Archive for May, 2007

Everbright Capital Corporation signs Letter Agreement to acquire securities of the BVI-based company

Wednesday, May 30th, 2007

This month, Everbright Capital Corporation has announced that it has entered into an agreement with Best Gainful Profits Ltd. – a BVI-domiciled company, incorporated on March 16, 2007, – with the purpose to acquire all of the issued and outstanding securities of the company.

All of the BVI company’s assets are held through a wholly-owned subsidiary, China Nickel Mining Corp. – a company incorporated under the laws of the Philippines, and mineral property located in the Philippines.

Currently the Best Gainful Profits Ltd. has three shareholders, Universal Top International Ltd., a company incorporated in the British Virgin Islands, Pride Stand Investments Limited, also incorporated in the British Virgin Islands, and Falcon Peak Resources & Development Corp. Ltd., incorporated under the laws of the Philippines. Universal Top International Ltd. is a wholly-owned subsidiary of a BVI-registered Free Capital Group Limited.

Free Capital Group Limited is owned by eight individuals. The largest shareholder of the company owning 38% of the company is Hong Kong resident Mr. Yat Hoi Ning. Another BVI company, Pride Stand Investments Limited, is wholly owned by China resident Mr. Yong Lin Liang. Falcon Peak Resources & Development Corp. Ltd. is controlled by five individuals who reside in the Philippines.

Free Capital Group intends to acquire all of the outstanding shares of Best Gainful Profits Ltd. from its shareholders, pursuant to a share for share exchange. Currently it has 4,737,000 common shares issued and outstanding, and will issue an additional 26,843,000 common shares to acquire the BVI company.

Also, on April 23, 2007 Best Gainful Profits entered into a memorandum of agreement with Falcon Peak Resources & Development Corp., obtaining the right to acquire a 100% beneficial interest in the Laramie Project in consideration for certain deliveries and payments.

BVI-registered Itacare Capital intends to float on AIM

Tuesday, May 29th, 2007

The company named Itacare Capital Investments Ltd. and incorporated in the British Virgin Islands reported today (Tuesday, 29 May) about its plans to float on London Stock Exchange AIM (Alternative Investment Market). The company announced its intention to issue common share of $0.01 each at $1.00 per share to raise up to $160 million. BVI Company’s shares dealing are expected to begin tomorrow (May 30). The announcement was made by the BVI company prior to admission.

The company’s nominated adviser and broker is Numis Securities. Investment strategy of Itacare is to provide strong capital growth through investing in high quality residential resort developments in Brazil and abroad. Itacare intends to invest actively in projects at an early development stage.

Company’s investment manager has completed preliminary due diligence and agreed outline terms relating to 11 investments on behalf of the company with capital committed within the next 3-9 months.

The new BVI-registered fund established by the international property developer

Tuesday, May 29th, 2007

A new private equity property fund was launched some days ago by De Rosen Capital Management, to work in the market of exclusive homes for multi-millionaires. The new Global Waterfront Fund, domiciled in the British Virgin Islands, is looking to raise $100 million by investing and developing waterfront residential property in the premium Mediterranean and Caribbean locations.

The fund is going to create a stream of development projects to be sold on completion, and will seek to achieve absolute returns. The projects will include both the development of rural land and renovations of rebuilding existing properties.

The locations chosen for the launch of project are St. Barts, Harbour Island in the Bahamas, St. Tropez, Cap d’Antibes, Cap Ferrat, and similar resorts.

De Rosen, an international property developer, put together the fund with Mark Shadwick, director of several offshore hedge funds, and Olivier Dupraz, which is a former managing director at UBS, because there are more deals than capital available. This measure will presumably help  to attract capital for further development.

Currently the new BVI-based fund is seeking capital commitments by way of a share issue in both Euro and Dollar classes, with the minimum subscription is $500,000 or €500,000. The purpose of the fund is to return to investors in excess of 20% per year.

The Global Waterfront Fund is now marketing to institutional, family office and ultra high-net-worth investors.

NTT DoCoMo Inc. invests $10 million in the BVI company operated Gobi Fund II

Saturday, May 26th, 2007

NTT DoCoMo Inc. announced that it has signed an agreement with Gobi Fund II L.P., under which it will invest $10 million in the fund.

Gobi Fund II L.P. is a venture capital fund operated by the BVI company Gobi Partners Inc. – a company incorporated in 2002 and having offices in the British Virgin Islands, Beijing, Hong Kong and Shanghai. The BVI company and the Fund are operated by Thomas G. Tsao, Wai Kit Lau and Lawrence Tse.

The Gobi Fund will target venture companies in China working on the convergence of telecommunications, media and technology, within the IT and digital media sectors. The Fund will start investment activities already this month, and will operate for ten years. It is targeting a final close of $120 million.

DoCoMo said that its decision to enter into agreement with the Gobi Fund II was partially prompted by the successful performance of its investment in the Gobi Fund I in December 2003.