BVI-domiciled China Cablecom Holdings Ltd., a consolidated cable network operator in China, on October 9 2009 announced the completion of its placement of US$33 million in aggregate principal amount of 12% Senior Secured Notes, which is due October 2015; then the company announced the immediate redemption of US$13.9 million of Senior Secured Notes, arranging for the cash repayment and reducing the aggregate principal amount of New Notes from US$33 million to US$19.1 million.
The BVI company will use net proceeds from the transaction to satisfy the remaining obligations to the Hubei SOE. The New Notes are not registered with the Securities and Exchange Commission and may not be offered or sold in the U.S.
On the same day, China Cablecom Holdings announced the closing of a comprehensive restructuring of its outstanding debt obligations, which strengthens the BVI company’s balance sheet by reducing the overall principal amount of its long-term debt obligations and eliminating cash interest obligations on the new debt securities issued in exchange for its outstanding notes. Under the restructuring, China Cablecom’s existing debt holders exchanged approximately US$47 million in current debt obligations for an aggregate total of $23.5 million in new secured and unsecured promissory notes, and 65,799,286 newly issued shares of Class A Preferred Stock, representing approximately 66.2% of the company’s ordinary shares outstanding after the closing of the restructuring and a concurrent offering of new senior secured notes.
Archive for October, 2009
China Natural Resources sells 60% interest in Mark Faith Technology Development
Wednesday, October 7th, 2009China Natural Resources, Inc., a company registered in BVI and making its operations in China, announced that on September 29, 2009 it completed the disposition of 60 per cent equity interest in Mark Faith Technology Development Limited to Joysight Limited. The purchase price of the company made USD 21mln, evidenced by an unsecured promissory note executed and delivered by Joysight Limited, which bears interest of 5 per cent per annum and is due on February 26, 2010.
Joysight Limited is an unrelated third party, which was the owner of the 40 per cent equity interest in Mark Faith that was not owned by China Natural Resources. Now the company became the owner of the full stock of Mark Faith.
Mark Faith engages in the smelting and refining of copper in Inner Mongolia region of the China Republic, through its wholly owned subsidiary Bayannaoer City Feishang Copper Company Limited. Earlier this year, China Natural Resources made an announcement that its indirect subsidiary Bayannaoer had entered into a series of agreements to receive US$36.59mln loan from the People’s Bank of China. Now the BVI company has sold its interest in Mark Faith to concentrate its resources on the core coal and nonferrous metal mining businesses.
BVI-registered Livermore Investments Group announced results for six months period ended 30 June 2009
Friday, October 2nd, 2009Livermore Investments Group Limited, an investment company incorporated under the law of the British Virgin Islands and having its administration centre in Cyprus, announced its unaudited interim results for the six months period ended 30 June 2009.
According to the report, at the end of this period the net asset value of Livermore Investments was approximately USD 154.4mln. The net loss after tax was USD 21.5mln, representing a loss per share of USD 0.07 – mainly attributable to non-cash items. The reported net asset value per share was USD 0.53, compared to USD 0.97 in the same period last year, and USD 0.63 in the previous period ended December 2008. Administrative expenses during the period ended June 30 2009 were USD 1.6mln, representing 1 per cent of net asset value.
Net cash, cash equivalents and marketable securities made USD 28.7mln as of 30 June 2009 – compared to USD 42.5mln in June 2008 and USD 23.5mln in December 2008. Revenues from operations were USD 5.1mln (USD 11.9mln in the same period last year and USD 17.5mln in the period ended December 2008).
As of 23 September 2009, the unaudited estimated net asset value per share increased to USD 0.56 and net cash, cash equivalents and marketable securities increased by USD 5mln to USD 33.7mln.
CEO of the investment company Noam Lanir commented on the published results saying that overall losses became the result of challenging economic environment on company’s investments in Eastern Europe. He said however that the improved trading environment relating to most of other investments of the company reflected the good performance of the financial portfolio in July and August 2009.