Archive for August, 2006

BVI film production company receives funds from NZ Venture Investment Agency

Thursday, August 31st, 2006

Investment and fund management company iGlobe Treasury Management, backed by the New Zealand Government’s Venture Investment Fund (NZVIF), has spent 1 million USD on a major stake in Wise Giant, the production company established by NZ animation start up. The same as with all the other approved privately managed venture capital funds,  NZVIF puts its 3rd stake in all the iGlobe investments in start-up companies.

Incorporated in the BVI, Wise Giant is the 1st media company that received funds from NZVIF, which usually resources technology or bio-technology start-ups. iGlobe’s general partner Philip Lum says iGlobe is going to invest in other media start-ups. In her turn, NZVIF chief executive Franceska Banga says there are no restrictions over the industries in which fund management companies can choose to invest, if they only encourage emerging of NZ companies. Also, there are no strict rules regarding investment structuring.

Wise Giant’s first project will be animated movie for children and adults. It is expected to be ready for release in the USA in the beginning of the next year. After that, Wise Giant is planning to produce 3D animations for other films, mobile phones and games.

Although Wise Giant is registered in the British Virgin Islands – an offshore jurisdiction – the movie will be made only in New Zealand, accordingly, some tax will be paid to local authorities. As IGlobe general partner Mr. Lum explained, the company was registered in a tax haven because media companies prefer a “neutral country” for signing contracts.

China’s biggest advertising group acquires major stock of the BVI company

Tuesday, August 29th, 2006

China’s advertising company FOCUS Media Holdings Ltd. has entered an agreement with Appreciate Capital Limited (ACL), a company registered in the British Virgin Islands, which specializes in leasing screen time from movie theaters in Chinese cities. By this deal, Focus Media Holdings receives 70% of shares of the ACL.

Focus Media, the largest overseas-listed advertising company in China, has informed on its plans in its second-quarter report, having noted that the initial deposit to ACL shareholders made US$2.8 million. Further details of expected transaction, such as ACL’s business locations and network size, were not disclosed. The procedure of the acquisition will be finished next month.

Through purchasing major stock of the BVI company, Focus Media plans to enter the movie theater advertising market and develop its business – the company’s main specialization is placing flat-panel TVs displaying ads in office buildings and other locations.

The company’s chief financial officer Daniel Wu said that “extending the business into movie theater is another way to capture and attract the eyeballs of urban consumers”.

It is worth noting that revenues of Focus Media grew 247% in a year, and in the 2nd quarter of the year they reached 50.6 million USD.

As to advertising revenue from company’s “commercial location network”, it increased 122.2% over the same period last year and 44.7% quarter-on-quarter to 31.1 million USD.

Revenue of Focus Media in the 3rd quarter is predicted to range from 58 million USD to 60 million USD.

AfriOre reports technical results on the Akanani platinum project

Monday, August 28th, 2006

In the post BrazMin reporting results for the 2nd quarter of the year and making new appointment we gave the shortcut to the press release of the company engaged mainly in the acquisition and development of gold exploration fields. Rcently another gold and platinum drilling company incorporated in the BVI has announced its technical results on the new project. The company AfriOre Limited, which has extensive experience in platinum exploration and acquisition in South Africa, currently is developing its 74%-owned Akanani Platinum Project on the Northern Limb of South Africa’s Bushveld Complex.

The results for the P2 Unit for the two drill holes, reported by the BVI company, are supporting platinum, gold, nickel and copper. The company gives technical summary and analysis of the results from the P2 Unit in the drill holes, highlighting the most important figures for the P2 Unit as well-developed and persistent mineralized zone. A revised independent mineral resource estimate for the Akanani Platinum Project is expected to be completed in September, 2006.

Exploration of Akanani is being conducted under the supervision of Company’s Qualified Person for Akanani, Mr. Henri Lombard, who is registered Professional Natural Scientist with the South African Council for Natural Scientific Professions.

It should be noted that the company AfriOre Limited has a successful history of increasing shareholder value through the exploration and development of its projects. The capital of the BVI company is approximately C$ 22.8M, it has 51,066,380 shares outstanding and 57,098,402 shares fully diluted.

Leading Russian aluminium companies agree to consolidation

Friday, August 25th, 2006

The Russian Aluminium companies SUAL and Rusal are said to have an intent of merging. They are expected to make official statement about this deal in the middle of October. Currently the procedures of consolidations are still being worked out, and the two main options are the merger on Rusal basis and creating a new venture. In any case, the brands of SUAL and Rusal will remain on the market.

SUAL ranks among the top ten aluminium producers in the world. The group’s assets are owned by SUAL International, a company incorporated in the British Virgin Islands. The majority stake of the BVI company belongs to SUAL co-owners Viktor Vekselberg and Leonard Blavatnik. The minority stockholders are General Director of Komi Aluminum Vladimir Kremer and 1st Vice President of SUAL Holding Yevgeny Olkhovik. In 2005 SUAL produced 5.4 million tons of bauxite, 2.3 million tons of alumina and 1.05 million tons of aluminium; company sales totalled at $2.7 billion.

Rusal is controlled by Jersey company Rusal Ltd. , whose owner is Oleg Deripaska. In 2005, Rusal produced 5.7 million tons of bauxite, 3.9 million tons of alumina and 2.7 million tons of aluminium; the sales were $6.6 billion.

Although both SUAL and Rusal are declining to comment on the supposed deal, it is already known that in the result of the merger Deripaska will get 75% of the united company, and the remaining 25% will go to the co-owner of SUAL Vekselberg. For the major stockholder of the BVI company SUAL International, it will be good possibility to release funds for new chemistry, energy and utility projects. It is supposed that the consolidated venture will cost $22 billion, and Vekselberg’s stake is estimated at minimum $5.5 billion. This is the price of the 1st rank in the global aluminium market, as the expected deal will by no means create the world biggest aluminium maker.