TPV flags delay for privatisation scheme document

The scheme document for the proposed privatisation of mainboard-listed electronics company TPV Technology will be delayed as more time is needed to obtain directions for the meeting to approve it, TPV said on Friday night.

According to the Takeovers Code, the scheme document is to be posted within 21 days of the joint announcement, which is on or before Sept 2 since the announcement was made on Aug 12. However, a court hearing is required for the Supreme Court of Bermuda to issue directions for convening the court meeting to approve the scheme.

TPV has obtained an extension of the despatch date till no later than Sept 30, giving it more time to finalise the document and accommodate the Supreme Court's timetable.

TPV shares closed at S$0.65 on Friday, up one Singapore cent or 1.56 per cent.