Archive for June, 2007

BVI-registered UraMin Inc. agrees on possible takeover with French group AREVA

Thursday, June 28th, 2007

French nuclear energy group Areva launched an agreed takeover for UraMin Inc., having valued it at more than $2.5 billion, which is a 21% premium over UraMin 20-day average trading price as of June 8, 2007.  It was announced that Areva and UraMin entered into an agreement in respect of Areva’s friendly cash offer for 100% of the share capital of UraMin, while Areva already owned 5.5% of UraMin. The cash offer was pitched at $7.75 per UraMin share.

Also, in connection with the offer, all directors and some other shareholders representing approximately 25% of the outstanding UraMin shares have entered into lock-up agreements with Areva pursuant to which they have agreed to tender all their UraMin shares to AREVA’s offer.

The support agreement entered into between Areva and UraMin provides for, among other things, in case a superior proposal is accepted by UraMin, a right to match in favour of Areva. The agreement also includes a break up fee of US$ 75 million in favour of AREVA under certain circumstances.

UraMin is an emerging Africa-focused uranium producer, having mineral rights in Namibia, South Africa, Mozambique, Botswana, Chad and the Central African Republic. The company was registered in February 2005 in the British Virgin Islands and is listed on London and Toronto stock exchanges. The Company currently has working capital of approximately US$285 million, and a market capitalization of approximately US$2 billion.

UraMin’s shares, which have already doubled this year, jumped another 10% after the sale announcement. The company has three projects that are due to start production by the end of 2009.

Grand Power acquires 51% stake in BVI-registered BSI Logistics

Monday, June 25th, 2007

A 51% stake in a newly established British Virgin Islands-registered subsidiary BSI Logistics has been acquired by Grand Power Express International through Parkway Global.

About C$207,774 was planned to be invested for a 51% interest in BSI Logistics by Grand Power Express. The remaining 49% were acquired by the minority shareholder, Centervision International. The acquisition came into effect on June 1.

To oversee the operations of BSI Logistics, Grand Power Express will appoint all of the directors to the BSI’s board. It should be noted that the principals of Centrevision International are pioneers in the airfreight industry in Hong Kong having big experience in both the European and North America markets.

In May 2006, BSI was incorporated as a Hong Kong-based freight forwarding and logistics company to offer a comprehensive variety of supply chain management services and logistics solutions as well as such value-added auxiliary services as pre-shipment estimating, banking, and documentation for different industry customers.

The president & CEO of Grand Power Logistics, Ricky Chiu, said that this acquisition is relatively small, however it is valuable because it provides the company with another efficient and well-established access to cargo consolidation markets. According to him, since the middle of  2006, the company was focused more on direct clients, rather than the co-loading or air-cargo consolidation, therefore working with a specialist company in order to consolidate cargo meant for Europe and North America is valuable for Grand Power. Chiu also added that the company hopes to contribute between C$1 million and C$1.5 million in sales revenue to the company by means of this arrangement.

UTi Worldwide Q1 fiscal report: profit declines 6%, gross revenue increases 22%

Thursday, June 21st, 2007

UTi Worldwide Inc., global provider of freight and supply chain services, registered in the British Virgin Islands, has reported a 6.2% drop in first-quarter earnings. The main reasons of decline are higher operating and other expenses, despite solid revenue growth. Company’s gross and net revenues were up 22% and 24%, respectively, helped by organic growth and acquisitions.

BVI company’s net income for the quarter declined to $18.12 million or $0.18 per share, from $19.32 million or $0.20 per share a year ago. For the fourth quarter 2006, company’s net income was $23.6 million or $0.24 per share.

The company’s total gross revenue rose 22% in the first quarter to $944.74 million from $733.7 million in the first quarter of 2006. Total net revenue for the quarter reached $336.04 million, that is up 24% from $271.63 million in the same period of the last year. The increase in quarterly revenue was attrubuted by company analysts to organic growth across all geographic regions and contributions from the company’s acquisitions made since February 1, 2006.

UTi Worldwide also informed that its operating income for the quarter rose $31.4 million, from $30 million in the same quarter of fiscal 2006. The company also recorded net interest expenses of $4.09 million in this quarter, higher than the $2.87 million reported last year.

The company announced its new strategic plan for 5 years and affirmed its earnings per share outlook for fiscal year 2008. Going forward, UTi confirmed its previously announced fiscal 2008 earnings per share guidance in the range of $1.14 – $1.22.

TNK-BP Increases US GAAP net profit to $6.629 bln in 2006

Monday, June 18th, 2007

BVI-registered TNK-BP International Limited has reported the increase of US GAAP net profit on 40%, from $4.744 billion in 2005 to $6.629 billion in 2006.

Revenue, excluding export duties and excise taxes, grew 11.3% to $24.66 billion in 2006. Total amount of overall operational expenditures in 2006 was $18.176 billion, up 14.5% from  $15.869 billion in 2005.

BVI-registered TNK-BP is part of TNK-BP  Group, one of the largest oil and gas industry companies of global scale.  TNK-BP is the owner of TNK Industrial Holdings Ltd, which is owned by TNK International Ltd. TNK Internastional includes TNK-BP Holding plus 49.5% of Slavneft, and owns 63% of RUSIA Petroleum and 75% of the sales company Petrol Complex Equipment Company.