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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

Angela Tan
Published Mon, Apr 30, 2018 · 09:50 PM
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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…

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