Archive for February, 2007

BVI-registered Origin Agritech Ltd. to announce its financial results for the nine months period ended September 30, 2006

Wednesday, February 28th, 2007

Origin Agritech Ltd., a company registered in the British Virgin Islands and engaged in distributing hybrid crop seeds in China, has reported its unaudited financial results for the nine month period ended September 30, 2006. These results reflect Company’s financials during the transitional period of January 1, 2006 to September 30, 2006, which resulted from the previously announced change in fiscal year end to September 30.

The results include, on a consolidated basis, the results of Denong Zhengcheng Seed Company, Ltd., in which Origin owned a 52.21% equity interest during that period. BVI company’s interest in Denong increased to approximately 95% effective October 2006.

Revenues for the period increased 151%, from $25.75 million in  the same period of the previous year to $66.17 million this year. Other results include: the 51% rise of operating income, the amount of which made US$7.1 million, and the 118.6% rise of net income, to  US$9.7 million.

Gross Profit for the nine month period ended September 30, 2006 increased to US$20.8 million, or 31.4% of revenues, compared to 39.3% of revenues in the same period 2005. Gross profit as a percentage of revenues declined because of the inclusion of Denong.

Total operating expenses for the nine month period increased by 141.57%, from US$5.52 million in the same period of 2005 to US$13.7 million, because of the inclusion of operating expenses in the amount of US$4.3million related to Denong. Net income was US$9.7 million, or US$0.38 per diluted share. Net loss from the acquisition of Denong made US$0.26 million during this period.

BVI company’s 2007 fiscal year started on October 1, 2006 and will end on September 30, 2007. Looking forward for the financial results of the full year 2007, the company said it expects revenues to be between $80 to $90 million.

Lonmin Plc to become the sole shareholder of BVI-based AfriOre

Sunday, February 25th, 2007

Lonmin Plc, the third largest producer of platinum group metals in the world, has announced on February 19, 2007 that it has become the sole shareholder of AfriOre Limited, an exploration company registered in the British Virgin Islands and operating in Africa. The UK-based Lonmin Plc informed on its intention to acquire AfriOre Limited in November 2006.  In December 2006 AfriOre has reported that the proposed acquisition transaction had been approved by the South African Competition Commmission.

On February 9, 2007 AfriOre sent a notice to its shareholders, where the BVI-registered company informed about redeeming all of its issued and outstanding shares that were not held by Lonmin, for an amount equal to C$8.75 per share. On February 19, 2007 the BVI registered AfriOre has sent a further notice to the former shareholders who have had their AfriOre shares redeemed.

AfriOre’s notice also provides further information for former company shareholders seeking to receive the redemption price, which is being held by CIBC Mellon Trust Company as agent for AfriOre.

In connection with the redemption, the shares of Afriore were delisted from the Toronto Stock Exchange. AfriOre has also requested the cancellation of its listing on the Alternative Investment Market of the London Stock Exchange. This decision is to be effective on February 28, 2007.

BVI-domiciled Bonso Electronics Announces Financial results for the three and nine month periods ended 31 December 2006

Thursday, February 22nd, 2007

Bonso Electronics International, Inc., a company incorporated in the British Virgin Islands, and engaged in design and manufacturing of sensor based and communications products, has reported on Thursday, February 15 the financial results for the three and nine month periods ended 31 December 2006.

The reported sales for the third quarter 2006 were approximately $18.9 million – that is 17% more than for the same period of 2005. Despite the turonever increase, the Company had a net loss of about $630,000, if compared to a net loss of approximately $76,000, for the same period last year.

For the nine month period ended 31 December 2006 the sales were approximately $55.7 million, that is an 11% increase compared to the same period of 2005, when the sales made approximately $50.2 million. Net income for the nine-month period ended 31 December 2006 was $311,000, which is 62% lower than the net income for the same period last year, which made $815,000.

Mr. Anthony So, President and CEO of the BVI company, stated the two primary factors which negatively impacted the gross profit margin. The first major factor was named by him as water damage to approximately $678,000 of inventory at company’s Germany warehouse, and the second one was the loss of approximately $199,000 relating to the return of defective scales for repair.

The company’s President added, “We still maintain a strong cash position and our cash position at the end of the third quarter was approximately $13 million ($2.33 per share).”

The BVI-registered Bonso Electronics manufactures telecommunications products, electronic scales, weighing instruments and health products in the People’s Republic of China, mainly for North America and Europe. Company services include product design and prototyping, production tooling, procurement of components, total quality management, and delivery.

AfriOre to cancel its listing on the Alternative Investment Market

Monday, February 19th, 2007

AfriOre Limited, which has recently reported its financial results for the three and nine month period ended November 30, 2006, has announced on January 26, 2007 that it has submitted a request to the Alternative Investment Market of the London Stock Exchange, for the cancellation of the trading of shares in the capital of AfriOre.

Such cancellation will reduce the liquidity and marketability of the AfriOre Shares on the Alternative Investment Market. The cancellation is subject to a minimum 20 business day notice period, and the Company has requested cancellation of trading in AfriOre Shares, to be effective on February 28, 2007.

The Offer period has been extended to February 8, 2007, and AfriOre shareholders who have not accepted the Offer and who hold AfriOre shares in certificated form should complete, sign and return the requisite documents as soon as possible.

A BVI-registered AfriOre Limited is a mineral exploration company which currently concentrates on the acquisition, exploration and development of its platinum and gold projects in South Africa.