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BVI company announced results of the annual meeting of shareholders

BVI-registered Luxoft Holding, Inc., the global provider of software development services and IT solutions, announced the results of its Annual Meeting of Shareholders held on September 8, 2017. On August 11, 2017, which is the record date for the Annual Meeting, 22,135,741 Class A ordinary shares and 11,436,022 Class B ordinary shares were outstanding. here were 16,809,378 Class A ordinary shares and 11,436,022 Class B ordinary shares present in person or represented by proxy at the Annual Meeting.

There were two items discussed by shareholders at the Annual Meeting: the reelection of the current directors to serve until the next annual meeting, or until the election of their successors, and ratification of the appointment of Ernst & Young LLC as BVI company’s independent registered public accounting firm for the fiscal year ending March 31, 2018. Both matters were approved by more than 95 per cent of the votes cast.

Orca Exploration reported financial results for period ended June 30, 2017

BVI-registered Orca Exploration Group Inc. has filed its consolidated interim financial statements for the three and six month periods ended June 30, 2017, with the Canadian securities regulatory authorities. According to the company’s report, its revenue for the three months was US$14.4mln (1 per cent decrease from the second quarter), and for the six months it was US$30.0mln (1 per cent decrease for the same period of the previous year).

For the third quarter, there was a net loss of US$0.6mln, or US$0.02 loss per share diluted, as compared to net income of US$1.5mln in the second quarter of 2016, or US$0.04 per share diluted. For the six months ended June 30, 2017, the BVI company reported net income of US$2.2mln, or US$0.06 per share diluted, compared to US$4.2mln net loss, or US$0.12 loss per share diluted, for the first six months of 2016.

Cash flow from operations for the reported three months of 2017 decreased by 32 per cent to US$4.6mln, or US$0.13 per share diluted, as compared to Q2 2016, and for the six months ended June 30, 2017 there was a decrease by 33 per cent to US$10.5mln (US$0.30 per share diluted), as compared to the same prior year period.

Total capital expenditures for the quarter were US$0.4mln (US$2.8mln in Q2 2016), and for the six months they made US$7.8mln (US$16.9mln for the comparable prior year period). The closing cash at June 30, 2017 was US$98.5mln ( US$80.9mln at December 31, 2016).

Madalena Energy assigned convertible loan to BVI-based company

Canadian focused oil and gas company Madalena Energy Inc. made an announcement that Hispania Petroleum S.A. has assigned the convertible loan, provided by Hispania to the company, to KD Energy International Capital Limited, incorporated in the British Virgin Islands.

The Canadian company has provided its consent to the assignment, which is required pursuant to the terms of the Capex Loan, as the assignment was undertaken by Hispania and BVI-based KD Energy for succession planning of holding of all of the issued and outstanding common shares of each Hispania and KD Energy.

Under the terms of the loan, KD Energy will acquire or have the possibility to acquire more
than 20 per cent of the outstanding common shares in the capital of Madalena and become the control person of the company. It is expected that Madalena shareholder approval for the transaction will be sought at the company’s upcoming annual meeting of shareholders.

British source provides financial overview of BVI banking sector

According to the study made by British company Capital Economics and funded by the BVI government, the banks operating in the jurisdiction are owed US$919 million which are loans to the customers, and more than 90 per cent of the customers are from the BVI territory.

The report stated that there are six deposit-taking licences issued by the regulatory authority, and banking services are mostly limited to deposit taking and direct lending. The sources of most part of deposits into the BVI banks are domestic. Along with customer deposits, which made about 66% of funding on the BVI banking balance sheet in 2015, there are US$189 million of interbank deposits and US$623 million of issued debt, shareholder’s equity and other instruments. As at September 2015, the BVI banking system has US$2.4 billion in assets.

Capital Economics reported that much of the funding collected by BVI banks goes to their Caribbean and Latin America’s parents operations, so BVI is providing liquidity in US dollars to the neighbouring economies.

The banking sector of the British Virgin Islands employs 270 people. In 2016 it contributed US$34 million in gross value added, and paid US$5 million in taxes.