CIC Energy Corp. which has recently entered into a preliminary agreement with Japanese Corporation Sumitomo, announced financial results for the third quarter of 2007. The company reported a loss for the three month period ended August 31, 2007, in the amount of $2,188,008, or $0.04 per share, and a loss for the three quarters period, of $5,949,220 or $0.13 per share.
The company could have these losses because of non-capitalized exploration expenditures, administration and personnel costs, as well as the cost of private placements financings. Capitalized exploration costs amounted to $73,561,520, with exploration costs for the nine month period totaling $22,326,282.
In this release, the BVI-registered CIC Energy also updated estimates for the Mmamabula Energy Project, as Engineering, Procurement and Construction (EPC) contract prices for power stations have increased significantly worldwide since 2005, when it had been started. This increase of the price is due to substantial global demand for new power plants, robust construction market, higher commodity prices and tight supply for engineering services. Now the Mmamabula Project is currently estimated to be approximately 40% of company’s last published cost estimate. Now CIC Energy is revising schedule estimates of its major Project by approximately four to six months.
Beiersdorf Aktiengesellschaft, a company operating in Hamburg, has announced that it entered into a share purchase agreement with Hong Kong-based C-BONS Holding (International) Limited, and Global Source Investments Limited, a company incorporated in the British Virgin Islands.
The purpose of the agreement was to acquire 85 pct of shares in Peak Victory Group Limited which owns Chinese hair business C-BONS Hair Care, from the BVI company Global Source Investment Ltd, for 269.45 mln Euro. This acquisition is part of the implementation of Beiersdorf’s Consumer Business Strategy to accelerate regional growth in China, – one of Beiersdorf’s four priority countries.
Meanwhile, the BVI-registered Global Source will remain the holder of an equity stake of 15% in the business, for an interim period of at least two years after closing. Both Beiersdorf and the BVI company will each have options to acquire or sell, respectively, the remaining 15% for a minimum price of 47.55 mln Euro, and subject to increase of future performance of C-BONS Hair Care. The closing of the transaction is expected before the end of 2007, and is subject to customary closing conditions.
C-BONS is a HK-based company operating businesses across various industries including personal care, real estate, pharmaceutical and other areas. C-BONS Hair Care is one of the leading companies in the Chinese hair care market with a well-developed distribution network in China.
Talon Metals Corporation (formerly BrazMin Corp.), domiciled in the British Virgin Islands, has announced the sale of 8,214,500 common shares of Brazauro Resources Corporation, representing about 62% of its original share position. Gross proceeds of the sale were approximately $6.6 million. Dr. Fiona Childe, President and CEO of Talon, has said that the proceeds from the sale of the Brazauro shares will further strengthen BVI company’s treasury, allowing to proceed with corporate objectives.
Prior to the sale, Talon was the holder of 13.15 million common shares of Brazauro, representing 17% of the outstanding common shares of Brazauro; now Talon holds 4.9 million common shares of Brazauro â€“ that is approximately 6% of the outstanding common shares of Brazauro. Common treasury of the BVI company will be approximately $15.6 million, which will not be invested in asset backed commercial paper. Talon Corp. has 27,054,222 shares outstanding and 32,503,722 shares fully diluted.
Indian Hotels acquired the 10% stake in Orient-Express Hotels, through its wholly owned subsidiary Samsara Properties, which is registered in the British Virgin Islands. Purchase price made $211.28 million (Rs 857 crore).
The BVI-incorporated Samsara purchased almost 4.25 million shares between August 17 and September 14 from the market. It was done after the company received a loan of $300 million from London-based Tata Ltd., which carries an annual interest rate of 6.25%. On August 20, Samsara drew $135 million under the terms of the loan agreement; the amount of another $100 million was drawn by the company on September 11, and later a final sum of $65 million.
Now IHC want to discuss forming an alliance with Orient-Express Hotels that would probably include combination of the international properties of the two companies. In a filing with the SEC, it said it had delivered a letter last Friday to James B. Hurlock, chairman of Orient-Express Hotels. After the proposed dialogue with Orient-Express, IHC and Samsara would review their ivestment in the company on a regular basis. Then, the company would decide whether to acquire additional shares in the company or dispose of all or a part of the shares is has bought.
By words of IHC vice-chairman R.K. Krishna Kumar, â€œThe possible combination of the two brands will create a powerful competitive advantage.â€