Archive for September, 2009

Ireland’s Doyle Group incorporates in the British Virgin Islands

Wednesday, September 30th, 2009

Irish shipping company Doyle Group reported about its decision to move its corporate base to the British Virgin Islands.  After moving  to BVI, it will not be required to publish accounts.  For the purposes of redomiciliation, the company has created a new holding – Doyle Group Investments – registered in Tortola, British Virgin Islands.  It has also given notice about the change of the status of its Irish firms to unlimited, waiving its obligation to file annual accounts in Ireland.

The Doyle Group is a major shareholder in ferries operator Irish Continental, and was one half of the One51 consortium that pursued a lengthy bid for the shipping group, which ultimately failed after a standoff between the consortium, owners of Irish Continental and property tycoon Liam Carroll.

According to the Group’s last published accounts, it had losses of over E300,000 for the full year after borrowing  E100 million to buy shares in ICG, and to acquire three companies. The group’s turnover increased from E27.9 million to E30 million, but operating and net profit fell “due to increasing costs”. According to the group’s listed investments, its market value in 2007 made E48 million.

BVI-headquartered TuneWiki, Inc. develops Social Media Player and lyrics search for Nokia

Saturday, September 26th, 2009

TuneWiki, Inc., the social media music player with the largest legally-licensed lyrics database in the world, announced that it has completed the development of its award-winning social media player with full functionality and exciting new features. The player has been revealed at DEMOfall 09 on Nokia’s recently announced X6 handset.
TuneWiki, which is headquartered in the British Virgin Islands and has offices in Los Angeles, California and Bellbrook, Ohio, is now supporting all five of the operating systems used by Nokia in their mobile devices.

The new Symbian S60v5 Touch TuneWiki music player for the Nokia X6, N97 and 5800 handsets offers all the functionality of the iPhone and Blackberry platforms and more. It is the first version to offer a “Follow me” feature that allows a user’s social network to see what that user is listening to.

The proprietary technology of the BVI-registered TuneWiki combines lyrics with the music you play whether from your locally stored library or a streaming internet source. It also allows the TuneWiki community to contribute to and update lyrics and translations.

Nevada-based Man Sang Holdings reorganized under BVI law

Monday, September 21st, 2009

The majority of stockholders of Nevada corporation Man Sang Holdings, Inc. approved corporate reorganization to change the place of incorporation from Nevada to the British Virgin Islands. According to this decision, Man Sang Nevada is dissolved and liquidated pursuant to the terms of an agreement and plan of liquidation entered into with Man Sang International (BVI) Limited, which is the wholly owned subsidiary of Nevada corporation. Upon the reorganization of Man Sang Nevada as a British Virgin Islands company, Man Sang International (B.V.I.) Limited started trading on the NYSE Amex on August 26, 2009 under the symbol “MHJ.”

Under the terms of agreement, at company’s closing on August 25, 2009, each share of Man Sang Nevada’s common stock automatically converted into the right to receive an ordinary share of Man Sang BVI, and each share of Man Sang Nevada’s preferred stock converted into a right to receive a preferred share of Man Sang BVI. As a result of the reorganization, the number of ordinary and preferred shares in Man Sang BVI owned by each shareholder is the same as the number of common and preferred shares previously owned by Nevada company.

Man Sang International (B.V.I.) Limited, through its subsidiaries, is engaged in the purchase, processing, assembling, merchandising and distribution of pearls and jewelry products. Also, the company owns and operates commercial real estate in Hong Kong and PRC.

BVI-registered hedge fund launches new project for professional investors

Tuesday, September 15th, 2009

The hedge fund manager Bluenose Capital Management Ltd., registered in the British Virgin Islands as a Professional Fund under the 1996 Mutual Funds Act, is launching the Bluenose Capital Market Neutral Fund, aimed at accredited and professional investors. The new fund is going to start work on October 1, 2009.
The letter to investors informs that the fund will trade highly liquid US & Canadian equities using a proprietary factor-based approach. According to Bluenose capital, the goal of the new fund is ‘to achieve absolute returns regardless of market conditions by combining US and Canadian equity market neutral and opportunistic trading strategies.” The priority of the fund is preservation of capital.
Bluenose in September is conducting meetings in 13 cities worldwide. The fund also published projected timeline for the investment vehicles, the first of which is Market Neutral Fund with estimated maximum capacity of $350 mln.