SGX to review how Vard's delisting EGM was handled
It will look into complaints of errors in the circular to shareholders and allegations of improper voting poll conducted
Singapore
THE Singapore Exchange Regulation (SGX RegCo) will review Vard Holdings' extraordinary general meeting (EGM) held on Monday, following complaints of errors in the circular to shareholders and allegations of improper voting poll conducted.
"SGX will review the conduct of the EGM proceedings and the issues raised regarding disclosures in the circular to see if shareholders' approval was properly obtained," a SGX RegCo spokesman told The Business Times.
Minority shareholders, including some with walking aids, came in droves during their lunch hour to attend the company's EGM and to cast their votes against one resolution - the shipbuilder's voluntary delisting proposal.
But after a gruelling four-and-a-half hour session, they left even more disgruntled than before they arrived. Many cried foul that they did not get to cast their votes and were visibly upset. They complained that they had been confused by the company's board of directors. The latter included Roy Reite, Vard's chief executive officer and executive director, as well as Giuseppe Coronella, chairman and non-e…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered