltd. entered into materially definitive agrement to acquire 60 per cent of equity interest of mining companies Baofeng Shuangrui Coal Co., Ltd. and Baofeng Xingsheng Coal Co., Ltd. The coalmines operated by these companies are located in Baofeng County, Henan Province. Total consideration of agreements is approximately US$12.4 million.
Under the terms of the agreements, SinoCoking Coal's subsidiary will pay the owners of each company an aggregate purchase price of US$6.2 million in cash, of which approximately US$1.5 million was a refundable deposit to examine the financials, licenses, and reserve data. Pingdingshan Hongli will keep current management and staff of both mining companies, and does not have plans to expand their production capacity, which eliminates the need for additional capital expenditures. The company will evaluate purchasing the remaining 40% minority interests in the future.
Mr. Jianhua Lv, Chairman and CEO of SinoCoking and the owner of Pingdingshan Hongli, said that the company is planning to continue to leverage its status as a coalmine consolidator in Henan Province, and expects to announce additional acquisitions in the quarter ending December 31, 2010.
Under the terms of the agreements, SinoCoking Coal's subsidiary will pay the owners of each company an aggregate purchase price of US$6.2 million in cash, of which approximately US$1.5 million was a refundable deposit to examine the financials, licenses, and reserve data. Pingdingshan Hongli will keep current management and staff of both mining companies, and does not have plans to expand their production capacity, which eliminates the need for additional capital expenditures. The company will evaluate purchasing the remaining 40% minority interests in the future.
Mr. Jianhua Lv, Chairman and CEO of SinoCoking and the owner of Pingdingshan Hongli, said that the company is planning to continue to leverage its status as a coalmine consolidator in Henan Province, and expects to announce additional acquisitions in the quarter ending December 31, 2010.
Saturday, August 14, 2010
GMR Energy Limited raises its holding in Homeland through the Rights Offering
BVI-registered Homeland Energy Group Ltd., a coal producer focused on exploration and development in South Africa, concluded its Rights Offering which was announced in June 2010. The company issued a total of 169,088,393 common shares for total proceeds of $8,454,419.65.
BVI company's largest shareholder, GMR Energy Limited, acquired total amount of 159,862,800 common shares. As a result of this transaction, GMR became the holder of 263,119,895 common shares of Homeland Energy, which represent approximately 55.84% of its common shares. GMR's subsidiary Crossridge Investments Limited owns and controls 30,096,012 common shares of the company. So, after the transaction both GMR and Crossridge hold an aggregate amount of 293,215,907 common shares of Homeland Energy, which represent 62.22% of its common shares.
According to the press release, GMR has acquired the shares for long term investment purposes, and currently does not intend to acquire ownership or control of any additional shares of the BVI company.
The proceeds of the Rights Offering will be used to repay the $7,993,140 loan made by GMR's subsidiary, and for general working capital.
BVI company's largest shareholder, GMR Energy Limited, acquired total amount of 159,862,800 common shares. As a result of this transaction, GMR became the holder of 263,119,895 common shares of Homeland Energy, which represent approximately 55.84% of its common shares. GMR's subsidiary Crossridge Investments Limited owns and controls 30,096,012 common shares of the company. So, after the transaction both GMR and Crossridge hold an aggregate amount of 293,215,907 common shares of Homeland Energy, which represent 62.22% of its common shares.
According to the press release, GMR has acquired the shares for long term investment purposes, and currently does not intend to acquire ownership or control of any additional shares of the BVI company.
The proceeds of the Rights Offering will be used to repay the $7,993,140 loan made by GMR's subsidiary, and for general working capital.
Friday, August 6, 2010
KCC Capital exploration enters into LOI with BVI company
Canada-based capital pool company KCC Capital Corporation, incorporated on August 2, 2007 and publicly listed on January 31, 2008, entered into a letter of intent with British Virgin Islands-registered company Feng Prosperous International Limited. KCC Capital's Qualifying Transaction relates to the acquisition of a private Chinese company Shenyang Lufeng Foodstuff Co., Ltd. (through its holding company), a private HK-based company Lufeng Development Limited, and its holding company - British Virgin Islands private company Lufeng International Limited.
Lufeng companies are working in the Chinese food industry, and are principally engaged in raising, slaughtering and processing of beef cattle, as well as the production, sale, marketing, distribution and export of beef products, mainly in the city of Shenyang, Liaoning province of China. The companies also export products to the Middle East region.
Under the terms of the acquisition transaction, KCC will acquire control of Lufeng, for a consideration of such number of common shares that represents 97.12% of the issued and outstanding shares of the Canadian company, after completion of the acquisition. The consideration will be settled between the parties prior to executing the definitive agreement for the acquisition based on the fact that the current KCC shareholders will own approximately 2.88% of Lufeng.
Also, KCC will complete a concurrent offering prior to the closing of the transaction. It is expected that the company will complete a share consolidation prior to the closing of the concurrent offering, as a result of which company's shareholders will hold approximately 575,868 common shares immediately prior to the acquisition, and that the existing holders of company options will hold options to acquire approximately 64,953 common shares of the Company at an exercise price of approximately CAN$1.493 per share.
