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BBbull Senior	16-Jan-2017 21:58        BBbull About Contact  Quote this Post!
x 0   x 0  Alert Admin	But it is true that vard still has a lot of debt right? They may have to issue rights?
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lazycat88 Member	13-Jan-2017 21:23        lazycat88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Two reasons: 1. Buyers above $0.24 hope the offer price will be raised. 2. Buyers above $0.24 believe in the long term prospect of the company and have no intention of selling their share to Fincantieri. investshare      ( Date: 13-Jan-2017 10:51) Posted: i can understand why existing shareholders want to hold and wait. but i cannot understand why there is buyer above $0.24.
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nooovva Member	13-Jan-2017 15:01        nooovva About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi all, there are two levels to be aware of: 1. 90%: SGX will delist and an exit offer will be made to remaining shareholders at the same price. This is not the compulsory acquisition level yet. 2. ~95%: Offeror will be able to exercise compulsory acquisition of all remaining shareholders. You do nothing, they will still buy over your shares.
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investshare Supreme	13-Jan-2017 10:51        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	i can understand why existing shareholders want to hold and wait. but i cannot understand why there is buyer above $0.24.
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investshare Supreme	13-Jan-2017 10:49        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	they already confirmed have 72% already. I suspect some shareholding holding big number of shares, they may worry if dump into market, they may not even get $0.24, that' s why choose to accpet offer.  Looks like they are going to publish acceptance level every day. orangekun      ( Date: 13-Jan-2017 10:47) Posted: I guess those had voted are now calling in to pull out since the price in market is definitely higher than the offer.  So in essence, does this mean they had failed ?
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orangekun Member	13-Jan-2017 10:47        orangekun About Contact  Quote this Post!
x 0   x 0  Alert Admin	I guess those had voted are now calling in to pull out since the price in market is definitely higher than the offer.  So in essence, does this mean they had failed ?
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investshare Supreme	13-Jan-2017 10:45        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	to buy from shareholder at $0.24 is unconditional, both parties agree can liao. but if they reach 90%, then even shareholder not willing to sell, also forced to sell. BBbull      ( Date: 13-Jan-2017 10:41) Posted: But didn't the unconditional offer need 90% acceptances as well? ccpprs      ( Date: 13-Jan-2017 10:26) Posted: Even though it is unconditional.....as long as it is < 90%, they cannot delist, it will still be traded, as O& G is recovering, suggest you hold.
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BBbull Senior	13-Jan-2017 10:41        BBbull About Contact  Quote this Post!
x 0   x 0  Alert Admin	But didn't the unconditional offer need 90% acceptances as well? ccpprs      ( Date: 13-Jan-2017 10:26) Posted: Even though it is unconditional.....as long as it is < 90%, they cannot delist, it will still be traded, as O& G is recovering, suggest you hold.
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ccpprs Member	13-Jan-2017 10:26        ccpprs About Contact  Quote this Post!
x 0   x 0  Alert Admin	Even though it is unconditional.....as long as it is < 90%, they cannot delist, it will still be traded, as O& G is recovering, suggest you hold.
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investshare Supreme	13-Jan-2017 10:05        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	It means if you accept the offer, they must buy. BBbull      ( Date: 13-Jan-2017 09:56) Posted: What does it mean if the offer is now unconditional?
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BBbull Senior	13-Jan-2017 09:56        BBbull About Contact  Quote this Post!
x 0   x 0  Alert Admin	What does it mean if the offer is now unconditional?
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chongpin Senior	13-Jan-2017 08:55        chongpin About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	   Fincantieri' s privatisation offer of Vard Holdings declared unconditional    Thursday, January 12, 2017 - 13:55 by    JACQUELYN CHEOK VARD Holdings said on Thursday that the voluntary conditional cash offer from Fincantieri Oil & Gas to buy out the remaining equity that it does not hold in Vard has been declared unconditional. Fincantieri has obtained consent from the Securities Industry Council to reduce the acceptance condition to a level of more than 50 per cent. The closing date for the offer has also been extended from 5.30 pm on Thursday to 5.30 pm on Feb 2 or later as may be announced.       Â
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investshare Supreme	13-Jan-2017 07:52        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Already 72%. sriramanv      ( Date: 12-Jan-2017 13:18) Posted: possible, no BBs will be for short and long..   investshare      ( Date: 12-Jan-2017 13:12) Posted: the price will be supported till the offer expires. If they manage to get 70-80%, this counter will become very illiquid and soon forgotten.
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nooovva Member	13-Jan-2017 02:34        nooovva About Contact  Quote this Post!
x 0   x 0  Alert Admin	SINGAPORE (Jan 10): Vard Holdings announced Tuesday that it has secured contracts worth 600 million Norwegian Krone ($101 million) for the construction of two LNG powered car and passenger ferries for Torghatten Nord in Norway.   Designed for environmentally friendly operations in the Norwegian fjords, the ferries will be able to accommodate up to 180 cars and 550 passengers and crew. The vessels, which will have a speed of approximately 18 knots, will measure 130 metres in length with a beam of 20.7 metres. Vard Brevik in Norway is scheduled to deliver the ferries in third and fourth quarters of 2018. &ldquo I would like to welcome Torghatten Nord as a new client to Vard, and we look forward to working together with their team on this exciting project, combining LNG propulsion and battery systems,&rdquo says Vard CEO and Executive Director Roy Reite. &ldquo We delivered the world&rsquo s first LNG powered car and passenger ferry back in the year 2000, and have delivered a broad range of ships using this innovative technology since, including offshore vessels, ferries and a fish feed carrier,&rdquo Reite adds. The ferries will be equipped with hybrid gas-electric propulsion with battery systems to reduce fuel consumption and emissions, meeting the latest requirements for energy efficiency. Vard says in a SGX filing on Tuesday that the hulls of the vessels will be built by Vard Braila in Romania. The ferries are intended to be used on the Halhjem-Sandvikvå g crossing, where Torghatten Nord has been awarded a five-year contract with the Norwegian government.
