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0.25 cents a shares ...NO WAY!
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BillionX
Senior |
01-Aug-2018 12:31
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What I meant to say is if Fincantieri acquired more than 90% of Vard shares through the open market it will have to mandatory acquire the remaining shares as the free float falls below 10%.The EGM voted to delist but shareholders have the choice to hold on as private shareholders.In the scenario of >90% shareholders do not have the option to hold onto their shares. | ||
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katak88
Master |
01-Aug-2018 10:01
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Exit offers - weigh your options objectively Senior Correspondent
PUBLISHED AUG 21, 2017, 5:00 AM SGT
Should investors holding on to shares of delisted firms accept offers to buy them out? |
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katak88
Master |
01-Aug-2018 09:47
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SGX needs to rein in delistings.
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katak88
Master |
01-Aug-2018 09:35
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It doesn' t matter whether Vard has more than 90% shareholders as the EGM on delisting resolution had already been approved last week. VARD: Results Of EGM On The Delisting.25 Jul 2018 11:07
FINCANTIERI S.p.A.' s subsidiary Vard Holdings Limited has announced that at the Extraordinary General Meeting held on July 24, 2018, the shareholders approved the voluntary delisting of Vard from the Main Board of Singapore Exchange Securities Trading Limited pursuant to Rule 1307 of the listing manual of the SGX-ST... The Exit Offer has become and was declared to be unconditional in all respects. The Exit Offer will remain open for acceptance until 5.30 p.m. (Singapore time) on August 8, 2018 or such later date(s) as may be announced from time to time by or on behalf of Fincantieri O& G. Under the Exit Offer, Fincantieri O& G will offer the shareholders of Vard SGD 0.25 in cash for each Vard share tendered in acceptance of the Exit Offer. The maximum value of the Exit Offer as at July 24, 2018 is thus approx. SGD 48.0mm (approx. EUR 30.1mm at the current exchange rate) in case of full acceptance. The Exit Offer will be financed through available financial resources.
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ysh2006
Supreme |
30-Jul-2018 14:43
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Hyflux also......no use !1very soon coming ?
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BillionX
Senior |
30-Jul-2018 13:44
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I say good riddance to bad rubbish! Another 2% and we can bring out the champange and light up the fireworks to celebrate the departure of another third rate company from the SGX. It will be relief when the acquirer reaches 90% and all minority shareholders can breath a sigh of relief knowing that this sad and painful saga has come to an end. All appeals and complains have fallen on deaf ears.At least we all now know how weak SGX and SIAS are when it comes to helping out shareholders.
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shadow
Veteran |
09-Jul-2018 16:07
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Vard Delisting Circular Despatched 9 Jul 2018 SGX info link here | ||
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shadow
Veteran |
09-Jul-2018 15:58
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Vard despatched EGM Circular 9Jul2018 can be downloaded from sgx info website. Proxy Form is at the last page of the proposed delisting circular attached. http://infopub.sgx.com/FileOpen/Vard%20Holdings%20Limited%20Delisting%20Circular%20dated%209%20July%202018.ashx?App=Announcement& FileID=515561
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subaru
Senior |
09-Jul-2018 12:56
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has anyone received the EGM notice? This time I will sure send in th proxy form to vote NO. |
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BillionX
Senior |
09-Jul-2018 10:45
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Observers:Either you have been living under a rock or you are in LALA land.How are we supposed to be long term investors If the company is delisted? Would you like to hold shares as a minority private investors in a company that is hostile to shareholders? You can choose to live in denial but most minority shareholders are very realistic and will call a spade a spade! | ||
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Observers
Elite |
09-Jul-2018 10:23
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Imo, this delisting does not affect long term value investors, only short-medium term speculators. So really depends what you guys were after. | ||
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katak88
Master |
09-Jul-2018 10:08
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Vard' s independent financial adviser maintains ' not fair but reasonable' recommendation on Fincantieri offerMON, JUL 09, 2018 - 8:45 AMVARD' s independent financial adviser CIMB Bank has maintained its recommendation that Fincantieri' s buyout is " not fair but reasonable" in the shipbuilding company' s latest circular released on the Singapore Exchange. Updated numbers on the latest release showed the exit offer price of S$0.25 in cash for each offer share represents around a 9.2 per cent discount to the NAV (net asset value) per share, and a 20.1 per cent premium over the NTA (net tangible asset) per share as at March 31, 2018. This was in comparison to the earlier circular, which said that the exit offer price represents a discount of around 14.9 per cent to the NAV/share and a premium of 10.6 per cent to the NTA per share as at Dec 31, 2017. Also, new numbers showed the exit offer price is priced at a discount of around 14.4 per cent to the RNAV (revalued net asset value) per share as at March 31, compared to the 19.2 per cent discount to the RNAV per share of S$0.309 as at Dec 31, 2017. Vard also highlighted to shareholders in its new circular that the exit offer will be conditional upon the delisting resolution being passed at the company' s July 24 EGM. If the condition is not fulfilled, the delisting will not proceed and the company will remain listed on the Singapore Exchange. The exit offer will also lapse, and all acceptances of the exit offer will be returned, Vard added. The company emphasised that approving the delisting does not automatically mean accepting the exit offer. https://www.businesstimes.com.sg/companies-markets/vards-independent-financial-adviser-maintains-not-fair-but-reasonable |
