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DLISTING NOW SUSPENDED.DO NOT SELL YOUR SHARES.
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hotelgrand
Master |
11-May-2018 10:59
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outright cheating..italian co want to buy for a song | ||
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BillionX
Senior |
11-May-2018 10:52
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Hi kamyip, do not sell. Let' s wait for the outcome of the EGM. You can then decide if you want to hold on or accept the offer. Ther is plenty of time. The worst thing to do is to panic and sell at a loss. | ||
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BillionX
Senior |
11-May-2018 09:58
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i am not surprise that Vard would consider the error as immaterial. All those who attended the EGM on 30/4 would vouched the underhanded tactics the way it was conducted.Many were denied casting their votes. When pressed for a clarification as to the IFA opinion of NOT FAIR but REASONABLE shareholders were not given a satisfactory reply. I am happy that SGX has done what' s right and asked that a new EGM be convene. To all those shareholders who missed out on voting I ask you to attend the EGM(to be announced) and VOTE NO. All those who have accepted YOU CAN WITHDRAW YOUR ACCEPTANCE and you can also attend the EGM to VOTE NO. Do not sell out cheaply to Fincanteri. Your shares are worth much more than the 0.25 cents offerred. If all of us minority shareholders vote NO we may derail the delisting. ALso Fincanteri may be coerced into offering a better price. Be patient. | ||
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kamyip
Member |
11-May-2018 09:55
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so how? sell or no sell? | ||
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Starship
Supreme |
11-May-2018 09:02
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Vard Holdings maintains that valuation error by CIMB ' immaterial' , no confusion on its delisting vote UPDATED FRI, MAY 11, 2018 - 8:52 AM VARD Holdings said on Friday that an error in its independent financial adviser' s (IFA) report would not have changed the adviser' s opinion, and that there should have been no confusion at its recent shareholders' meeting about whether a delisting vote was taking place. Vard issued its announcement in response to a Business Times article that reported on the shareholders' meeting, in which some shareholders had voiced concerns about whether the meeting and the vote were properly carried out. On Thursday, the Singapore Exchage (SGX) ordered Vard to hold a new extraordinary general meeting (EGM) to re-vote on the delisting proposal, citing the inaccuracy in the IFA' s report. The shipbuilding and repairing company said on Friday that the calculation error by CIMB Bank in the valuation multiples of the comparable companies table (such as Sembcorp Marine' s historical price to net asset value multiple) " does not have a material impact" on CIMB' s overall assessment, and that CIMB had maintained its opinion that the exit offer price was not fair but reasonable. This is because even with a correction, the price-to-net asset value (P/NAV) multiple implied in the exit offer price continued to be well within the range of P/NAV multiples of the comparable companies. Given CIMB' s confirmation that there was no change in the overall IFA opinion, the independent directors thus confirmed during the EGM that there was no change to the independent directors' recommendation to the shareholders. Vard also explained the IFA' s conclusion that an offer is " not fair but reasonable" , which bewildered some shareholders, saying that the two are " two different concepts" . http://www.businesstimes.com.sg/companies-markets/vard-holdings-maintains-that-valuation-error-by-cimb-immaterial-no-confusion-on |
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katak88
Master |
10-May-2018 20:45
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SGX RegCo tells Vard to hold new EGM on delisting proposalTHU, MAY 10, 2018 - 5:44 PMIN an unprecedented move, the Singapore Exchange Regulation (SGX RegCo) on Thursday told Vard Holdings to hold another extraordinary general meeting (EGM) to get shareholders' approval on its delisting plan. " SGX RegCo has reviewed the company' s submissions in relation to its EGM, and noted certain inaccuracies in the financial evaluation of the terms of the exit offer presented in the Independent Financial Adviser' s (IFA) letter," the regulator said. At issue is an inaccuracy that was found in the circular to shareholders. In the document, CIMB had stated that the historical price to net asset value (P/NAV) for Sembcorp Marine was 1.2 times, when it should have been 1.7 times. " The inaccuracy in Sembcorp Marine' s historical P/NAV multiple has a consequential