Rare victory for minority shareholders at Vard

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.