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BillionX
Senior |
09-Jul-2018 09:50
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Despite all the unhappiness with the offer exit price of $0.25 and the controversy with the FORCED DELISTING does SGX the manager of the exchange care? Nope.Nah.Not really. You the minority shareholders are not important to the exchange.So you have to exercise your only right...VOTE NO at the Egm. | ||
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BillionX
Senior |
09-Jul-2018 09:41
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Vard Independent Directors( are they really independent?) admits that the offer price of $0.25 is NOT FAIR. A fact that all shareholders knows except for Vard and Fincantieri who are working together on the sly to scam minority shareholders of their shares.GO ATTENT THE EGM AND VOTE NO TO THE DELISTING! Every vote counts. | ||
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BillionX
Senior |
04-Jul-2018 13:36
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Calling all Vard shareholders you have the last chance to deny Fincanteri robbing you of your shares. Go attend the EGM on 24 July and vote NO to the delisting. If you do not vote NO Vard will be delisted (no longer listed on the stock exchange) and you can no longer trade your shares. Vard shares are worth more than $0.25 and Fincanteri knows it.Apollo Investment in a recent article stated that with the turnaround in the oil and gas industry and with the many new ship building contracts Vard has won the share is worth $1.00. That is why they have use this underhanded method(delisting) to blackmail YOU to sell to them at this ridiculous price.SGX will not help you. SIAS will not help you. So it is now up to you to act.VOTE NO!!! |
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katak88
Master |
02-Jul-2018 17:10
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Vard to hold second EGM on delisting on July 24 Fincantieri extends offer to Aug 7MON, JUL 02, 2018 - 8:12 AM UPDATED MON, JUL 02, 2018 - 8:35 AM
SHAREHOLDERS of Vard Holdings will meet on July 24 to vote again on a proposed delisting after a new circular overcame initial concerns by Singapore Exchange Regulation (SGX Regco), the shipbuilder announced on Monday. The exit offer for shareholders of Vard by Italy' s Fincantieri Oil & Gas has also been extended to Aug 7 from July 20. Fincantieri is offering to buy the remaining Vard shares that it does not already own at 25 Singapore cents apiece with an aim to take Vard private. As at Nov 13, 2017, Fincantieri held a 79.34 per cent stake in Vard. Including shares acquired since then and valid acceptances, Fincantieri' s resultant shareholding stood at 86.81 per cent as at June 29, 2018. At an EGM on April 30, shareholders, including Fincantieri, voted in favour of the delisting offer. But the meeting ended with retail investors unhappy over errors in the circular to shareholders and with the way that the meeting was conducted. Following that meeting, SGX RegCo ordered Vard to hold a new EGM. The exit offer consequently extended. https://www.businesstimes.com.sg/companies-markets/vard-to-hold-second-egm-on-delisting-on-july-24-fincantieri-extends-offer-to-aug-7 |
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BillionX
Senior |
25-Jun-2018 19:18
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What sort of company announces BILLION $$$ contract yet wants to deny long suffering loyal shareholders of a decent exit price.Immoral and Shameful.Vote NO to the delisting.Sloppy SGX remains passive and ignore the cries of minority shareholders.Are we Singaporeans so unimportant.SGX do what is right . Stop the delisting.Allow shareholders to share the future profits of Vard. | ||
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katak88
Master |
25-Jun-2018 09:29
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Vard' s delisting EGM delayedSUN, JUN 24, 2018 - 5:03 PMSHIPBUILDER Vard Holdings will delay an extraordinary general meeting (EGM) on its proposed delisting, as the updated delisting circular is still being reviewed by bourse regulators. The company will provide further updates on the status of the review, it said in an exchange filing on Saturday night. Italy' s Fincantieri, which already has more than 80 per cent stake in Vard, has made an exit offer to buy the remaining shares that it does not already own at 25 Singapore cents apiece. Following unhappiness from its minority shareholders over, among other things, the errors in the circular to shareholders, the exit offer has been extended to late July. The Singapore Exchange Regulation, or RegCo, had ordered Vard to hold a new extraordinary general meeting. The Securities Investors Association (Singapore), or Sias, also asked Vard&rsquo s directors to give an account of their independence in the spirit of governance rules, with regard to Fincantieri&rsquo s delisting offer Vard&rsquo s independent directors had recommended that shareholders accept Fincantieri&rsquo s offer. At an earlier EGM held on April 30, 96.54 per cent voted in favour of the delisting and 3.46 per cent against. |
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BillionX
Senior |
20-Jun-2018 17:26
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EGM 29 June. Go and vote NO to the delisting.Show SGX that we the minority shareholders will NOT BE BULLIED! Shameful and Disgraceful! | ||
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shyeo1223
Master |
20-Jun-2018 17:22
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Why am I not surprised? If SGX is efficient, retail investors won' t end up losing so much money to scam companies. Basically none of the regulators are at acceptable level in my view, eg. SGX, CPF, LTA, ICA......and the list goes on. | ||
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