BVI Company Financial News

OpenTV Corporation, British Virgin Islands-registered software and technology provider of advanced digital television solutions, made an announcement on February 24, 2010 about redeeming of all of its outstanding Class A ordinary shares, other than any such shares held by Kudelski SA and two of its affiliates, collectively holding more than 90 per cent of the company.

The BVI corporation is redeeming its Class A ordinary shares for $1.55 per share, without interest and less applicable withholding taxes. The redemption was completed on March 26, 2010.

In connection with the redemption, shareholders of OpenTV will be entitled to statutory dissent rights in accordance with the British Virgin Islands law.

A month ago, OpenTV was notified by the major shareholder and its subsidiaries of the intent to give written instructions directing the BVI company to redeem all of the Class A ordinary shares not owned by Kudelski SA. On February 19, 2010, the written instructions were delivered.

Also, in connection with the redemption, OpenTV has submitted a notice to the Nasdaq Stock Market informing of its intent to voluntarily delist its Class A ordinary shares from NASDAQ upon completion of the redemption.

Florida corporation SinoCoking Coal and Coke Chemical Industries, Inc., making its operations through BVI- and Chinese subsidiaries, annnounced that it received NASDAQ approval to list its shares on the NASDAQ Capital Market. SinoCoking’s common stock will continue to trade under the same symbol. Trading on the NASDAQ Capital Market is expected to commence on February 18, 2010.

The corporation, previously known as Ableauctions.com, Inc, received the new name upon the completion of the share exchange transaction with SinoCoking’s subsidiary, British Virgin Islands-registered Top Favour Limited.

A-Power Energy Generation Systems, BVI-registered provider of distributed power generation systems in China and manufacturer of wind turbines, announced that it has signed conversion agreements with the holders of its convertible notes issued in June 2009. Pursuant to the Conversion Agreements, the BVI company and each of the holders of convertible notes have agreed to convert the aggregate principal amount and accrued interest of $37,5 million outstanding under the convertible notes into an aggregate of its 4.6 million common shares, using a conversion price of $10.21 per share, which is 96% of the original conversion price of the convertible notes of $10.6.

Common shares of A-Power Energy issuable upon conversion of the notes are freely tradable by the noteholders; each of them has entered into a Confirmation Letter with the company confirming certain procedural and other aspects of the transaction.

According to A-Power’s CEO Jinxiang Lu, as a result of this conversion the company strengthens its balance sheet by replacing debt with equity.

It was announced by the British Virgin Islands Financial Services Commission that BVI-incorporated companies are now allowed to be listed on the Hong Kong Stock Exchange. This possibility was considered already for certain time, in November HKSE has issued a guidance letter which included this development, and now it has determined that BVI companies were quailified enough to be listed on the exchange.

In fact, many private equity firms have incorporated companies in the British Virgin Islands for the purpose of investing into China, and now they get the possibility to list in such an effective jurisdiction as Hong Kong, thus receiving an exit which has not yet been available without a significant restructurization.

Among the main reasons to allow the listing of the BVI companies on the HK Stock Exchange, there is the strong legal system of the BVI, and the fact that more than 60 BVI companies are listed on major stock exchanges in the world, including NYSE, Nasdaq, London’s Alternative Market (AIM), the Toronto Stock Exchange and the Singapore Stock Exchange.