Monthly Archives: November 2007

BVI-based Hecta Media to Float IPO on the London AIM Exchange

Hecta Media, a British Virgin Islands-based company engaged in acquisition of niche content websites and domain portfolios, on November 14 went public on London’s AIM, having raised approximately $9.5 million. The start of the dealings in the company’s shares was expected exactly on that date, when Hecta Media reported about its plans to float on AIM.

Hecta seems to be different from such companies as domain giant Name Media who had filed for a $175 million IPO, as it is essentially by-passing the venture capital and private equity channel that Name Media passed through to raise cash on the public markets with which to acquire sites and domains. Currently, Hecta does not own any sites or domains but now when it has raised cash it will probably start.

Talon Metals Corp. to report fiscal results for the nine month period 2007

Talon Metals Corporation has published its financial results for the third quarter 2007. The BVI company reported net income for the three month period ended September 30, 2007, of $8,171 or $0.00 per share (basic and diluted). To a much extent, this was the result of investment gains, mostly related to the sale of approximately 62% of Company’s share position in Brazauro Resources Corporation announced in September 2007.

Earnings for the nine month period made $8,476,072 or $0.31 per share (basic and diluted), mostly due to the sale of BVI company’s interests in the Tocantinzinho gold project to Brazauro in the first quarter 2007. These figures may be compared to a loss of $214,142 or $0.01 per share (basic and diluted) for the three months ended September 30, 2006, and a loss of $1,182,705 for the nine month period of 2006.

Also, for the third quarter 2007 capitalized exploration amounted to $307,415, and for the nine months period it was $1,364,137. The total capitalized exploration was $8,192,015 to September 30, 2007, mainly reflecting the work performed on the Sao Jorge Gold Project in Para State, Brazil.

The British Virgin Islands-registered Talon Metals Corp., formerly known as BrazMin Corp., is focused on the acquisition, exploration and advancement of mineral resource projects. The company has recently commenced its Fall 2007 exploration program and discovered a new gold mineralized zone at Agua Branca Gold Project.

Equator Exploration Ltd reports unaudited financial results for six months ended June 30, 2007

On October 24, 2007, British Virgin Islands company Equator Exploration Ltd published unaudited interim results for six months ended June 30, 2007. The company reported of certain losses in the first half of the year 2007, mainly connected with sufferings in its operations on the Bilabri field development. As a result of these problems, Equator Exploration transferred the responsibility of completing the above project to its partner and operator of the block, Peak Petroleum Industries Ltd, retaining only a smaller interest in the future oil and gas production.

According to BVI company’s unaudited consolidated income statement for the six months ended 30 June 2007, loss for this period (in US$,000) made 84,746, while the loss for the respective period of 2006 was 3,557. The increase of the loss, to much extent, can be explained by the “Exceptional item: impairment charge” in the Income Statement on the amount of 70 million US$.

It was said in the statement signed by BVI Company’s Director/Chief Executive that “in the light of the uncertainties surrounding the recoverability of the costs we have incurred to date on OML 122, on both Bilabri and Owanare, we consider that, as a matter of financial prudence, a further provision should be made. We have therefore made provision for US$70 million in the first half of 2007 in addition to the US$200 million provision made in 2006.” Company’s director has noted, however, that, against the disappointments on the Bilabri developments, they have successfully farmed out part of their interest in one of project’s blocks to BG Exploration and Production Nigeria Ltd. This company is to bring in to Equator Exploration a total amount of up to US$75 million in cash, and carry on exploration and appraisal costs.

By the unaudited consolidated balance sheet, total assets of the company (in US$,000) made 237,984 in the period ended 30 June 2007, – compared to 436,222 for the corresponding period of 2006, the total assets of the company decreased more than 45%.

As regards the share structure of the BVI company, as at 30 June 2007 there were 175,165,590 common shares in issue, and no further shares have been issued since the balance sheet date. On June 30, 2007, there were 12,852,750 outstanding share options, 16,677,307 outstanding and issued warrants, and 12,307,693 contracted but not issued warrants. Since 30 June 2007, further 25,641,000 warrants have been issued. Warrants and options are exchangeable into common shares at prices ranging from £0.30 per share to £3.05 per share.

Parent company of BVI-domiciled UTV International Holdings reports third quarter unaudited financial results

Indian media & entertainment company UTV Software Communications Ltd., which is a holding corporation for British Virgin Islands-registered UTV International Holdings Limited, has issued unaudited financial results for the third quarter of the year ended September 30, 2007. The financial report is published on October 25, 2007, all the amounts in the report are given in Rupees thousands.

According to the information published, half a year consolidated unaudited revenues increased from 911,252 on 30 September 2006 to 1,306,332 on September 30, 2007, – that is more that 43% growth.

Half a year consolidated Profit Afer Tax increased from 74,650 on 30 September 2006 to 266,517 in the same period of 2007, – meaning more than 2.5 times growth from year to year.

Earnings per share, both basic and diluted, made 3.48 (in Rupees) for the period on September 30, 2006, and 8.94, for the same period of 2007.

The consolidated results include also Indian company’s subsidiaries UTV Communications Ltd., UTV Communications Ltd., UTV Motion Plc, UTV Broadcasting Ltd., as well as its step down subsidiaries.