Category Archives: BVI company acquisitions

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.

BVI-registered Northwestern Enterprises acquires shares of Aura Minerals

Northwestern Enterprises Ltd., the company domiciled in the British Virgin Islands, has entered into binding agreements with three separate sellers with the purpose to acquire ownership of 83,532,030 common shares of Aura Minerals Inc. These shares, representing approximately 29.2 per cent of the issued and outstanding Aura Shares, will be purchased by the BVI company in private transactions for US$0.09 per share, on or before April 30, 2016, subject to customary closing conditions.

Also, 53,828,874 Aura Shares, representing approximately 18.8 per cent of the issued and outstanding Aura Shares, will be transferred from Sercor Ltd. to Northwestern Enterprises. Both companies are controlled by one person, so beneficial ownership of the shares will not change.

After the above deals will have effect, the BVI entity will hold 137,360,904 shares of Aura Minerals, representing approximately 48 per cent of the total shares.

Atlas Mara reported financial results for period ended 31 December 2014

Atlas Mara Limited, African financial services institution, incorporated in the British Virgin Islands, announced its unaudited financial results for the thirteen months period ended 31 December 2014. During this period, the company raised US$625 million in equity capital by way of the company’s IPO and private placement. By making four acquisitions, the BVI company established its presence in seven sub-Saharan African countries, and some of Africa’s leading economic trade blocs.

Also, during this year Atlas Mara Limited received more than US$125 million of development finance institution funding to facilitate asset growth at operating subsidiaries and reduce cost of funding.

The BVI company reported a US$63.1 million loss, based on unaudited results. The adjusted pro forma net profit made US$7.2 million, excluding non-recurring transaction and integration expenses and including acquisitions. As at the end of the year, book value per share was US$9.73, tangible book value per share was US$7.54.

Orca Exploration issued information about discussions with third parties

In July, BVI-based Orca Exploration Group Inc. issued press release as an answer to speculations regarding potential sale of the company, where announced that it is in discussions with the third parties which have made unsolicited approaches to the company relating to its sale, asset disposal, strategic investments and other transactions.

The company stated in the press release that it has not entered into any agreement and cannot assure that these discussions will lead to a binding agreement. Also, Orca will not make further announcements regarding these proposals until either an agreement has been reached or discussions are terminated.

The BVI group also announced that it has recently received a US$5.96 million payment from TANESCO against arrears. Currently, TANESCO owes Orca Exploration US$52.4 million of which US$46.0 million is overdue, and Orca continues to pursue the full repayment of arrears.