Monthly Archives: September 2011

BVI company acquires China-based HR solution and service provider

Pansoft Company Limited, a British Virgin Islands-registered provider of ERP software and professional solutions for oil and gas industry in China, has signed an agreement to acquire all of the equity interests of Hefei Langji Technology Co., Ltd. and its wholly-owned subsidiary, Shanghai Zhongrui, on September 9, 2011. The total purchase price of the company, which is approximately US$1.69 million, is payable in four installments. The first installment will represent 35% of the total purchase price, and will be paid in a combination of cash and the common stock of the BVI company; the three other installments are required to be paid on an annual basis over the next three years in a combination of cash and the common stock of the company.

One of the companies acquired by Pansoft, Hefei Langji Technology, is the leading HR solution provider to China’s coal-mining industry. Shanghai Zhongrui is Shanghai-based sales and marketing arm of Langji. It will remain Langji’s subsidiary and will focus on small and medium-sized companies in other industries.

A part of the acquisition consideration will be paid from shares repurchased by Pansoft on the open market. As of September 15, 2011, Pansoft had repurchased more than 157,000 of its common shares, which will be used to fund the acquisition.

Polo Resources Limited reported preliminary financial results for year 2011

Polo Resources Ltd., the BVI-registered mining and exploration group having interests in international coal projects, announced unaudited preliminary financial results for the year period ended June 12, 2011. According to the report of the BVI company, the cash balance at 31 August 2011 was US$37.5 million – as compared to US$37.8 million as at 30 June of the previous year. As at 31 August 2011, net asset value per share was GBP 6.56 pence.

In this year period, the BVI company completed the sale of its stake in Extract Resources Limited, as well as the disposal of its uranium interests, for US$142 million, and realised a net gain on disposal of US$62.7 million. Part of the proceeds were used to fund a special dividend to shareholders, for a total amount of US$113.9 million. US$7.8 million was devoted to the share buy-back programme, and a total of 168.4 million shares were cancelled from the company’s share capital during the period.

On 12 October 2010, Polo Resources Ltd (http://finance.yahoo.com/q?s=POLJF.PK) received the US$20 million deferred cash consideration from Winsway Coking Coal Holdings Ltd, to conclude the disposal of the company’s 50%-interest in the Peabody-Polo Resources Mongolian coal joint venture.

Interest in GCM Resources plc (http://finance.yahoo.com/q?s=GCM.L%2C+&ql=0) was valued at US$25.9 million at 31 August 2011. Polo holds 29.82 per cent of the company. Subsequent to the financial year end, the interest in Caledon Resources plc (http://bvi-company-financials.bviincorporation.com/386/bvi-company-to-receive-cash-proceeds-on-disposal-of-its-subsidiary/) is being realised as Guangdong Riding Pty Ltd confirmed acquisition of Caledon in an all cash offer of 112 pence per share.

By words of Neil Herbert, Executive Co-Chairman and Managing Director of Polo Resources, “the proceeds from the realisation of Extract (Uranium) have been applied to implement a share buy-back programme and fund the payment of a substantial special dividend in August 2010. The proceeds have also funded the acquisition of interests in new projects across a range of minerals. The proceeds from the realisation of Caledon (Coal) will be utilised to implement a further substantial dividend and pursue new opportunities.”

According to him, the BVI company is looking forward to “another exciting year with a range of projects in coal, iron and gold, with new evaluate new projects, both listed and private, with the view to making additional investments.”