effect on the mean P/NAV multiple of the Comparable Companies stated in the IFA letter. The correct multiple should be 1.2 times instead of 1.1 times as erroneously stated," SGX RegCo said, noting that these figures are part of the information that shareholders take into consideration to make an informed decision on the proposed voluntary delisting. Apart from convening a new EGM, the regulator also asked for an updated IFA letter with the inaccuracies corrected and reflecting the current developments of the company. The independent directors' recommendation to shareholders must also be updated to reflect the updated IFA report. http://www.businesstimes.com.sg/companies-markets/sgx-regco-tells-vard-to-hold-new-egm-on-delisting-proposal JOINT ANNOUNCEMENT- PROPOSED VOLUNTARY DELISTING, VARD HOLDINGS LIMITED SGX' S REVIEW RELATING TO EGM http://infopub.sgx.com/FileOpen/Joint%20Announcement%20on%20SGX%20Review%20-%20FINALv2.ashx?App=Announcement& FileID=504931 |
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BillionX
Senior |
10-May-2018 19:39
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Good news all Vard shareholders. SGX has instructed Fincanteri/Vard to have another EGM and to correct the many errors in the offer document. As a result YOU CAN NOW WITHDRAW YOUR ACCEPTANCE. You may have accepted the offer because you do not want to hold shares in an unlisted company. So this is your opportunity to prevent Vard from being delisted. First, withdraw your acceptance (0.25 is an insult to your intelligence). Second, attend the next EGM and VOTE NO TO THE DELISTING. Vard is worth more than the cheap 0.25 offerred. Tell your friends and acquantances. We will tell Fincanteri that we will not be bullied. Strength in Number. Strength is Number! | ||
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katak88
Master |
08-May-2018 10:01
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VARD HOLDINGS LIMITED Request for Trading Halt 08-May-2018 07:32:40 Extension of Trading Halt Pending release of announcement, the Company has sought and obtained the SGX' s approval for an extension of trading halt by an additional two market days until the end of Wednesday, 9 May 2018.
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Observers
Elite |
08-May-2018 07:46
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CEO is considered independent, offer is not fair but reasonable. Speak volumes about SGX. | ||
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BillionX
Senior |
07-May-2018 13:28
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Angela Tan in today' s Business Times highlights the" relevancy" of Independent Directors in the ongoing delisting saga of Vard.If an important vote which will affect thousands of mom and dad investors whose hard earned income and CPF investment can be wiped out(delisted) how can the so-called independent directors vote in favor when the equally so-called independent financial advisor(IFA) advised that the offer exit price of $0.25 is NOT FAIR but REASONABLE.SGX must immediately ruled that these Independent Directors must not be allowed to vote.Like wise the management should also ABSTAIN from voting in such an important decision that affects the thousands of minority shareholders.This sad episode also highlights the role of independent directors.Are they really playing an effective role or in the case of Vard are they there simply warming seats and waiting for their fat annual salaries.Cases in point Midas and Ipco.If SGX is to be respected something must be done urgently. | ||
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katak88
Master |
04-May-2018 16:38
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http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content& B=AnnouncementToday& F=YLCZ3S1BEX8ZWY3P& H=5abdf66ac26483f3db67d3b5ff1fe69d92bd779786dcf3ef92c18447192908b4
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katak88
Master |
04-May-2018 16:35
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Request for Trading Halt 04-May-2018 07:36:07 Extension of Trading Halt Pending the SGX' s review of the matters relating to the Company' s delisting EGM, the Company has sought and obtained the SGX' s approval for an extension of the trading halt by an additional 2 market days until the end of Monday (7 May 2018). http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content& B=AnnouncementToday& F=YLCZ3S1BEX8ZWY3P& H=5abdf66ac26483f3db67d3b5ff1fe69d92bd779786dcf3ef92c18447192908b4 |
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BillionX
Senior |
03-May-2018 14:47
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At least SGX has woken up to the fact that minority shareholders need not suffer in silence.SIAS ,the so called representative of retail investors is nothing more than a TOOTHLESS TIGER.The latter is all talk and no action.Asking Fincanteri to extend the offer of 0.25 cents per share is to add further insult to injury.So my advice to SIAS,keep your mouth shut if you do not have anything good to offer.You do not represent us,the minority shareholders.. | ||
