Given a second chance, die-hard Vard shareholders must come out to vote

THERE are four more days to July 24, when Vard Holdings will again convene an extraordinary general meeting (EGM) to seek its shareholders' approval on the shipbuilder's voluntary delisting from the Singapore Exchange (SGX), and the exit offer made to them.

Since late last year, Vard's majority shareholder, Italy's Fincantieri Oil & Gas, has offered to buy the remaining shares that it does not already own at S$0.25 apiece, with the aim to taking Vard private.

Fincantieri, which owned 83.67 per cent of Vard as of Tuesday this week, was ordered by the market regulator to reschedule a second EGM, after its first on April 30 ended in dispute arising from errors in its circular to shareholders, and from the manner in which it was conducted.