Archive for January, 2007

EastCoast Energy announces oversubscription of rights issue

Saturday, January 20th, 2007

EastCoast Energy Corporation has made an announcement that its rights issue was oversubscribed, and gross proceeds of Cdn$21.5 million have been raised for the Company. The Company domiciled in the British Virgin Islands has reported its intention to raise Cdn$21.5 million through a rights issue in November, and the rights issue was closed on November 29, 2006.

Under the terms of the rights issue, each holder of Class B share was entitled to receive one right for one Class B share, at a price of Cdn$ 6.43. Each holder of a Class A share was entitled to receive one right for each Class A Share held and seven rights entitled the holder to subscribe for one Class B Share at a price of Cdn$ 6.43.

Each holder of rights who exercised all of their rights was entitled to subscribe for additional Class B Shares that had not been subscribed and paid for at 12:00 noon on 29 December 2006 (“Additional Subscription Privilege”). The subscription price of Cdn$ 6.43 was a 15% discount to the closing price of the Class B Shares on 7 September 2006.

The Company will issue 3,345,540 Class B Shares, including 27,070 under the Additional Subscription Privilege. This will increase the number of Class B Shares in issue to 25,053,128. The number of outstanding Class A Shares remains the same at 1,751,195.

EastCoast Energy will use these funds mainly for developing its gas assets in Tanzania, and to pursue new options for growth. In the first half of 2007, the Company will drill a development well, for the future gas sales to the power sector.

China Northwest Biotech terminates Merger Agreement with Chong Yang

Wednesday, January 17th, 2007

China Northwest Biotech Inc. has announced that it has terminated the acquisition of Xian Chong Yang Sci-Tech Stock Co. (Chong Yang). The decision was taken due to the inability of Chong Yang to transfer assets to its parent company, BVI-domiciled Top Sonic Inc., and with the fact tha China Northwest has not provided financial reports in time.

Michael Dooley, the CEO of China Northwest, has explained the board’s resolution to terminate merger with Chong Yang, “We have exhausted all options to resolve the outstanding issues and have given The Chong Yang Group more than ample time to deliver what was required by the merger agreement. Since Chong Yang didn’t adhere to what was agreed originally in the merger agreement, the company has no choice but to terminate the merger.”

The management of China Northwest considers that at this stage termination of merger agreement with Chong Yang was necessary, to enable other potential business opportunities to move forward. At the moment, the company is in talks for mergers and acquisitions with several potential candidates.

BVI-based UTi Worldwide CFO sells shares

Sunday, January 14th, 2007

According to a Securities and Exchange Commission filing, UTi Worldwide, based in the British Virgin Islands and providing air and ocean freight forwarding and contract logistics, has sold 10,000 shares of common stock.

The information is provided by the chief financial officer of UTi Worldwide, Lawrence R. Samuels; in a Form 4 filed with the Securities and Exchange Commission he reported about selling the shares last Thursday, for $29.70 a piece. This Form 4 is filed by the insiders to report transactions in their companies’ shares. Open market sales and purchases are to be reported within two business days of the transaction.

BVI company buys Elland Road

Friday, January 12th, 2007

It has been recently confirmed that new owners had bought Elland Road, the home stadium of the football team Leeds United. However, the team assures fans that the future of this stadium is in safe hands.

Elland Road, currently the 10th largest football stadium in England, was sold by the club’s previous board experiencing financial difficulties in November 2004 to Manchester businessman Jacob Adler.

Now, the same ground has been sold again to new owners – a British Virgin Islands-based Teak Trading Corporation.

According to United chief executive Shaun Harvey, the change in ownership as regards Elland Road actually took place in excess of 15 months ago. Also, the change of ownership does not have material effect on the football team. Mr. Harvey notes that the club has no concern that the new owner of Elland Road is incorporated and based in the British Virgin Islands as it makes no difference to the club. United chief executive informed that the ownership of Elland Road was noted at the Land Registry and had been on the public record for a considerable period of time.