SINGAPORE (May 14): VARD Holdings announced on May 10 that it would submit an updated draft circular for its delisting proposal to the Singapore Exchange for a review. Its major shareholder Fincantieri Oil & Gas has also extended the deadline for an exit offer to minority shareholders. VARD will hold another extraordinary general meeting at which shareholders will vote again on the delisting proposal.

These announcements come after Singapore Exchange Regulation issued a statement on May 10, which concluded that there were “certain inaccuracies” in a letter to shareholders from the independent financial adviser.  

For one, the historical price-to-net asset value for Sembcorp Marine should have been 1.7 times rather than 1.2 times. SGX RegCo says the inaccurate figure has a consequential effect on the mean P/NAV multiple of the comparable companies stated in the IFA letter. The correct multiple should be 1.2 times instead of 1.1 times.  

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