The investor watchdog has urged minority shareholders of Vard Holdings to turn up at the company's upcoming general meeting if they want to block a delisting resolution.
The Securities Investors Association (Singapore) said in a statement: "Sias has received feedback from minority shareholders... (and) their disappointment with respect to the offer by Fincantieri to delist and privatise Vard."
"The offer of $0.25 per share, shareholders feel, does not reflect the real value of the company and is below net asset value."
Fincantieri, which owns about 83 per cent of Vard, lodged a bid to privatise the group in a delisting proposal that was announced on Nov 13, last year.
For Vard to remain listed, 10 per cent or more of the total number of shares held by the shareholders will have to vote against the resolution.
CIMB, the independent financial adviser appointed by the shipbuilder's independent directors, said in a report on April 13 that the offer is "not fair but reasonable".
Its advice to Vard's independent directors was to recommend that shareholders accept the exit offer or sell their shares on the open market.
The recommendation was accepted by the independent directors.
The extraordinary general meeting will be held at 1pm on April 30.