It was reported by the Board of the BVI-registered company Premier African Minerals Limited that together with Regent Mercantile Holdings Limited they agreed to extend the repayment terms of the convertible loan note for US$350,000, which was entered into in June 2019.
Under the terms of the Loan Agreement and related Subscription Agreement, signed with Regent, the BVI company had to make two equal payments on 1 August 2019 and 1 September 2019. In case Premier failed to make direct repayment of the Loan Agreement, Regent could convert any percentage of payment into new shares of the BVI company, at a conversion price equal to 90 per cent of the daily volume weighted average price.
According to the extension agreement, the Premier will have to repay the principal amount including any interest under the Loan Agreement until 31 January 2020. In consideration of the repayment extension for the period, Regent will have the right to elect a Conversion of the Principal Amount. Upon the expiry of the period the BVI company will have 5 days to settle any outstanding amounts under the Loan Agreement, including all outstanding interest thereon.
Lenta Ltd, one of the largest retail chains in Russia, incorporated in the British Virgin Islands, announced its reviewed consolidated IFRS results for the half year ending 30 June 2019. In the reported period, total sales grew 3.1 per cent, including retail sales growth of 7.2 per cent and wholesale decline of 62.2 per cent. Gross margin of 22.5 per cent increased as a share of low-margin wholesales business declined in total sales, and retail margin remained almost flat. SG&A rose to 19.1 per cent of sales.
Net interest expenses were Rub 4.7bn, an increase of 1.8 per cent compared to 1H 2018; net loss was Rub 4.5bn with negative Net Profit margin of 2.2% compared to Net Profit of Rub 5.2bn in 1H 2018 with Net Profit margin of 2.7%. Net cash generated from operating activities before net interest and income taxes was Rub 6.1bn compared to Rub 5.1bn in 1H 2018 with an increase of 20.8%.
As of 30 June 2019, Lenta’s capital expenditures were Rub 5.6bn, a decrease of 46.7% compared to 1H 2018 (Rub 10.5bn), and net debt was Rub 99.3bn, compared to Rub 93.3bn at the end of 2018.
In the first half of 2019, a combined total of 78.73% of Lenta’s issued and outstanding voting shares were purchased by Severgroup LLC from TPG, EBRD and minority shareholders. The four vacated seats on the Board were filled in with the nominees of Severgroup.
Origin Agritech Limited, BVI-registered agriculture technology and rural e-commerce company in China, published its unaudited financial results for six months period ended March 31, 2019. The company reported net revenue of RMB82.2 mln (US$12.2 mln) during this period, compared to RMB3.6 mln for the first half year of Financial Year 2018. The total gross profit of the seed business in the first half of FY2019 was RMB19.0 mln (US$2.8 mln).
The BVI company reported total operating expenses for the six months ended March 31, 2019, which made RMB18.1 mln (US$2.7 mln), less by 57% from RMB42.0 mln for the same period of the previous year. The reason for the decrease was the turnaround effort in the general and administrative expenses. Due to company’s returning to the seed business, its selling and marketing expenses for the reported period were RMB2.5 mln (US$0.4 mln), compared to RMB0.7 million a year ago. General and administrative expenses declined 70% and made RMB8.4 mln (US$1.3 mln), and research and development expenses were RMB7.1 mln (US$1.0 mln), down from RMB13.1 mln for the first half of FY2018.
Total operating income of the company for the first six months of FY2019 was RMB0.9 mln (US$0.1 mln), which is a significant change from the operating loss of RMB42.8mln in the previous year. Net income of Origin for the reported period of 2019 was RMB1.2mln (US$0.2mln), as compared to the net loss of RMB25.3 million in the first half of FY2018.
As of March 31, 2019, cash and cash equivalents were RMB5.8 million (US$0.8 million), an increase of RMB3.8 million from the cash and cash equivalents of RMB2.0 million as of September 30, 2018.
Orca Exploration Group Inc., the BVI-registered international public company engaged in natural gas exploration, development and supply in Tanzania, announced its intention to start a Normal Course Issuer Bid for the purchase of its Class B subordinate voting shares. The Bid is subject to the approval of the TSX Venture Exchange, and will come into effect from June 14, 2019 to June 14, 2020.
Purchases made pursuant to the Bid will not exceed 1,000,000 shares, which represent approximately 3 per cent of the total outstanding class B shares. Purchases pursuant to the Bid will be made by Mackie Research Capital Corporation, under the terms of the automatic purchase plan which allows Mackie to repurchase shares under the Bid during the Corporation’s self-imposed blackout periods.
The automatic share purchase plan will be implemented for a 12 month term from June 14, 2019, and is subject to earlier termination by Orca Exploration.