Category Archives: Sales of shares

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.

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.

Orca Exploration Group announced completion of the first tranche of investment

Orca Exploration Group announced on 16 January 2018 that the escrow release conditions have been met regarding the first tranche of investment by Swala Oil & Gas in the Orca Group. The definitive agreements for the US$130 million investment were released, and the first tranche is now complete.

Under the first tranche, the BVI Group sold 7.93% of shares that were held in PAE PanAfrican Energy Corporation to Swala (PAEM) Limited, a wholly-owned subsidiary of Swala, for US$25,782,250 (or US$21,022,450 net after some purchase adjustments), which is payable in US$17,055,950 cash and the right to receive either US$3,966,500 in Swala convertible preferred shares by 2 March 2018, or US$3,966,500 in cash if shares are not issued by that date.

Orca Exploration also entered into an amendment and consent letter with PanAfrican Energy Tanzania Limited (PAET) and International Finance Corporation (IFC), as part of the agreement. According to this agreement, PAET will prepay the IFC loan facility in part no later than 10 December 2019. As part of the amendment and consent letter, Orca guaranteed the prepayments owed by PAET to IFC. After the first tranche, BVI Group’s guarantee covers US$4,759,800 in prepayments, and would cover an aggregate of US$24,000,000 in prepayments due 10 December 2019.

UTi Worldwide announced closing of private offerings

UTi Worldwide Inc., an international, non-asset-based supply chain services and solutions company incorporated in the British Virgin Islands, has completed both of its private offerings. The previously announced offerings consisted of US$350 million aggregate principal amount of 4.50 per cent Convertible Senior Notes due in 2019, and US$175 million of 7 per cent Convertible Preference Shares.

The BVI company granted the initial purchasers an option to purchase up to an additional US$50 million aggregate principal amount of the Notes, which option increased the aggregate principal amount of the Notes to US$400 million. The net proceeds of the private offerings were approximately US$555 million, planned to be used by the company for debt repayment and other general corporate purposes.

UTi Worlwide intends, at its next annual general meeting, to seek the shareholder approval to have the option to settle the Notes in cash upon conversion.