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nooovva Member	13-Jan-2017 01:52        nooovva About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi intrinsic_play: during an Offer, the Offeror can acquire shares via acceptances and/or market purchases. Market purchases cannot be above the stated offer price or they will need to revise the offer price for all shareholders.    Even if they ever manage to get 90% and SGX delists them, SGX will ask them to make an exit offer for all remaining shareholders. This is in the SGX Listing Manual, Rule 1308.   Like I said, nothing much to lose.
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lazycat88 Member	12-Jan-2017 23:56        lazycat88 About Contact  Quote this Post!
x 1   x 0  Alert Admin	Original deal - Fincantieri will only buy the Vard shares of those who accepted the offer if Fincantieri get more than 90% which obviously did not happen. Revised deal - Fincantieri will buy the Vard sgares of those who accepted the offer without any condition.  But the offer price remains unchanged at 0.24. This is actually quite expected because it gives Fincantieri the opportunity to increase their shareholdings in Vard on the cheap.  Previously it was all or nothing. I will be holding on to my Vard. I expect the upcoming quarterly results to show a big improvement based on vessel delivery and ongoing work.  Once that is announced, 0.24 per share will look insanely cheap.
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intrinsic_play Member	12-Jan-2017 23:50        intrinsic_play About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Hi Nooovva, But based on item 6 of their circular:- " Pursuant to Section 215(1) of the Companies Act, if the Offeror receives valid acceptances pursuant to the Offer or acquires Offer Shares during the Offer period otherwise than through valid acceptances of the Offer in respect of not less than 90 per cent. of the total number of Shares..." What do they mean by acquires Offer Shares during the Offer period otherwise than through valid acceptances of the Offer? If they cannot buy additional shares from open market, then it boils down to whether they can get more acceptances to push it up from 72% to 90%. Let' s pray it doesn' t, cuz if it does, SGX will automatically suspend trading.   nooovva      ( Date: 12-Jan-2017 23:20) Posted: Fincanteiri  cannot purchase above 24 which is the offer price. If they buy above 24, they have to revise the offer price to the highest amount they bought at.   This is enshrined in the Singapore' s takeover code.
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shadow Veteran	12-Jan-2017 23:43        shadow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Latest Acceptance Level 72.73% only! Previously up from 71.95% . (16.3% to 17.1%) truly reflects not many small shareholders willing to accept their offer!  If they really interested to take it private ( previously GO 1.22) now what is 0.24 Offer now to them. Testing market reaction? They should know at current depressed price not many will be willing to let go at 0.24.   They should at least try with a bid price near its NAV maybe better chance for them to take private .  Fincantieri, please don' t take us small investors for a ride! Showing us only a multi billions co like them   is just another cheapo !!
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nooovva Member	12-Jan-2017 23:20        nooovva About Contact  Quote this Post!
x 0   x 0  Alert Admin	Fincanteiri  cannot purchase above 24 which is the offer price. If they buy above 24, they have to revise the offer price to the highest amount they bought at.   This is enshrined in the Singapore' s takeover code.
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intrinsic_play Member	12-Jan-2017 23:09        intrinsic_play About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Basically, Vard has exercised their option to reduce the acceptance condition from 90% to 50% in order for the offer to become unconditional. This is automatically fulfilled since they already hold 55% of the shares.     So from now til Feb, they can either wait for more acceptances to come in or they can acquire more shares from the market to hit the requirement of 90% shares before they can delist from SGX. The only difference is that they can now buy back shares from the open market. And of course, those who accepted the offer earlier, if they did not withdraw now, their shares will be transferred to Vard at 24cts/share regardless of the prevailing stock price.   So for those who have bought Vard at a much higher price than their offer price, and feels that their offer price is too low, you can withdraw your acceptance offer if you had submitted earlier. Vard can still buy through the open market but of course this would push up the stock price, in which case, if you withdraw the offer, you can still sell at a higher price than their offer of 24 cts. CKY1975      ( Date: 12-Jan-2017 21:46) Posted: What I understand is this: ​ The original offer is conditional, the offer of 24cent is valid only if Fincanteiri received > 40% share that they do not own, hence totaling > 90%. Then the delisting can take place. ​ However, that did not happened and the offer is now invalid. ​ To validate it, Fincanteiri​ lowered the  condition from > 90% to > 50% and obtain approval from SGX. Since they already own > 50%, the offer of 24cents becomes unconditional. ​ The offer open for another 2 weeks  and those accepted before have choice of withdrawal within 8 days. ​ After the offer close on 2 Feb, no matter how many percent of the share  Fincanteiri received, the transaction is valid and share will be transferred to Fincanteiri​ at 24cents.
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