| Latest Forum Topics / Vard |
 Post Reply
|
|
0.25 cents a shares ...NO WAY!
|
|||
|
BillionX
Senior |
20-Jun-2018 17:12
|
||
|
x 0
x 0 Alert Admin |
The manager of the exchange SGX has shown that they are weak and passive.Despite being made aware that the current rules on forced delisting is flawed it still allows Vard to proceed with the proposed delisting.SGX has the opportunity to make a wrong right and restore shareholders confidence .But it has chosen to remain passive and allow a company to bully minority shareholders to surrender their shares at a ridiculous and unfair price.Shameful and Disgraceful.A third world exchange in a first world country. | ||
| Useful To Me Not Useful To Me | |||
|
simpleguy123
Elite |
14-Jun-2018 16:04
|
||
|
x 0
x 0 Alert Admin |
It' s actually a race against time to implement such changes in Vard' s shareholders context, because these implementations take years.....SG Regulators take their time in the name of " meetings"
|
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
Observers
Elite |
14-Jun-2018 08:19
|
||
|
x 0
x 0 Alert Admin |
This is why Temasek must be very careful when they want to do corporate manouevers on the SGX. If the resident GLCs give even the slightest hint of pulling a fast one on retail investors, it might set the wrong signals to the foreign monkeys-see-monkeys-dos, that this is all acceptable to the regulators. | ||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
13-Jun-2018 19:03
|
||
|
x 0
x 0 Alert Admin |
A call to all Vard shareholders:write to SGX to protest the delisting of Vard.Base your argument on the reasons highlighted in the Business Times article.Lets All do our part to lobby SGX to change the current rules which is disadvantaged to minority shareholders.Forced delisting or ?squeeze out? of minority shareholders by majority shareholders is unethical and unfair.In today?s political climate shareholders must not put up with such underhanded tactics and more so in an open and level playing field such as Singapore.An image and reputation the Singapore government so profess. | ||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
12-Jun-2018 15:40
|
||
|
x 0
x 0 Alert Admin |
LET' S hope SGX have the moral courage to make the changes before the delisting of Vard goes to vote. It is better late than never. SGX restore your credibility and integrity. And restore our trust and confidence in you as manager of the exchange. |
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
katak88
Master |
12-Jun-2018 11:25
|
||
|
x 0
x 0 Alert Admin |
BT EXCLUSIVE
SGX mulls new rule to protect minority shareholders in delistingsSGX RegCo says recent privatisations have raised 2 issues - whether controlling shareholders should vote, and whether exit offers are too low
TUE, JUN 12, 2018 - 5:50 AM SINGAPORE Exchange Regulation (SGX RegCo) is mulling changes to its listing rules, which - if they come to pass - could curtail the role of controlling shareholders in a voluntary delisting, when the odds are often stacked heavily against minority shareholders. In response to queries from The Business Times (BT), Tan Boon Gin, SGX RegCo' s chief executive officer, said recent privatisations of listed companies have raised two issues: " The first is the question of whether controlling shareholders should be allowed to vote on the matter. The second is the perception that some companies are being taken private at too-low prices," he said. SGX RegCo has been monitoring these developments and will weigh these against feedback from the market. " Should any rule change be proposed, we will first need to do a formal public consultation and obtain regulatory approval," he said. Delistings have received a lot of bad press, especially since - more often than not - the offer price has hurt the interests of minority shareholders. Controlling shareholders of listed companies beset by low valuations have been tempted to take their business private. A lack of liquidity, injection of private equity funding, a desire to retain family control in a private setup and other strategic impetuses have also driven decisions to take a company private. However, current legislation does not provide effective tools to protect the interests of minority shareholders. For a company to be voluntarily delisted, an extraordinary shareholders' meeting must be held. Approval for the move must be received from 75 per cent of the shareholders present no more than 10 per cent can disagree with the move. At such a meeting, the controlling shareholder or shareholders make an exit offer. That they are allowed to vote in a voluntary delisting has been one of the main criticisms of the existing rules. If a controlling shareholder has 90 per cent of the shares by way of acceptances of the exit offer, it can go ahead with the delisting. In such a scenario, the exit offer becomes unconditional. Its term is extended to allow those parties that did not tender initially to still tender their shares and