Vard says CEO is 'independent', can offer his view on exit offer

Singapore

VARD Holdings on Monday responded to queries from the Singapore Exchange (SGX) regarding contents of its circular sent to shareholders over its proposed voluntary delisting.

Contents of the circular had classified and considered its CEO Roy Reite as "independent for the purposes of making recommendations to shareholders in respect of the exit offer". The exchange thereafter received public feedback questioning Mr Reite's independence.

In response, the shipbuilding and repairing company said that as a starting point, whether Mr Reite is independent for the purpose of making recommendations is determined by reference to the Singapore Code on Takeovers and Mergers, and should not be confused with the "entirely separate" concept of an independent…