Rowland tops bid for Forfaiting

JONATHAN Rowland, son of property and casinos financier David 'Spotty' Rowland, has made good on his promise to top Maltese-based FIMBank's £30.9m offer for London Forfaiting.

Rowland's Alternative Investment Market vehicle Resurge has offered 36.87p a share, valuing the trade finance house at £38.64m - comfortably invalidating the 51% irrevocable acceptances received by FIMBank.

London Forfaiting had recommended the Maltese cash bid, made a month ago, but was understood to be willing to consider a higher offer.

Rowland is offering 3.43 new Resurge shares for each London Forfaiting share, based on his firm's 1034p close last night.

He says an expected increase in capital flows to emerging markets this year indicates a recovery in the forfaiting market.

The Rowland Family Trusts have agreed, for a fee of 4.5%, to invest £5m in new 10p Resurge shares.