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Delisting bid for Vard ' not fair, but reasonable' IDs tell shareholders to accept
FRI, APR 13, 2018 - 6:49 PMTHE delisting offer for shipbuilder Vard Holdings is not fair, but reasonable, said independent financial adviser CIMB in a report released on Friday.
CIMB' s advice to Vard' s independent directors is to recommend that shareholders either accept the exit offer, or sell their shares on the open market - a conclusion that has been accepted by the independent directors as well.
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 controls more than 80 per cent of Vard, is now offering to buy the remaining shares it does not own at 25 Singapore cents apiece, one cent more than its previous offer made in 2016.
CIMB assessed that the exit offer is not fair, because among other things, the exit offer price is at a discount to net asset value per share, and that the group' s financial performance has improved in fiscal 2017.
But given that Fincantieri already owns some 83 per cent of the shares, and that the market price of the shares since the close of the first offer in 2016 is likely to have been supported by market purchases by Fincantieri, the exit offer is " reasonable" , CIMB said.
The extraordinary general meeting to vote on the delisting will be held on April 30, 2018 at 1pm.
http://www.businesstimes.com.sg/companies-markets/delisting-bid-for-vard-not-fair-but-reasonable-ids-tell-shareholders-to-accept
I try to join in the www.t.me/vardsg, but I could not find. pls advice
shadow ( Date: 13-Apr-2018 16:21) Posted:
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Fincantieri wants delist Vard @ 25 cents using an EGM. VARD is worth than 25 cents! They have multi millions of contracts, profit not booked in yet!
A telegram group www.t.me/vardsg is created to get a proxy of 10% of total shareholdings that is 118 million of Vard Holdings to block Fincantieri' s effort to delist VARD during an EGM.
Retail investors stand up for your rights! We must act together!
A telegram group www.t.me/vardsg is created to get a proxy of 10% of total shareholdings that is 118 million of Vard Holdings to block Fincantieri' s effort to delist VARD during an EGM.
Retail investors stand up for your rights! We must act together!
wilsonzhao ( Date: 13-Apr-2018 16:10) Posted:
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Please refer to the Vard announcement this morning. Even as retail investors, we should go together and our voice need be heard. I will take leave to attend this EGM and fight for my own rights.
tthsteve ( Date: 13-Apr-2018 15:30) Posted:
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may i where is the venue and timing.
wilsonzhao ( Date: 13-Apr-2018 13:26) Posted:
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Yes! I want to go even though my shareholdings may be too small to make an impact. I hope to take time off my work just to make my voice heard!
yes ,we should all go and even if it is fate accompli (delisting) we should let the management know how we feel and perhaps give them the two fingers!
EGM is on 30 April. Anyone wants to attend? We may attend together.
NTA of Vard is 0.32 cents! Selling below BOOK VALUE!
Vard to build new-design stern trawler for just under 400m Norwegian kroner
TUE, APR 10, 2018 - 2:48 PMSHIPBUILDER Vard Holdings has clinched a contract to build a stern fishing trawler for Havfisk AS for just under 400 million Norwegian kroner (S$67.2 million).
The vessel will adopt the new Vard 8 02 design, which has an integrated energy storage system consisting of diesel mechanical and diesel electric propulsion, and batteries.
Delivery is scheduled for the first quarter of 2020. The hull will be built at Vard' s yard in Romania, while outfitting and completion will be carried out in Norway.
Havfisk is Norway' s largest trawler company with a fleet of 10 vessels, focused primarily on cod, haddock and saithe fishing.
http://www.businesstimes.com.sg/companies-markets/vard-to-build-new-design-stern-trawler-for-just-under-400m-norwegian-kroner
There is still hope in not having Vard delisted. If other " significant" minority shareholders making up about 6.39% of the total shareholding vote against the delisting, there is still hope. About 3.61% more is need to reach the 10% required to reject the delist See info from SGX for the " substantial" shareholders. The info looks updated.
I' m disappointed with SGX not doing more to protect the minor shareholders. SIAS should also step in to voice against the unfair practices by Fincanteri.
I' m disappointed with SGX not doing more to protect the minor shareholders. SIAS should also step in to voice against the unfair practices by Fincanteri.
| Substantial Shareholders | Number of shares held | Percent of shares held |
| FINTECNA S.p.A. | 980,075,610 | 83.06% |
| Maven Securities Limited | 30,000,000 | 2.54% |
| Maybank Kim Eng Securities Pte. Ltd., Brokerage and Securities Investments | 23,482,300 | 1.99% |
| Third Avenue Management, LLC | 13,899,800 | 1.18% |
| BNP Paribas Securities Corp, Asset Management Arm | 8,066,122 | 0.68% |
It' s an uphill task but if you do not try, you immediately fail and will always fail. We just need one success to change the whole ball game...
see the china hong xing case... Minority interest will never success
Has everyone on this thread who' s still a shareholder joined the Telegram group www.t.me/vardsg? Spread the word and see if we can gather enough support
Should never sell to them at 25c. Most of the investors here were stucked at much higher price. Look forward to attending the EGM to insult those dirty italians.
tthsteve ( Date: 06-Apr-2018 11:54) Posted:
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DIE DIE NO SELL @ 25c.
FattChoi ( Date: 06-Apr-2018 08:28) Posted:
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so many multimillion contracts, vard is worth more than 25 cents!
They want to keep all their profits to themselves! DO NOT SELL ! WE NEED A PROXY OF MORE OF 10% to BLOCK THEM!
I believe many of us all stuck above 50cents!
REMOVE BUYING QUEUE? NOT WORRIED. THEY WISH THEY CAN BUY ALL CHEAPER!
They want to keep all their profits to themselves! DO NOT SELL ! WE NEED A PROXY OF MORE OF 10% to BLOCK THEM!
I believe many of us all stuck above 50cents!
REMOVE BUYING QUEUE? NOT WORRIED. THEY WISH THEY CAN BUY ALL CHEAPER!
Any other Vard shareholder to join the telegram group. See if we have 10%... and have a voice to whatever action that is more justifiable? Thanks!
FattChoi ( Date: 05-Apr-2018 20:06) Posted:
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In this situation, what is there to regret? why let them have cheap @25cents? Already a shareholder for years. never pay dividends and want to delist now?
Started a telegram www.t.me/vardsg .
Please join the telegram and show them what are minority shareholders make of !
Want to buy cheap @ 25 cents? DREAM ON! DO NOT WASTE TIME!
THE FASTER WE GET 10% , WE CAN BLOCK THEM!
Started a telegram www.t.me/vardsg .
Please join the telegram and show them what are minority shareholders make of !
Want to buy cheap @ 25 cents? DREAM ON! DO NOT WASTE TIME!
THE FASTER WE GET 10% , WE CAN BLOCK THEM!
I admire your determination... Just curious, if they remove buy queue and let stock price plunge, will you regret?
FattChoi ( Date: 05-Apr-2018 19:16) Posted:
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