Category Archives: BVI company holdings

BVI holding announced Results of General Meeting

Chaarat Gold Holdings Limited announced resolutions passed at the General Meeting held on 26 April 2019, according to which the company decided to extend the previously announced Capital Raising.

The BVI-registered gold mining company confirmed that to date gross proceeds made approximately US$1.34mln, from the issue of 3,433,897 new ordinary shares of USD 0.01 each at 30p per New Ordinary Share in the Placing. Also, there is the commitment to subscribe for US$10mln of Convertible Bonds which the company has already secured, as announced on 1 April 2019. The company expects to receive the subscription proceeds for the Convertible Bonds by 31 May 2019.

Admission of the New Ordinary Shares, which was applied for on the London Stock Exchange, is expected to be effective on 2 May 2019. Chaarat Gold Holdings received indication of additional demand for the Capital Raising., so it was decided to extend the closing date of the Placing and the Convertible Bond issue from 26 April 2019 to 3 May 2019.

Following the announcement made on 1 April 2019, the Company decided to increase the size of the Placing due to the demand from one of the leading global institutional investors.

Luxoft Holding reported results for fiscal Q3 2019

Luxoft Holding has announced its results for the fiscal third quarter of 2019, including a small year-over-year decline. BVI company’s performance is very much influenced by the planned acquisition by IT services and solutions provider DXC Technology. However, the US$2 billion acquisition deal is still subject to regulatory approval.

For the three months ended December 31, 2018, Luxoft’s revenue was near the low end of Luxoft’s autumn guidance, which named the range of US$230 million to US$235 million. Luxoft’s net income arrived at US$0.61 per share, down from US$0.89 in the same period last year. Adjusted EBITDA was US$32.6mln – a 18.5% decline as compared to the previous year period.

Top two accounts of Luxoft, UBS and Deutsche Bank, represented 24.9% of total revenue, down 9.5% from the same period last year. Top five accounts of the BVI company made 39% of revenue, down 7% from a year ago, and its top 10 accounts were 50.9% of revenue (down 6.3%).

Juvenescence Ltd raised US$46mln in funding

Investment company FastForward Innovations Ltd announced that its investee, BVI-based biotech firm Juvenescence Ltd, has completed the first part of its funding round, having raised US46mln at US$24.70 per share. In total, the BVI company plans to raise between US$100mln to US$125mln.

FastForward Chief Executive Lorne Abony said: “We are delighted with the progress Juvenescence is making with the pipeline of drugs, therapies and technologies they are developing. Having spent time with the company’s management in the past few weeks in San Francisco I share their optimism in relation to near-term potential of the company… The successful initial public offer of Age-X Therapeutics in which Juvenescence has a 46% interest, is a great example of the expertise Juvenescence brings to drug development companies.”

The price of the Series B funding values Juvenescence at US$400mln, which is 58% premium to the price at which FastForward invested in the company’s Series A funding.

Chaarat announced entering into new loan agreement

Chaarat Gold Holdings Limited announced that it has entered into a US$10 million loan agreement with a previous note holder in the company who is neither management nor a board member. The proceeds from the loan will be applied to BVI company’s aim of building a leading emerging markets gold company with initial focus on Central Asia and the FSU, and to support the acquisition announced in October this year.

The loan secures funding of US$10,000,000, and the guarantor is Chaarat’s subsidiary Zaav Holdings Limited. The loan is repayable after six months or nine months, at the company’s option. The total accrued interest will be fixed amount of 6.5% of the loan amount if the Loan is repaid within six months or 9.75% of the loan amount if the Loan is repaid within nine months.