SINGAPORE (May 11): 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 the 25 cents 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 had reviewed proceedings of VARD’s EGM, held on April 30, in response to shareholder feedback that it was conducted improperly. VARD says it will fulfil all the necessary conditions required by SGX RegCo.

VARD’s new circular will include an updated IFA letter with the inaccuracies corrected and reflecting the current developments of the company, as well as an updated independent directors’ recommendation to shareholders, taking into account the updated IFA letter.

Additionally, VARD says it will convene a second EGM and obtain shareholder approval to delist the company. The EGM will be held together with its AGM on July 6, according to its indicative timetable.

To find out more, grab this week’s issue of The Edge Singapore (Issue 830, week of May 11), on sale now at newsstands.

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VARD responds to SGX RegCo’s review; extends exit offer period to July 20

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