Monthly Archives: December 2010

BVI-based Sable Mining Africa Ltd reported interim results

Sable Mining Africa Ltd, British Virgin Islands-registered company engaged in mining business, announced the unaudited results for the six months ended 30 September 2010. According to the statement of company’s Chairman, during this period the company has focused on the acquisition of resource assets primarily centred on coal and iron ore in sub-Saharan Africa. The company has initiated development programmes across the portfolio to prove up resource numbers and advance the assets up the value curve towards production.

Regarding financial results, for the six months period Sable Mining reported pre-tax loss on continuing activities in the amount of  US$3.7 mln – as compared to profit on continuing activities of US$1.3 mln in 2009). Cash balance was US$132.2 mln as at 30 September 2010, following the fundraising of US$125 mln in April 2010.

As of 30 September 2010, total assets of the BVI company were US$173,8 mln, as compared to US$11,9 mln as of 30 September 2009. Company’s total equity in the reported period was US$171,8 mln (US$11,8 mln in 2009). At 30 September 2010, share capital of the company was US$240,97 mln. At the end of the period, cash and cash equivalents of Sable Mining Africa Ltd were US$132,17 mln.

BVI-registered Niger Uranium Ltd announced half year financial results

Niger Uranium Ltd, the company incorporated in the British Virgin Islands and formerly known as  UraMin Niger Limited, announced its unaudited interim financial results for the six month period ended 30 September 2010. The condensed consolidated statement of the BVI company for the six months period comprises both the results of the company and its subsidiaries.

In the reported period, total assets of Niger Uranium Ltd were US$13,5 million. Company’s profit before income tax was US$18,2 million. Basic earnings per share made $US 0.16, diluted earnings per share made $US 0.15. As of 30 September, 2010, company’s cash and cash equivalents made US$1,4 million.

Also, for the period ended 30 September 2010, company’s exploration activities were conducted in both South Africa and Niger, the investment activities were controlled in the British Virgin Islands and administration is conducted from the office in South Africa.

In November 2010, Niger Uranium sold the remaining stake of 2.768 million shares in Kalahari Minerals Plc at a gross selling price of 205p. From this sale,  the BVI company generated net proceeds of about US$ 9.051 million.

Newly formed BVI company announced initial public offering

FlatWorld Acquisition Corp., blank check company newly registered in the British Virgin Islands and having the purpose of acquiring or merging with an operating business in the global business services sector as well as in emerging Asian markets including China and India, announced the pricing of its initial public offering of 2,200,000 units at a price of US$10.00 per unit, for gross proceeds of US$22,000,000.

BVI company’s units, each consisting of one ordinary share and one warrant to purchase one ordinary share at an exercise price of US$11.00 per share, appear on the OTC Bulletin Board under the ticker symbol “FTWAU“. 

Prior to the initial public offering, Flatword Acquisition consummated a private placement to the company’s sponsor, FWAC Holdings Limited, of 2,000,000 insider warrants at a price of US$0.75 per warrant. No placement fees will be payable in connection with the private placement.

Approximately US$22,440,000 of the gross proceeds of the public offering and private placement will be deposited into a trust account of Continental Stock Transfer & Trust Company, acting as the trustee.

BVI-incorporated MDM Engineering Group reported financial results for six month period

The British Virgin Islands-registered MDM Engineering Group Limited has announced its unaudited interim results for the six months period ended 30 September 2010. In the first six months of the year, the BVI company reported revenue of US$7.19 mln (as compared to US$22.4 mln in the first six months of 2009). Company’s gross profit was US$1.51 mln (as compared to US$7.24 mln in 2009). Loss before taxation in the six months of 2010 was  US$2.48 mln (US$5.05 mln in 2009), cash and cash equivalents were US$15.03 mln (US$13.37 mln). An interim dividend of US 0.50 cents will be declared and paid (US 3.75 cents in 2009).

Gross profit margin of 21% was recorded for the first six months, compared to a gross profit margin of 30.5% for the year to 31 March 2010, and 32.3% for the corresponding period in the year 2009. The BVI Group made a loss before tax  of US$ 2.5 mln, as opposed to a profit before tax of US$5.0 mln for the corresponding period in the prior year.

Financial recovery is expected in the second half of the 2011 financial year, and management’s efforts have been focused on securing a healthy order book for the 2012 financial year onwards. By words of MDM Engineering CEO Martin Smith, the effect of the global credit crisis had a direct impact on MDM’s first half performance. He said however that there are signs of improvement, especially in the resources sector, and this will positively impact MDM’s 2011 year end results.

The MDM Group maintains a strong financial position, substantial cash reserves placing MDM in a strong position to capitalise on opportunities as the resources sector recovers.