Vard to hold second EGM on delisting on July 24; Fincantieri extends offer to Aug 7

SHAREHOLDERS of Vard Holdings will meet on July 24 to vote again on a proposed delisting after a new circular overcame initial concerns by Singapore Exchange Regulation (SGX Regco), the shipbuilder announced on Monday.

The exit offer for shareholders of Vard by Italy's Fincantieri Oil & Gas has also been extended to Aug 7 from July 20.

Fincantieri is offering to buy the remaining Vard shares that it does not already own at 25 Singapore cents apiece with an aim to take Vard private. As at Nov 13, 2017, Fincantieri held a 79.34 per cent stake in Vard. Including shares acquired since then and valid acceptances, Fincantieri's resultant shareholding stood at 86.81 per cent as at June 29, 2018.

At an EGM on April 30, shareholders, including Fincantieri, voted in favour of the delisting offer. But the meeting ended with retail investors unhappy over errors in the circular to shareholders and with the way that the meeting was conducted.

Following that meeting, SGX RegCo ordered Vard to hold a new EGM. The exit offer consequently extended.