KCC Capital will re-domicile from British Columbia to the Cayman Islands or other jurisdiction prior to completion of the acquisition transaction.
Lufeng companies are working in the Chinese food industry, and are principally engaged in raising, slaughtering and processing of beef cattle, as well as the production, sale, marketing, distribution and export of beef products, mainly in the city of Shenyang, Liaoning province of China. The companies also export products to the Middle East region.
Under the terms of the acquisition transaction, KCC will acquire control of Lufeng, for a consideration of such number of common shares that represents 97.12% of the issued and outstanding shares of the Canadian company, after completion of the acquisition. The consideration will be settled between the parties prior to executing the definitive agreement for the acquisition based on the fact that the current KCC shareholders will own approximately 2.88% of Lufeng.
Also, KCC will complete a concurrent offering prior to the closing of the transaction. It is expected that the company will complete a share consolidation prior to the closing of the concurrent offering, as a result of which company's shareholders will hold approximately 575,868 common shares immediately prior to the acquisition, and that the existing holders of company options will hold options to acquire approximately 64,953 common shares of the Company at an exercise price of approximately CAN$1.493 per share.
KCC Capital will re-domicile from British Columbia to the Cayman Islands or other jurisdiction prior to completion of the acquisition transaction.
Thursday, July 29, 2010
BVI company invests US$10mln in US biofuels technology corporation
According to the announcement of the Oklahoma-based biofuels technology company Syntroleum Corp., a British Virgin Islands corporation Energy Opportunity Ltd. will acquire Syntroleum's common stock up to US$10 million worth, within a 24-month period.
By terms of the agreement, the BVI company will be limited to 4.9 percent of all shares of Syntroleum common stock. No single required purchase will exceed 2.5 percent of Syntroleum's market capitalization.
Market capitalization of the US company is currently estimated at about US$142 million. With its partner Tyson Foods Inc., the company plans to start operations on the Dynamic Fuels biodiesel plant in Geismar, La.
By terms of the agreement, the BVI company will be limited to 4.9 percent of all shares of Syntroleum common stock. No single required purchase will exceed 2.5 percent of Syntroleum's market capitalization.
Market capitalization of the US company is currently estimated at about US$142 million. With its partner Tyson Foods Inc., the company plans to start operations on the Dynamic Fuels biodiesel plant in Geismar, La.
Saturday, July 24, 2010
Chaarat issues announcement on the acquisition of Kyrex Limited
BVI company Chaarat Gold Holdings Ltd announced that it has received acceptances from shareholders representing more than 75 per cent of the issued share capital of Kyrex Limited, concerning the acquisition of Kyrex which was announced on 21 June 2010.
In accordance with the provisions in the articles of association of Kyrex, Chaarat is able to acquire the remaining issued and to be issued shares of Kyrex Limited.
In accordance with the provisions in the articles of association of Kyrex, Chaarat is able to acquire the remaining issued and to be issued shares of Kyrex Limited.
Monday, July 19, 2010
BVI company acquires shares of NSGold Corporation
British Virgin Islands-based private company Van Hoof Industrial Holdings Ltd. made an announcement that on June 18 it acquired ownership of 9,601,600 common shares of NSGold Corporation. This amount represents 31.89% of the full stock of common shares, both issued and outstanding, of NSGold. Of them, 8,201,600 shares were acquired by Van Hoof Industrial Holdings at a deemed price of $0.25 per share, pursuant to a Qualifying Transaction.
The BVI holding also acquired 700,000 common share purchase warrants of NSGold, representing 4.79% of its issued and outstanding warrants. The shares and warrants acquired by Van Hoof in the private placement are subject to a “hold period” which is to expire on October 19, 2010.
By terms of the purchase agreement, Van Hoof Industrial Holdings Ltd. may from time to time acquire ownership, control or direction over additional securities of NSGold Corporation. The shares and warrants of NSGold Corporation were acquired by the BVI holding for investment purposes.
The BVI holding also acquired 700,000 common share purchase warrants of NSGold, representing 4.79% of its issued and outstanding warrants. The shares and warrants acquired by Van Hoof in the private placement are subject to a “hold period” which is to expire on October 19, 2010.
By terms of the purchase agreement, Van Hoof Industrial Holdings Ltd. may from time to time acquire ownership, control or direction over additional securities of NSGold Corporation. The shares and warrants of NSGold Corporation were acquired by the BVI holding for investment purposes.
Monday, July 12, 2010
CanAsia Financial entered into agreement with BVI-registered Mondeo Development Group
CanAsia Financial Inc. entered in an arm's length agreement dated May 1, 2010 with HK resident Mr. Jacky Chak-Sun Cheng and British Virgin Islands-registered private company Mondeo Development Group Ltd. Under the terms of this agreement, CanAsia will acquire through a series of transactions all of the issued and outstanding securities of the BVI company, and, indirectly, all the securities of Mondeo's subsidiaries.
