Singapore Rowsley to report on delayed takeover deal

Singapore Rowsley to report on delayed takeover deal
Reuters - Saturday, November 10

The company had announced in May it will buy Perfect Field, a maker of solar energy panels, for S$2.7 billion ($1.9 billion) - SINGAPORE, Nov 9 - Singapore's Rowsley said on Friday that it will give an update on its twice-delayed reverse takeover deal with China solar power firm Perfect Field Investment after the market closes at 0900 GMT.

Rowsley shares jumped 15 percent to 23 Singapore cents before being suspended in the early afternoon pending the announcement.

A spokesman for Rowsley, an investment firm with interests in ceramic tiles and paper products, said the company would issue a statement on the RTO, but declined to give further details. The company's management is also expected to hold a teleconference at 1000 GMT to elaborate on the deal, which traders speculate could see a change in its terms due to the delays.

The company had announced in May it will buy Perfect Field, a maker of solar energy panels, for S$2.7 billion ($1.9 billion) in shares, in a reverse takeover deal that will make Perfect Field's owners its biggest shareholders.

Rowsley, which has a market value of just $87 million, was to issue to Perfect Field 18 billion new shares at 15 Singapore cents each.

The deal has since been postponed twice, in August and October, as the company said Perfect Field failed to meet a prerequisite of the deal, because of delays in building production facilities to ramp up capacity.

Rowsley had seen its stock price spike 33 percent following the announcement of deal, only to tumble 60 percent from its peaks on news of the delays.