Archive for November, 2009

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Albidon Limited publishes update on the transaction with Jinchuan Group

Tuesday, November 10th, 2009

Albidon Limited, nickel exploration and development company registered in the British Virgin Islands, published shareholder update where confirmed the settlement of previously announced transaction with Jinchuan Group Limited. On November 2, 2009, the BVI company already confirmed shareholder approval for its restructuring and recapitalization by Jinchuan Group. In this release Albidon Limited confirmed that settlement of the Transaction took place on November 4, 2009, which included settlement under the Deed of Company Arrangement (DOCA), settlement under the share subscription agreement, and settlement under the secured convertible note deed.

The Deed of Company Arrangement was approved by the creditors of the BVI company on June 18, 2009. The terms of the document include Jinchuan providing funds to the company sufficient to meet creditor claims. The Deed of Company Arrangement was signed by all parties on 7 July 2009.

Jinchuan is a company producing nickel, copper, cobalt, rare and precious metals as well as chemicals. It works in industries of non-ferrous mining, concentrating, metallurgy and chemical engineering. It is the major producer of nickel and cobalt in China. Currently, Jinchuan is the largest shareholder of Albidon Limited, holding 18.4% of its shares, as well as US$55mln in secured debt.

Posted in BVI company contracts, Loans & Repayments | No Comments »

HKSE listing may become available to BVI companies

Friday, November 6th, 2009

Hong Kong Stock Exchange has issued guidance letter according to which companies incorporated in the British Virign Islands may be allowed to list on the HKSE. The consideration of this possibility was initiated due to the attempts of Hong Kong government to increase the competitiveness of the jurisdiction as a financial centre.
HK authorities have already implemented a number of initiatives in the last few years to achieve this goal, and one of them was to permit listings of companies. HKSE will consider various issues in making a decision whether to approve the listing of BVI companies, especially the level of shareholder protection under the corporate law of the British Virgin Islands, which should meet Hong Kong standards.
The listing on the HK Stock Exchange is especially important and advantageous for private equity investors with investments in China, while many companies operating in China are incorporated in BVI.
The listing is expected to be approved during 2 or 3 months, until the end of this year. Recently, HKSE decided to allow Jersey-incorporated companies to list in Hong Kong.

Posted in Uncategorized | 1 Comment »

Nam Tai Electronics announces financial results for Q3 2009

Tuesday, November 3rd, 2009

BVI-registered Nam Tai Electronics Inc., an electronics manufacturing and design services provider, has announced its unaudited results for the third quarter of 2009 ended September 30, 2009.  Among the key financial results, the company reported net sales of US$110.4mln – this is 31.2% less compared to sales amount in Q3 2008. There was also a significant decrease in sales in different segments, which may be attributed to the continuing effect from the global economic downturn and the weak market demand for the consumer end-user products of the company. 

In the third quarter of 2009, gross profit margin of Nam Tai made 11.4%, compared to 9.8% in the third quarter of 2008. Gross profit in the reported period was US$12.6mln – a 19.9% decrease as compared to US$15.7mln in Q3 2008. The decrease in gross profit is primarily attributable to the sales decrease.

The BVI company reported earnings per share (basic and diluted) of US$0.10 per share, compared to US$0.11 in the same period of the previous year.

Nam Tai Electronics announced that, despite unfavorable economic conditions, its financial positions as of September 30, 2009 remained strong. The amount of net cash generated from operating activities was US$4.8 mln, and US$186.9 mln cash on hand, of which about US$99.2 mln was held by BVI company’s HK-listed subsidiary Nam Tai Electronic & Electrical Products Limited (NTEEP) and its subsidiaries, even after the payment of US$7.1 mln on capital expenditures.

On October 9, 2009, Nam Tai sent a notice of compulsory acquisition to all remaining independent shareholders of NTEEP to acquire their outstanding shares, in connection with NTEEP’s privatization. The BVI company is expected to acquire all the outstanding shares of the company on November 12, 2009, upon the same terms as the offer. The HK Stock Exchange has approved the application of NTEEP to withdraw the listing of its shares on November 13, subject to the completion of the acquisition.

Posted in Unaudited financial results | No Comments »

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