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Suspension of trading of Vard Holdings shares expected on Aug 10
TRADING in Vard Holdings shares is expected to be suspended on Aug 10, after the close of Fincantieri Oil & Gas's exit offer on Aug 8, the shipbuilder announced late on Thursday night. The delisting was previously estimated to take place about two to three weeks after the offer closes. (see amendment note)
Shareholders approved the delisting in July. On Thursday, Vard said that it had consulted with the Singapore Exchange and announced that suspension of trading of its shares will take place "immediately after the close of the exit offer". Based on the closing date of Aug 8, 5.30 pm, as announced on July 25, the expected date and time for the suspension will be 9 am on Aug 10.
Said Vard: "Shareholders should note that if they purchase scripless shares close to or on the closing date, such shares may not be credited in their securities account with the CDP (Central Depository) in time for them to accept the exit offer."
Vard shares closed unchanged at 25 Singapore cents on Thursday before the announcement.
Amendment note: An earlier version of this story incorrectly said that Vard Holdings is expected to delist on Aug 10. Instead, suspension in trading of its shares is expected on Aug 10, with the delisting estimated to take place two to three weeks after the exit offer closes. The article above has been revised to reflect this.