Currently Mondeo has 360 common shares held by Mr. Cheng. The BVI company owns all of the issued and outstanding securities of Pacific Optical Technologies Ltd. and Pacific Optical owns all of the issued and outstanding securities of Pacific Optical Technologies Ltd. It is expected that prior to entering into the definitive agreement governing the transaction Mr. Cheng will sell 70 Mondeo shares to various arm's length investors, for cash consideration of $947,917. Each investor will also enter into agreement with CanAsia whereby they agree to sell their shares in BVI company to CanAsia.
On May 21, pursuant to the agreement, Mr. Cheng invested HK$8 million (approximately CDN$1 million) in consideration for a 38.4% equity stake in Pacific Shenzhen.
The Transaction will be Company's "Qualifying Transaction" in accordance with the policies of the TSX Venture Exchange. Completion of the Transaction is expected to take place on or before July 31, 2010. After closing, CanAsia will be the "Resulting Issuer" operating in the technology sector and the operations of Mondeo will be the Company's main business.
Currently Mondeo has 360 common shares held by Mr. Cheng. The BVI company owns all of the issued and outstanding securities of Pacific Optical Technologies Ltd. and Pacific Optical owns all of the issued and outstanding securities of Pacific Optical Technologies Ltd. It is expected that prior to entering into the definitive agreement governing the transaction Mr. Cheng will sell 70 Mondeo shares to various arm's length investors, for cash consideration of $947,917. Each investor will also enter into agreement with CanAsia whereby they agree to sell their shares in BVI company to CanAsia.
On May 21, pursuant to the agreement, Mr. Cheng invested HK$8 million (approximately CDN$1 million) in consideration for a 38.4% equity stake in Pacific Shenzhen.
The Transaction will be Company's "Qualifying Transaction" in accordance with the policies of the TSX Venture Exchange. Completion of the Transaction is expected to take place on or before July 31, 2010. After closing, CanAsia will be the "Resulting Issuer" operating in the technology sector and the operations of Mondeo will be the Company's main business.
Friday, July 9, 2010
BVI-registered holding signs MoU to acquire full stake in COG Holding
Sino Invent Holdings Limited, a British Virgin Islands-registered company and a wholly-owned subsidiary of China Oil And Gas Group Limited, signed a memorandum of understanding with Sino Advance Holding Limited, an investment holding company also incorporated in BVI. Subject to the MoU, Sino Invent will acquire a 100% stake in HK-based China Oil and Gas Group (Holdings) Limited (COG Holdings). Pursuant to the agreement, China Oil and Gas will pay a refundable deposit in the amount of US$25.66 million to Sino Advance.
China Oil and Gas Group is an investment holding company engaged in natural gas and energy related business. COG Holdings is holding 70% stake in the joint venture company Shandong Shuanghe Mining, engaged in the exploration and exploitation of coal mines.
China Oil and Gas Group is an investment holding company engaged in natural gas and energy related business. COG Holdings is holding 70% stake in the joint venture company Shandong Shuanghe Mining, engaged in the exploration and exploitation of coal mines.
Monday, July 5, 2010
Canfe Ventures signed letter agreement with BVI-registered companies
A capital pool company Canfe Ventures Ltd. entered into a letter agreement with companies Fame Oriented Holding Limited, Baron Natural Resources Co. Ltd. (BNR) and Eagle Action Co. Ltd. (EA), all of them being registered in the British Virgin Islands, to acquire 87.5% of the issued and outstanding shares of Fame. The agreement was signed on June 4, 2010.
BVI company Fame Oriented Holding and its wholly-owned subsidiary Nevada-incorporated Golden Fame (USA) Inc. are privately held junior mining companies holding the rights to earn a 100% interest in the Arizona-located Goldridge Property.
By terms of the agreement, Canfe shall issue to the vendors 16,000,000 of its common shares at a deemed price of US$0.15 per share. That makes approximately 53% of the outstanding shares of Canfe immediately after the closing of the transaction. Upon completion of transaction, the BVI company shall repay BNR's shareholder loan totaling US$400,000.
Canfe will issue 1,016,667 common shares to an arm's length party as a finder's fee in connection with the transaction.
Trading of the common shares of the company has been halted in connection with this news release, and will recommence at such time as the TSX-V may determine, upon the completion of certain requirements pursuant to TSX-V Policy 2.4.
BVI company Fame Oriented Holding and its wholly-owned subsidiary Nevada-incorporated Golden Fame (USA) Inc. are privately held junior mining companies holding the rights to earn a 100% interest in the Arizona-located Goldridge Property.
By terms of the agreement, Canfe shall issue to the vendors 16,000,000 of its common shares at a deemed price of US$0.15 per share. That makes approximately 53% of the outstanding shares of Canfe immediately after the closing of the transaction. Upon completion of transaction, the BVI company shall repay BNR's shareholder loan totaling US$400,000.
Canfe will issue 1,016,667 common shares to an arm's length party as a finder's fee in connection with the transaction.
Trading of the common shares of the company has been halted in connection with this news release, and will recommence at such time as the TSX-V may determine, upon the completion of certain requirements pursuant to TSX-V Policy 2.4.
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