Category Archives: BVI company acquisitions

21Vianet Group entered into share purchase agreement with BVI-registered Personal Group Limited

21Vianet Group, Inc., a leading carrier- and cloud-neutral Internet data center services provider in China, entered into an agreement with Personal Group Limited, the company registered in the British Virgin Islands and wholly owned by Mr. Sheng Chen, the Executive Chairman of the Board of Directors of 21Vianet Group. Under the terms of the agreement, the Chinese company will issue up to 60,000 newly created Class C ordinary shares to Personal Group Limited, at a price of US$1.35 per share and subject to certain existing shareholders’ participation right. The issuance has been approved by the company’s audit committee and board of directors.

Under the investor right agreement, two of the existing shareholders of 21Vianet Group, King Venture Holdings Limited and Xiaomi Ventures Limited, have the participation right to subscribe up to 5,049 and 1,468 Class C ordinary shares, respectively, on the same terms as the Purchaser; if their participation right will be exercised, the number of shares issued to the BVI company will be reduced accordingly.

Orca Exploration Group planning to start Normal Course Issuer Bid

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.

BVI-based Juvenescence Ltd entered into share purchase agreement with AgeX Therapeutics

BVI-registered Juvenescence Limited, a global leader in developing therapeutics focused on extending human age, signed a strategic agreement with AgeX Therapeutics, according to which 14.4mln shares of AgeX will be purchased by the BVI corporation from clinical-stage biotechnology company BioTime, Inc. 50% of the purchase price of US$43.2mln will be paid to BioTime in cash, and the second half of the sum will be a 2-year convertible/redeemable note with an annual interest rate of 7%.

Greg Bailey, the CEO of Juvenescence, has said in his comments: “BioTime and AgeX have been trail blazers in regenerative medicine. The assets they have created with their lead scientist and the CEO of AgeX Mike West are remarkable, both for the unique qualities of their programs, but also for the breadth of cell lines and IP… Furthermore, we feel it is a great fit with the Juvenescence team of drug developers and scientists. First and foremost, we look forward to developing and bringing products to the patients as novel treatments to potentially offset some of the maladies of getting old.”

Management of Juvenescence Limited, through their previous roles in pharmaceutical companies with marketed products, have taken multiple products to commercialization with annual peak sales being over US$70 billion. It has sourced and created a pipeline of therapeutic candidates, all of which have the potential to positively modify aging.

BVI company made US$28mln offer to buy stores of Vitamin World

Valuable Hero International, the British Virgin Islands-registered company which is an afiiliate of a Chinese dairy producer Feihe International Inc., made a US$28 million offer to acquire 156 remaining stores of Vitamin World, the Holbrook-based retail chain that filed for bankruptcy protection in September 2017.

Beside paying US$28 million cash, the BVI company according to the new bid will also assume liabilities of about US$1.2 million for employees’ accrued vacation and sick days, and pay half the costs related to property leases that exceed US$2.4 million.

This bid followed the previous US$26 million bid with Holbrook-based Latium Enterprises which fell through. The expected closing date for the current one with Valuable Hero is on or before December 31, 2017. Under the agreement, the BVI company would receive a “break-up fee” of US$500,000 and expenses of up to US$350,000 in case the transaction is not consummated.

Vitamin World was previously owned by Nature’s Bounty Co., which sold 90% of the chain in February 2016 to Manhattan private equity firm Centre Lane Partners LLC for about US$25 million.