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If Fincantieri offers slightly higher like 55 Singapore cents to delist Vard, may consider yes.
The only way to stop this abuse is to:
1. Turn up at the EGM and vote " No" . Since Fincantieri has ~80% already, we need about 8.8% to vote against the delisting.
2. Write to SIAS and complain about exploitation of minority shareholders
3. Write in to SGX to ensure that the Independent Financial Advisor does a proper job of evaluating the offer price.
1. Turn up at the EGM and vote " No" . Since Fincantieri has ~80% already, we need about 8.8% to vote against the delisting.
2. Write to SIAS and complain about exploitation of minority shareholders
3. Write in to SGX to ensure that the Independent Financial Advisor does a proper job of evaluating the offer price.
Here's more from DBS Equity Research:
While the offer price looks fair to us, given it is almost the same as our target price for Vard, it remains to be seen whether those shareholders who did not tender in the earlier round will agree to the delisting and Exit Offer this time around, given the pricing is about the same.
However, it must be noted that Vard?s share price has not moved significantly since the close of the last offer, despite improvement in oil price, as its earnings are still in the red, and outlook for order wins is not that rosy either.
The shares have been quite illiquid as well, with only 175,437 shares on average being traded on days with trading activity over the last six months, representing just 0.07% of the total free float.
Thus, this might create an incentive for shareholders to accept the offer this time. Dormant shareholders may increase the chances of the delisting resolution being successfully carried out at the EGM, whereupon dissenting shareholders may not want to hold on to shares in a private company.
While the offer price looks fair to us, given it is almost the same as our target price for Vard, it remains to be seen whether those shareholders who did not tender in the earlier round will agree to the delisting and Exit Offer this time around, given the pricing is about the same.
However, it must be noted that Vard?s share price has not moved significantly since the close of the last offer, despite improvement in oil price, as its earnings are still in the red, and outlook for order wins is not that rosy either.
The shares have been quite illiquid as well, with only 175,437 shares on average being traded on days with trading activity over the last six months, representing just 0.07% of the total free float.
Thus, this might create an incentive for shareholders to accept the offer this time. Dormant shareholders may increase the chances of the delisting resolution being successfully carried out at the EGM, whereupon dissenting shareholders may not want to hold on to shares in a private company.
SGX should really disallow this predatory approach that completely disregards long term shareholders. A take over exercise just concluded recently and Fincantieri is able to launch another attempt yet again. This time they' re just using their recently acquired majority stake to run over the minority shareholders. How could this be rationally be allowed?
Say ' no' is not enough, minority holders must show in action... must make a trip to vote ' No' .. if cannot garner 10% or more ' No' then Fincantieri will have > 75% to pass the EGM to force exit delisting! SGX will not do anything to protect minor shareholders interest , cannot count on SGX.
angmohlin ( Date: 13-Nov-2017 19:17) Posted:
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http://www.businesstimes.com.sg/companies-markets/brokers-take-vards-illiquid-shares-may-incentivise-shareholders-to-accept-parent
THE proposed voluntary delisting via an exit offer for Vard Holdings by parent company Fincantieri Oil & Gas SpA at 25 Singapore cents in cash per share " looks fair" but it remains to be seen whether the shareholders who did not accept the earlier offer a year ago will agree given that the pricing is about the same, said DBS Group Research.
Ask them go fly kite... " looks fair" ?? Trying to instigate minority shareholders to let go at 25cts... All those who holds on to Vard should fight on ..
DBS Research trying to confuse shareholders
The research house also pointed out that Vard shares have been quite illiquid with only 175,437 shares on average being traded on days with trading activity over the last six months representing just 0.07 per cent of the total free float. This might create an incentive for shareholders to accept the offer this time, it added
THE proposed voluntary delisting via an exit offer for Vard Holdings by parent company Fincantieri Oil & Gas SpA at 25 Singapore cents in cash per share " looks fair" but it remains to be seen whether the shareholders who did not accept the earlier offer a year ago will agree given that the pricing is about the same, said DBS Group Research.
Ask them go fly kite... " looks fair" ?? Trying to instigate minority shareholders to let go at 25cts... All those who holds on to Vard should fight on ..
DBS Research trying to confuse shareholders
The research house also pointed out that Vard shares have been quite illiquid with only 175,437 shares on average being traded on days with trading activity over the last six months representing just 0.07 per cent of the total free float. This might create an incentive for shareholders to accept the offer this time, it added
Dishonorable management and owners of Fincantieri. They are pushing hard to relish on Vard all for themselves with the turnaround clearly in sight. Kudos.