exit. Masya Spek, a consultant analyst at Apollo Investment Management, said: " The key difference is that in Hong Kong, the controlling shareholders and their respective associates have to abstain from voting on the proposed delisting." Rules aside, market observers said, a fair offer has to be made. A delisting should not be used as a threat to put pressure on or force minority shareholders to accept an offer that is at a deep discount to the underlying asset value of the company concerned. The April 30 extraordinary general meeting (EGM) of Vard Holdings, the target of Italy' s Fincantieri Oil & Gas, was a case in point. At that meeting, 96.54 per cent voted in favour of the delisting, and 3.46 per cent against. Ms Spek said: " What this fails to note is that one controlling shareholder voted in favour, and that everyone else voted against. The 982.67 million ' Yes' votes equated to Fincantieri' s shareholding. " The 35.19 million ' No' votes cast in that EGM represented 100 per cent of the minorities who managed to vote, and 18 per cent of the remaining free float. If this were a Hong Kong company, it would have remained listed." The Vard case was a forced and unfair delisting, not a voluntary one, she added. " Serial impoverishment of patient long-term investors is not good for markets, for price discovery, or for the efficiency of capital allocation in an economy. " Singapore regulators must upgrade the rules. A ' squeeze-out delisting' should not be a phrase that your investors need to know or risk." Under Singapore' s current rules, even if the independent shareholders who vote are unanimous in rejecting the delisting proposal, it may pass anyway, unless the voting turnout is unusually high. Not voting does not mean the shareholders do not care, Ms Spek said. " Reasons for not voting include custodian paperwork delays, postal delays, holidays, hospitalisation, probate, dauntingly thick and confusing documents... The rules may have been devised for an earlier era of mostly-local shareholders holding shares in their own names, with efficient postal services, and usually at home. " In current conditions, achieving a high turnout with two weeks' notice may be challenging." But not everyone agrees that minority interests are inadequately protected, or that controlling shareholders should abstain from voting during a delisting. Stefanie Yuen Thio, joint managing partner at TSMP Law Corp, said: " The protection is already built in - in that there can' t be more than 10 per cent voting against the delisting." She said delisting is an issue all shareholders have an interest in, even if their interests are not totally aligned. " To effectively give minorities the right to veto swings the pendulum of rights too far to the populists' end and could be a form of oppression by the minority. " It would also potentially make SGX a less attractive venue for companies to list, which would be counter productive to an active and liquid market." https://www.businesstimes.com.sg/stocks/sgx-mulls-new-rule-to-protect-minority-shareholders-in-delistings |
||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
12-Jun-2018 08:10
|
||
|
x 0
x 0 Alert Admin |
SGX to consider rules change on delisting.Dont sell your shares.Vote NO at the next EGM. | ||
| Useful To Me Not Useful To Me | |||
|
shyeo1223
Master |
06-Jun-2018 07:27
|
||
|
x 0
x 0 Alert Admin |
Hope this company goes bankrupt. Then everyone will take up the offer of 25 cents lol
|
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
BillionX
Senior |
04-Jun-2018 09:45
|
||
|
x 0
x 0 Alert Admin |
Creative accounting? Despite winning new contracts loss widens. Something fishy going on. Seems Vard wants minority shareholders to have a negative view of the company hence will perceive their offer of 0.25 as fair. DONT FALL FOR IT. Do not sell. | ||
| Useful To Me Not Useful To Me | |||
|
Starship
Supreme |
04-Jun-2018 09:04
|
||
|
x 0
x 0 Alert Admin |
Vard widens Q1 loss MON, JUN 04, 2018 - 8:14 AM SHIPBUILDER Vard Holdings on Monday posted its 2018 fiscal first-quarter net loss that widened from the previous year-ago quarter. Net loss for the three months ended March 31, 2018 stood at 109 million Norwegian krone (S$17.8 million), compared to 25 million krone the same period a year ago. This translated to a loss per share of 0.09 krone, compared to a loss per share of 0.02 krone. Revenue for the fiscal first quarter 2018 was 2.27 billion krone, up 28 per cent from a year ago, due to increased activity, especially at the Romanian yards that reflect the progress of the six expedition cruise vessels under construction. But Vard widened its operating loss as its Ebitda (earnings before interest, taxes, depreciation and amortisation) margin before restructuring cost decreased from 2.3 per cent in the year-ago quarter, to " nil" in the fiscal first quarter 2018. It also recorded a restructuring cost of 11 million krone during the period. Its cash flow from its operating activities swung into negative territory for the quarter, at negative 266 million krone at the end of March 31, 2018, compared to a positive cash flow of 243 million krone as at March 31, 2017. https://www.businesstimes.com.sg/companies-markets/vard-widens-q1-loss |
