Rare victory for minority shareholders at Vard
SGX's decision has effectively put power back in the hands of the minority shareholders
THE decision by the Singapore Exchange Regulation (SGX RegCo) was a rare and astonishing victory for minority shareholders of Vard Holdings - the target of Italy's Fincantieri Oil & Gas.
By ordering Vard to hold a new extraordinary general meeting (EGM) to seek approval for its delisting plans, the Singapore regulator has effectively put power back in the hands of minority shareholders. From a minority shareholders' perspective, this itself is a victory.
Minority shareholders, who complained that the company had bulldozed its way through the EGM on the delisting proposal, are now given a second chance to cast their votes. It is, therefore, imperative that they do not waste this opportunity. They must turn up at the second EGM, and make their votes count.
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