Monthly Archives: June 2018

Harneys acts as counsel for BVI company €1.3 billion financing

Harneys, one of the oldest law firms having offices in the British Virgin Islands and other jurisdictions, acted as a Cypriot counsel to the mandated lead arrangers including National Westminster Bank PLC, Santander UK PLC, UBS Limited and Unicredit Bank AG, in relation to the financing given to Playtech Plc, approximately in the amount of €1.3 billion.

Playtech is the world’s largest online gaming software supplier traded on the London Stock Exchange and registered in the British Virgin Islands, offering cutting-edge solutions to the leading operators working in the industry.

Deswell Industries announced results for half year ended March 31, 2018

Deswell Industries, Inc., an independent manufacturer and supplier registered in the BVI and headquartered in Hong Kong, announced its unaudited financial results for the second half of the fiscal year ended March 31, 2018. For the six months, the company reported net sales of US$30.9mln – an increase of 29.4% as compared to net sales of US$23.9mln for the same period ended March 31, 2017. In the plastic segment, net sales increased by 13.7% and made US$14.4mln, while in the electronic segoment they increased by 47.2% to US$16.5mln.

For the six months ended March 31, 2018, the BVI company reported net income of US$2.5mln, as compared to net income of US$0.7mln for the same period of the previous year. Of this amount, operating income made US$0.2mln in the reported period, compared to operating loss of US$0.3mln in the second half of fiscal 2017.

For the second half of fiscal 2018, Deswell reported basic and diluted income of US$0.16 per share, as compared to basic and diluted income of US$0.04 per share for the six months ended March 31, 2017. As of March 31, 2018, the BVI company had US$15.2mln in cash and cash equivalents and working capital totaled US$49.8mln.

Premier African Minerals enters into secured Loan

BVI-registered company Premier African Minerals Limited announced that on 4 June 2018 it entered into a loan with a company owned by a Trust beneficially owned by BVI company’s director, for a gross value of US$300,000. Premier African Minerals is multi-commodity mining and natural resource development company focused on Southern Africa and having projects in Zimbabwe.

The loan is non-interest bearing and has a maturity of 60 days. The entire amount of the loan will be repaid by the company, including all fees within five days following the maturity of the loan. The loan is not convertible, it does not include share-based repayment or warrants. It also carries an implementation fee of US$15,000 (5%) and a redemption fee of US$15,000 (5%).

Premier African Minerals will not draw down against any equity or equity linked financing facilities, until the repayment of the loan. The loan is secured against company’s 6,128,822 shares in ARC Minerals Limited.