||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
01-Jun-2018 09:40
|
||
|
x 0
x 0 Alert Admin |
Vard delays releasing auditors report in connection with its proposed acquisition of Fincantieri.SGX must now ensure that there is no massaging of information and the proposed acquisition is above board and fair to minority shareholders.WE WILL BE WATCHING! | ||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
28-May-2018 21:21
|
||
|
x 0
x 0 Alert Admin |
300,000 shares transacted @0.25 on 28 May.Are these transaction between related parties? SGX should audit the transaction to maintain the integrity of the exchange.But why it?? | ||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
BillionX
Senior |
24-May-2018 19:18
|
||
|
x 0
x 0 Alert Admin |
So it is in our interest to resist the delisting even if the cards are stacked against us the retail investors.We will not lie down and let Fincantieri ?steal? Vard from us! | ||
| Useful To Me Not Useful To Me | |||
|
Starship
Supreme |
24-May-2018 15:10
|
||
|
x 0
x 0 Alert Admin |
Won contracts after contracts after contracts. But yet they taking it private for mere cents. VARD bags $66 mil contract to build trawler for Norwegian fishery 24/05/18, 07:59 am SINGAPORE (May 24): VARD Holdings has secured a new contract valued at NOK 400 million ($66.4 million) for the design and construction of one stern trawler for Nergå rd Havfiske AS, which is part of Norwegian fishery Nergå rd group. Delivery of the vessel is scheduled from VARD Brattvaag in Norway in 1Q 2020 and the hull will be built at VARD Braila in Romania. In a Thursday filing, VARD says the 80m-long stern trawler with a beam of 17m is of VARD 8 02 design, and will be developed by VARD Design in Å lesund, Norway, based on VARD&rsquo s enhanced trawler designs. VARD is currently facing shareholder backlash over the 25 cents exit price offered by 80% owner Fincantieri O& G to delist the company from the SGX. Minority shareholders want Fincantieri to either revise its offer substantially higher or simply call off the offer and let them enjoy the upturn in business volume. On April 30, VARD had sought shareholders' approval of its delisting proposal at an EGM, which ended with the delisting resolution disputed with retail investors unhappy over errors in the circular to shareholders. In response, Fincantieri has extended the closing date of its exit offer to 5.30pm on July 20. Although the company did not revise the exit offer price, it is now offering minority shareholders who had previously accepted the exit offer a chance to withdraw their acceptances. https://www.theedgesingapore.com/vard-bags-66-mil-contract-build-trawler-norwegian-fishery |
||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
24-May-2018 09:47
|
||
|
x 0
x 0 Alert Admin |
So Vard has won another contract worth $66 million for a Norwegian fishing trawler. And it wants to delist and offer you 0.25 for your shares.Should you?Join us on Telegram and Vote No to the delisting. | ||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
21-May-2018 17:01
|
||
|
x 0
x 0 Alert Admin |
To all shareholders:remember our fight to prevent Vard from being delisted IS NOt OVER.Do not lie down and let Fincantieri walk all over you.Our only ammunition is not to sell our shares at a pathetic price of 0.25 cents.You may be tempted.Be patient. Attend the next EGM and VOTE No to the delisting.The destiny of Vard is in our hands. | ||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
17-May-2018 13:43
|
||
|
x 0
x 0 Alert Admin |
A reminder to all Vard shareholders.Do not sell your shares.There appears to be some manipulation of the share price.It has traded as high as 0.26 and you may be tempted to sell.DONT. Your shares is worth more.Attend the next EGM and VOTE NO to the delisting. | ||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
16-May-2018 13:32
|
||
|
x 0
x 0 Alert Admin |
Noticed that Vard shares tradedas high as 0.26 on fairly hefty volume. Is there some monkey business going on like another entity buying on behalf of the acquirer? SGX should audit the purchases. Is this illegal since there is an offer of 0.25? | ||
| Useful To Me Not Useful To Me | |||
|
BillionX
Senior |
16-May-2018 10:36
|
||
|
x 0
x 0 Alert Admin |
Precisely.SIAS has requested independent directors to explain how they are objective and ?independent ?.The whole process stink to high heavens.We must not sell and demand for a better price. | ||
| Useful To Me Not Useful To Me | |||
|
hotelgrand
Master |
15-May-2018 21:57
|
||
|
x 0
x 0 Alert Admin |
why want to delist now? BT claims former CEO at price of $1.22 also doesn't want to sell to Italian co years ago why sell now?? | ||
| Useful To Me Not Useful To Me | |||