Archive for the ‘BVI company settlements’ Category

Nam Tai completes NTEEP privatization

Tuesday, August 25th, 2009

Manufacturing and design company Nam Tai Electronics, Inc., registered in the BVI, announced in July that it had received valid acceptances in respect of 200,567,867 shares of its HK-listed subsidiary  Nam Tai Electronic & Electrical Products Limited (NTEEP), held by NTEEP’s minority shareholders, representing approximately 90.57% of the public float shares of NTEEP.

Nam Tai’s formal cash offer to the minority shareholders of NTEEP, as well as its following privatization, were conditional upon Nam Tai receiving acceptances totalling at least 90% of the public float shares of NTEEP, and now the BVI company announced that the offer became unconditional in all respects.

Now, Nam Tai intends to exercise compulsory acquisition rights to acquire any remaining NTEEP shares that it did not acquire in accordance with its offer, and then withdraw the listing of NTEEP from the HK Stock Exchange.

BVI-registered Aurora Metals Ltd enters a Settlelement Agreement with Trend Mining Company

Saturday, April 19th, 2008

On April 15, 2008 British Virgin Islands company Aurora Metals Limited announced Settlement Agreement with Trend Mining Company. The Agreement concerned the lawsuit filed in the Montana 22nd Division District Court, and the Joint Venture Agreement between the BVI company and Trend Mining concerning its properties in Montana. Aurora Metals filed the lawsuit to obtain judicial confirmation on the termination of the Joint Venture Agreement, and to quiet title to the properties in Aurora Metals.

Pursuant to the terms of the Agreement, Trend Mining has agreed on the termination of the Joint Venture Agreement with BVI-registered Aurora Metals, and released all its claims of interest to the property of the company. The pending litigation on the Joint Venture Agreement and the properties will be dismissed and fully and finally settled.

Aurora Metals – a mineral exploration company whose main focus now is the exploration and development of its Montana properties.

Earth BioFuels Inc. reaches out of the court settlement with BVI-based Castlerigg and other creditors

Tuesday, November 20th, 2007

Earth BioFuels Inc. a Dallas-registered company which licenses the organic-based diesel fuel, said in regulatory filings that it had reached an out-of-court settlement with a group of creditors who tried to force it to liquidate some months ago. This group of investors included also British Virgin Islands company Castlerigg Master Investments Ltd., which, together with others, agreed to force Earth BioFuels into bankruptcy in exchange for being owed just over $100 million collectively, with interest and fees still accumulating.

Earth BioFuels admitted in court that it failed to meet some of the obligations concerning the investor financing, and that it would not contest the $100 million figure. The company lost $21 million through the first six months of 2007, on revenue of $4.8 million. It has been hurt by market factors surrounding the biofuels industry, and needs new financing to continue operations. During this year, shares of Earth BioFuels lost 95% of their value.

As part of the current agreement, Dallas company’s CEO Dennis McLaughlin has agreed to a limited personal guarantee for an unidentified portion of the debt. Earth BioFuels filed the documents on Tuesday, and next day the company asked the Securities and Exchange Commission for permission to delay filing its quarterly financial statements. Messages left with lawyers for the BVI-based Castlerigg were not returned on Wednesday, and Earth Biofuels spokesman Shawne Horn said the company expects to have a news release.