Vard's delisting EGM delayed

SHIPBUILDER Vard Holdings will delay an extraordinary general meeting (EGM) on its proposed delisting, as the updated delisting circular is still being reviewed by bourse regulators. 

The company will provide further updates on the status of the review, it said in an exchange filing on Saturday night. 

Italy's Fincantieri, which already has more than 80 per cent stake in Vard, has made an exit offer to buy the remaining shares that it does not already own at 25 Singapore cents apiece.

Following unhappiness from its minority shareholders over, among other things, the errors in the circular to shareholders, the exit offer has been extended to late July. The Singapore Exchange Regulation, or RegCo, had ordered Vard to hold a new extraordinary general meeting.

The Securities Investors Association (Singapore), or Sias, also asked Vard's directors to give an account of their independence in the spirit of governance rules, with regard to Fincantieri's delisting offer; Vard's independent directors had recommended that shareholders accept Fincantieri's offer.

At an earlier EGM held on April 30, 96.54 per cent voted in favour of the delisting and 3.46 per cent against.