Archive for March, 2008

Transmeridian Exploration establishes milestones for its acquisition by the BVI-registered subsidiary

Monday, March 31st, 2008

Last week, oil and natural gas company Transmeridian Exploration Inc. announced that its board of directors has made some arrangements to complete the proposed acquisition of the company by its BVI-registered subsidiary Trans Meridian International, Inc. (TMI).

Some months ago, Transmeridian Exploration Inc. entered into a definitive merger agreement with TMI pursuant to which the BVI company will make a tender offer of $3 per share, to purchase all of company’s outstanding shares of common stock. One of the milestones towards the completion of the proposed financing arrangements relates to detailed information that was required to be provided by Transmeridian Exploration Inc. until March 21, 2008. In connection to this, Transmeridian’s directors board informed its BVI-registered subsidiary that, if it is not satisfied with such information, or if the financing condition contained in the definitive merger agreement between the company and TMI has not been satisified by March 31, 2008, the company will terminate the definitive merger agreement.

Transmeridian is continuing discussions on the potential acquisition of the company with another interested party, but if it does not enter into agreement with another company, its stockholders may receive less than the $3.00 per share contained in the current agreement with TMI.

Aricom purchases two Option Licenses from the BVI Holding Companies

Thursday, March 27th, 2008

The Anglo-Russian developer of mineral resources AM Aricom Plc announced that it has purchased options to buy two further licences that will expand significantly the existing Aricom projects K&S and Garinskoye – the Garinskoye Flanks license and the Kostenginskoye license. Aricom’s unit has already made two cash payments of US$22.5 mln for granting the options.

The Garinskoye Flanks license is owned by a Cypriot company Guiner Enterprises Ltd, which is owned by two British Virgin Islands companies – Myrtle Corp. Ltd and Ardoryna Commercial Ltd. The shareholders of Guiner Enterprises have conditionally agreed to sell their shares in Cypriot company to Aricom.  Aricom’s wholly owned subsidiary Aricom UK Ltd. has signed option agreements to acquire the indirect holders of the two licenses. Both assets are US$80 mln, comprising US$40 mln for each asset.

The Garinskoye Flanks deposit covers an area of 3,530 km surrounding Aricom’s currently owned Garinskoye license, and is estimated to contain nearly 1 billion tonnes of reserves and resources. The area of the Kostenginskoye iron ore deposit is about 24 km.

Clek Media Inc. announced $10 Million worth Domain Sale

Sunday, March 16th, 2008

It is reported from Tortola, BVI, that the media consulting company Clek Media Inc. has brokered the world-record sale of the domain  FUND.COM. The domain was sold in an all-cash transaction for US$9,999,950. Clek represented the seller of the domain, assisting in both the negotiation and closing of the transaction. The buyer is Fund.com Inc., a New York company formerly known as Meade Technologies Inc.

It is claimed by Clek that the nearly $10 mln purchase price for FUND.COM represents the highest price ever paid for an Internet domain. It is known that in July 2007 developed BUSINESS.COM portal was sold to yellow pages publisher, RH Donnelly, for $345 million, which is 47 times the purchase price $7.5 mln of the domain name acquired 8 years ago.

Clek Media Inc. is a digital media consulting company that specializes in helping companies develop intellectual property in the digital space. Its consultants work with top management to find new and better ways to make money in this rapidly growing area.

California-based company receives unsolicited acquisition proposal and is likely to decline it

Monday, March 10th, 2008

San Diego-registered Iomega Corporation, which is a worldwide leader in innovative storage and network security solutions for small and mid-sized businesses, consumers and others, has announced that it has received an unsolicited non-binding indication of interest from EMC Corporation. In this indication, EMC said that it is ready to offer to acquire the outstanding common stock of Iomega for $3.25 per share, assuming a total of approximately 54.8 mln outstanding shares.

Iomega’s board of directors decided however that EMC’s proposal would not reasonably constitute a superior proposal, within the meaning of the share purchase agreement between the selling stockholders Iomega, Cayman Islands-based ExcelStor Great Wall Technology Limited and ExcelStor Holdings Limited, Chinese companies Shenzhen ExcelStor Technology Limited  and Great Wall Technology Company Limited, and British Virgin Islands-based ExcelStor Holdings Limited.

Iomega and the selling stockholders including the above-named BVI company executed a share purchase agreement in December 2007, in connection with a business combination. Now, Iomega and the selling stockholders are preparing the required filings for obtaining the necessary regulatory and stockholder approvals for the business combination.