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SGX's new delisting measures: Crucial that intent and disclosures are clear

Companies and offerors should reach out to all shareholders by all means possible about what exactly is on the table to ensure that minorities will not be shortchanged

In less than a year after shipyard operator Vard Holdings was controversially delisted (left), SGX RegCo amended the rules to prohibit offerors and parties acting in concert from voting in such deals, thus making it harder for large shareholders to take advantage of weak market conditions to buy out small shareholders.

FOR far too long, Sias has lamented the predicament of minority shareholders' helplessness in delisting offers. The tyranny of the majority prevailed. Compounding the issue was the IFA's (independent financial adviser) opinion of an offer being "unfair but reasonable", resulting in confusion...

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