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cumulus
Member |
03-May-2018 08:58
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Please take note that Vard has made a correction to their earlier statement and now says: In light of the SGX-ST undertaking a review to determine whether Shareholders&rsquo approval for the Delisting Resolution has been properly obtained, which may affect the satisfaction of the Conditions, and upon consultation by the Offeror with the Securities Industry Council of Singapore, Citigroup wishes to state, for and on behalf of the Offeror, that contrary to the Unconditional Announcement and pending the outcome of the SGX-ST&rsquo s review, the Exit Offer has not become and is not declared to be unconditional in all respects as at the date of the Unconditional Announcement. For the avoidance of doubt, acceptances which have been tendered in respect of the Exit Offer will not be settled until the Exit Offer becomes or is declared to be unconditional in all respects in accordance with its terms. The full announcement can be found here and was posted on SGX last night. http://infopub.sgx.com/FileOpen/Correction%20Announcement_020518.ashx?App=Announcement& FileID=502892 Please DO NOT tender your shares for now. Wait for SGX' s ruling on the validity of the EGM first. |
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katak88
Master |
02-May-2018 22:07
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SIAS calls on Fincantieri to extend offer period for VardWED, MAY 02, 2018 - 6:18 PMINVESTOR advocacy group Securities Investors Association Singapore (SIAS) has called on Fincantieri Oil & Gas to extend the offer period for Vard Holdings following a messy extraordinary general meeting (EGM) on Monday. On the same day, Citigroup, acting on behalf of Fincantieri, declared the exit offer to be unconditional given that results at the EGM showed that the delisting resolution had been passed. At the EGM, held for shareholders to vote on Vard' s voluntary delisting proposal, there had been confusion over whether the chairman was going to adjourn the vote after an error was discovered in the report by CIMB, the independent financial adviser to Vard' s independent directors. Shareholders complained that Vard proceeded with the voting while they were still awaiting answers to their questions. In a press statement on Wednesday, SIAS president and CEO David Gerald said that Vard shareholders have approached the group to express their unhappiness over the EGM. " SIAS has been in contact with SGX and understands that RegCo has prioritised and will expedite its review of the conduct of the proceedings of the EGM and the issues raised regarding disclosures in the delisting circular to determine whether shareholders' approval for the delisting resolution was properly obtained," he said. " Given that SGX is currently reviewing the conduct of the proceedings of the EGM, SIAS calls upon Fincantieri to extend the offer period to allow shareholders sufficient time to evaluate and accept the offer following the result of the SGX review." The exit offer is currently open for acceptance until 5.30pm on May 14. As part of the delisting exercise, Fincantieri is making an exit offer to buy the remaining shares that it does not own at 25 Singapore cents apiece. This is its second attempt, one Singapore cent more than its previous offer made in 2016. As at April 30, 5pm, Fincantieri and its concert parties own and have agreed to acquire shares representing 83.77 per cent of Vard. http://www.businesstimes.com.sg/companies-markets/sias-calls-on-fincantieri-to-extend-offer-period-for-vard |
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rabbitfoot
Master |
02-May-2018 18:07
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Hope the chaotic voting will be nullified | ||
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BillionX
Senior |
02-May-2018 11:05
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The SHAM EGM on the 30/4 is now under review by SGX! SO DO NOT SELL YOUR SHARES until the review is completed.Hold on to your precious asset.If Fincanteri wants to acquire and delist Vard we will demand a fair and equitable price for our shares.If another EGM is required,go attend and VOTE NO to their proposed delisting.We will not be robbed of our hard earned income and asset by BIG BULLY COMPANIES SUCH AS FINCANTERI! So let me repeat DO NOT SELL,VOTE NO until we get a fair and proper price that commensurate with the forward earnings of Vard.Inform your friends,neighbours and relatives and we will show these unscrupulous corporate raiders that we Singaporeans are no push overs.Thank you. | ||
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