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The British Virgin Islands Financial Services Commission has introduced a new electronic reporting system for filing annual fund returns.
Law firm Conyers Dill & Pearman says this will facilitate the commission’s regulation and monitoring of the British Virgin Islands funds industry while providing a significantly more efficient and secure environment for filing annual returns.
The new electronic reporting system supports submissions by segregated portfolio companies as well umbrella structures with improved formatting and the ability to save entries for later submission. The information obtained from the filing is consolidated and used for statistical purposes.
The deadline for filing is 15
Orient Venture Capital, a Vancouver based capital pool company, has received loans totalling CAD40,000 from Asia Select Asset Management and Dwane Brosseau.
The loans bear a fixed interest rate at eight per cent per annum, maturing at the earlier of: 1) 12 months from the date of the advance; and 2) at the time of closing of an equity financing within 12 months from the date of the advance where the company issues shares of its common stock for cash consideration.
Beginning on 30 September 2009, and each 180th day following, the company shall make interest only payments in arrears
Yext, a local internet advertising company, has raised USD25m from Institutional Venture Partners and Sutter Hill Ventures to accelerate the growth of pay-per-action phone calls.
"We are excited to announce this investment and to have IVP as a new investor to help us build the company," says Howard Lerman, chief executive and co-founder of Yext. "We plan to aggressively grow the company and the technology so we can continue to provide the best local advertising experience on the web."
Yext employs several technologies to deliver local advertising. The company’s service, YextCalls, is the first system to send local advertisers pay-per-action
Devcon International has completed the sale of the company and all of its subsidiaries to Golden Gate Capital.
Devcon will continue to serve its customers without interruption. The closing of the transaction represents the culmination of a recapitalisation process that began in October 2008.
Devcon’s wholly-owned subsidiary, Devcon Security, is a provider of installation, monitoring and related electronic security services, currently monitoring more than 140,000 commercial and residential systems in Florida, New York City and Staten Island.
Robert Farenhem, president and chief executive officer of Devcon, says: “We are delighted to have Golden Gate as a partner. The closing of
Appleby, an offshore legal, fiduciary and administration service provider, and Dickinson Cruickshank, the largest law firm in the Isle of Man, have formally completed their merger which was announced in June 2009.
The firm will now be known as Appleby in the Isle of Man.
Appleby is the first global offshore law firm to have a presence on the Isle of Man and is now the largest global offshore law group by number of partners.
The global group now has 74 partners and 200 lawyers, and a total of over 800 staff in 11 offices worldwide including Bermuda, the British
Olympus Capital Investments, a private equity firm focusing on growth capital investments in middle market companies, has closed its equity investment in J.W. Hulme, a 104 year old company based in St. Paul, Minnesota crafting leather and canvas bags and accessories which are made in the US.
Earlier this year, J.W. Hulme faced significant capital constraints when it was unable to renew its five-year running term loan due, in part, to difficult credit markets. This event further exacerbated the company’s already leveraged position.
Co-owners Charles Bidwell and Jen Guarino then decided to pursue a recapitalisation of the company, including issuing
Milestone Capital has launched a fund that enables overseas investors to access the opportunities offered by New Zealand companies.
The Rutherford Innovation Fund will raise capital and back innovative companies which need financial assistance and business skills.
“The Rutherford Innovation Fund provides offshore investors with an experienced local co-investment partner to bridge the geographic gap to New Zealand as these companies are not on the radar of international investors,” Milestone Capital principal Kenji Steven says.
The fund sees the best opportunities for investment as being those that benefit from the changes being driven by the growth of clean tech
Venture-backed company exit activity showed little signs of life during the third quarter of 2009 and fell far short of historical norms, according to the Exit Poll report by Thomson Reuters and the National Venture Capital Association.
While there were three venture-backed IPOs in Q3, a slight decline from the second quarter of 2009, the third quarter saw the largest venture backed IPO offering since March 2007.
The tally of M&A exits as of the last day of the quarter was 62 totalling USD1.2bn, with average disclosed value falling back to first quarter levels.
"The fact that many in the
Falk Marques Group is holding the inaugural Women’s Alternative Investment Summit on 1-2 December 2009 in New York’s financial district.
The conference marks an extension of the company’s Women’s Private Equity Summit to include the broad range of asset classes, including private equity, venture capital, real estate, infrastructure and hedge funds.
The conference, entitled "Alternative Investment in the Age of Transparency," will address the challenges and opportunities presented by doing business.
Keynote interviews will feature Sandra Horbach, managing director, The Carlyle Group and Nicole Arnaboldi, chairman, DLJ Merchant Banking Partners; co-head of illiquid alternatives, Credit Suisse.
Panelists from The Blackstone
The European M&A industry saw 2,348 transactions valued at USD251.3bn in the first three quarters of 2009, a decrease of 70 per cent by value and 47 per cent by volume from the same period in 2008, according to mergermarket.
According to the report, European M&A activity makes up 24 per cent of global activity by value and 38 per cent by number of deals announced so far this year, compared to 42 per cent and 43 per cent respectively for the same period last year.
Thirty nine per cent of the total value of European M&A so far this
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