Archive for July, 2013

BVI corporation receives Nasdaq Notice

Saturday, July 20th, 2013

BGS Acquisition Corp., Nasdaq-listed business company with limited liability, registered in the British Virgin Islands, received written notice from the Listing Qualifications Department of The Nasdaq Stock Market. In the Notice, dated July 5, 2013, it was indicated that BGS Acquisition is not in compliance with the Minimum Public Holders Rule, which requires BGS Acquisition to have at least 300 public holders for continued listing on the Nasdaq.

The BVI company must submit a plan to regain compliance with the listing rule no later than August 19, 2013. If the plan is accepted by the stock exchange, it may give the company an extension of up to 180 calendar days from the Notice date to achieve compliance with the Minimum Public Holders Rule. In case if company’s plan is not accepted, BGS Acquisition will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel.

The BVI company intends to submit a plan with Nasdaq on or before August 19, 2013 to regain compliance and maintain its Nasdaq listing.

Shareholders of LJ International approved agreement with Cayman Islands company

Thursday, July 11th, 2013

LJ International Inc., the British Virgin Islands-registered company engaged in jewellery business, announced that as a result of an extraordinary general meeting of shareholders held on July 9, 2013, its shareholders approved and authorized previously announced agreement and plan of merger with Flora Bloom Holdings, a Cayman Islands exempted company with limited liability, and Flora Fragrance Holdings Limited, a business company with limited liability incorporated in the BVI, and a wholly-owned subsidiary of Flora Bloom Holdings. Pursuant to the merger agreement, dated March 2013, Flora Fragrance will be merged with and into LJ International, the last one surviving the merger as a wholly-owned subsidiary of the Cayman Islands company.

The merger is expected to be completed later this month, subject to the satisfaction and waiver of the conditions set in the Merger Agreement. Upon completion of the transaction, LJ International will become a privately-held company, its shares will no longer be listed on the NASDAQ.

BVI company announced Board changes in GCM Resources

Monday, July 1st, 2013

Polo Resources Limited, BVI-incorporated natural resources investment company having interests in oil and gas, coal, iron ore, and gold, noted the announcement of new appointments to the Board of GCM Resources plc, in which the BVI Company has a 29.8 per cent equity interest. As part of these Board Changes, Polo Resources Executive Co-Chairman and Managing Director Mr. Michael Tang joins the GCM Board as Executive Chairman, and Non-Executive Director of the BVI company Mr. Guy Elliott, along with Mr. Neil Herbert, becomes the Non-Executive Director of GCM Resources.

Executive Co-Chairman and Managing Director of Polo, Michael Tang commented on the GCM Board changes: “I am most pleased that a new Board of Directors has been appointed at GCM Resources, heralding a new era at GCM as the company works to advance the development of the major Phulbari Coal Project in Bangladesh.”

He also said: “Polo is working closely with the management of its significant investments in Signet Petroleum, Nimini and GCM. We look forward to delivering substantial value to shareholders from these interests.”

GCM Resources is a London based resource exploration and development company that is currently developing the large-scale Phulbari Coal Project in Bangladesh.