SINGAPORE - The exit offer for shareholders of Vard Holdings Limited has been extended from July 20 to Aug 7, as the shipbuilder scheduled to hold an extraordinary general meeting (EGM) on the proposed delisting on July 24.
This follows unhappiness arising from an earlier EGM on April 30 where 96.54 per cent of shareholders voted in favour of the delisting offer from Italy's Fincantieri Oil & Gas, and 3.46 per cent against. But the meeting ended with the delisting resolution disputed, and retail investors unhappy over errors in the circular to shareholders.
Fincantieri has made an exit offer to buy the remaining shares that it does not already own at 25 Singapore cents apiece and to take the company private. As at Nov 13, 2017, it held 79.34 per cent stake in Vard. It received valid acceptances of the exit offer representing a 4.17 per cent stake as at June 29, 2018.
In view of the unhappiness from Vard's minority shareholders over, among other things, the errors in the circular to shareholders, the Singapore Exchange Regulation, or RegCo, has reviewed the conduct of the proceedings of the EGM held on April 30 and issues raised regarding disclosures in the circular to shareholders dated April 13 to determine whether shareholders' approval for the resolution on the delisting was properly obtained.
SGX RegCo has since ordered Vard to hold a new EGM. The exit offer was previously extended to late July.