GCL Goldpoly Announces Hitch in Stake Acquisition

It has been an eventful couple of days for Chinese polysilicon manufacturer and solar developer GCL Goldpoly, with shares in the company suspended this morning pending an announcement relating to the issue of convertible bonds which contained insider information.

The company subsequently announced the resignation of chief financial officer Chau Tien Hsiang, with effect from Monday, with Sun Wei set to take up his duties for the time being.

A statement to the Hong Kong Stock Exchange announcing the resignation today read: "Mr Chau has confirmed that he has no disagreement with the board and there is no matter that needs to be brought to the attention of the shareholders of the company in relation to his resignation."

Hitch in proposed acquisition

The latest developments followed the announcement yesterday of a delay in GCL's proposed acquisition of an equity stake in Chinese solar developer Fengxian Huize Photovoltaic Energy Limited.

Goldpoly was due to release further details of the deal by Monday but notified the Hong Kong exchange it needs additional time to complete the announcement and wants to extend the cut-off date by which it must acquire the stake without the deal collapsing.

As a result, GCL said it will need until October 30 to publicize details of the acquisition.