Vallianz Holdings

VALLIANZ Holdings has postponed its Oct 17 extraordinary general meeting in relation to its proposed one-for-one rights issue of up to 3.596 billion new shares with free detachable warrants. This follows a notification by Swiber Holdings judicial managers on Thursday of Swiber's interest to participate in the exercise under a proposal to set off and settle the actual subscription amount payable to Vallianz for its pro rata entitlement of the rights cum warrants issue against any amount owing by Vallianz to Swiber. As the set-off and settlement deal has not been agreed on to date and there is no assurance that it will be, Vallianz said it has decided to postpone the EGM to provide sufficient time for shareholders to consider the latest development.

Vard Holdings