Hi all the minority shareholders please spread the word out " say no" to Fincantieri. I definitely to vote against such unreasonable offer.
They think we minority holders are all dumbf ..!! Last time they can even pay $1.22 per shares (for vard 50%+ or so ) to takeover now want to pay just peanuts to buy us out...
If Fincanteri is serious about delisting they should up their offer in a generous way to buy out the rest ... 24cts to 25 cts ... pui pui pui !!! cheapskate Italian ! Try harder !
Looking at it Vard business is starting to show signs of turning around, now they just taking advantage to delist and paying peanuts !
If Fincanteri is serious about delisting they should up their offer in a generous way to buy out the rest ... 24cts to 25 cts ... pui pui pui !!! cheapskate Italian ! Try harder !
Looking at it Vard business is starting to show signs of turning around, now they just taking advantage to delist and paying peanuts !
luvkarena ( Date: 13-Nov-2017 11:58) Posted:
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100% I sure going to vote against it !
angmohlin ( Date: 13-Nov-2017 14:21) Posted:
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Fincantieri makes another bid to delist Vard offers S$0.25 per share
Mon, Nov 13, 2017 - 8:16 AM
UPDATED Mon, Nov 13, 2017 - 9:10 AM
THE majority shareholder of Vard Holdings is making another bid to privatise the shipbuilder after minority shareholders rejected its earlier offer.
Italy' s Fincantieri SpA, which holds a 79.34 per cent stake in Vard through a subsidiary, is now offering 25 Singapore cent per for every share it does not own, one cent more than its previous offer, which closed in January.
Its current bid is being made in the form of an exit offer as part of a proposed voluntary delisting.
Its offer price is set at Vard' s last traded price of 25 Singapore cents per share on Friday. It also represents a 0.9 per cent discount to the one-month volume-weighted average price of the stock, and a 0.5 per cent premium to the net tangible asset per share as at Sept 30.
I am very sure that the minority shareholders will vote against the delist proposal. Foresee if they fail to delist it then they will apply their strategy by keeping the market price low for long time until you surrender. In fact they have collected may shares (some retailers gave up) after they have failed in general offer. Patience is the key to win to game.
luvkarena ( Date: 13-Nov-2017 11:58) Posted:
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f them... delisting in such depressed price... I will go to vote against... .tamadee..
shadow ( Date: 13-Nov-2017 09:43) Posted:
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Based on Fincanteri latest filing, they already owned 79% of VARD and during the last VGO they likely have some fund collect for them in the open market. They are likely to repeat the same tactics. Sooner or later, Fincanteri will gathered enough to force a compulsory delist.
Quite frankly, I think there will be any significant price explosion so no point holding on to this one.
Quite frankly, I think there will be any significant price explosion so no point holding on to this one.
sheerluck ( Date: 24-Mar-2017 00:31) Posted:
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Fincanteri chu pattern again !!! Voluntarily Delisting application .. if SGX agrees to it then game over for all minority shareholders like us .. taken for a ride again !!
If I read correctly the Delisting condition : EGM approved by majority of 75% not being voted against by 10 percent !!! Like that minority shareholders vote for what . EGM confirms approved Delisting proposal .. Back to SGX , if SGX approved then bye bye.
But I will still fight on as a minority holders right . This is a typical play unfair play to minority holders.
24cents not successful no play 25cts to delist .. wtf
If I read correctly the Delisting condition : EGM approved by majority of 75% not being voted against by 10 percent !!! Like that minority shareholders vote for what . EGM confirms approved Delisting proposal .. Back to SGX , if SGX approved then bye bye.
But I will still fight on as a minority holders right . This is a typical play unfair play to minority holders.
24cents not successful no play 25cts to delist .. wtf
I have some shares and would like to reject the offer. Would I be given another chance to accept if they managed to get 90%?
offer so litte only sia
NextEvolution ( Date: 13-Nov-2017 07:36) Posted:
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Proposed delisting offer at 25 cents a share just announced
Cjsing1 ( Date: 03-Oct-2017 16:35) Posted:
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So quiet after the failure in the buy over process ???
Is it trying to tell us something ?
Is it trying to tell us something ?
VARD just comfirmed another contract. If Fincanteri never itch backside want to VGO, price would have being easily 30cts by now. Now I rather their VGO is successful.