Vard (formerly: STX OSV)

[edragon]

[edragon]

A telegram group www.t.me/vardsg has been created to get a proxy of 10% of total shareholdings that is 118 million of Vard Holdings to block Fincantieri' s effort to delist VARD during an EGM.

[opmi]

Shareholder Activism is in full swing this AGM season.

I got odd lot for this one. Will support.

If minority shareholders not united and want to ‘free-ride’,
sure kenna Makan’ed.

[specuvestor]

One of the best funds up and down cycle, if the numbers are right. No vested interest but they vested in Vard. You guys might have an ally there

https://apolloinvestment.com/F180415Vard.htm

[Einstein]

Apollo Investment Management wrote a letter to the directors of Fincantieri and the directors of Vard, noting the unfairness of their current proposals, and requesting that Fincantieri should voluntarily abstain from voting the controlling block at the EGM on 30 April, to allow the decision on delisting to be made by the independent shareholders.

https://www.apolloinvestment.com/ApolloI...ectors.pdf

A telegram group www.t.me/vardsg has been created to get a proxy of 10% of total shareholdings that is 118 million of Vard Holdings to block Fincantieri' s effort to delist VARD during an EGM.

[ACTIVIST SPEAKS]

One of the strange outcome of an approval from SGX to a delisting request from the main shareholder of a company.... To delist, >75% for (already satisfied) and <10% against....which means for minorities--Not Voting is a vote to delist.

[Einstein]

https://www.businesstimes.com.sg/compani...ndependent

VARD Holdings on Monday responded to queries from the Singapore Exchange (SGX) regarding contents of its circular sent to shareholders over its proposed voluntary delisting.

Contents of the circular had classified and considered its CEO Roy Reite as "independent for the purposes of making recommendations to shareholders in respect of the exit offer". The exchange thereafter received public feedback questioning Mr Reite's independence.

If CEO can be "independent", then pigs can also fly 

[edragon]

SGX to review how Vard's delisting EGM was handled ...LINK

--

[opmi]

even if there is a screwup, probably ALL non-F votes probably will not be more than 10%.

buay song shareholders can keep their shares in unlisted public Sg-incorporated company.
need >98.3% to compulsory acquire the rest.

so the same bochap do-nothing shareholders continue to bochap, maybe the buay song shareholders may get to keep the shares from being compulsory acquired. and hope for better offer next time.

respect to those minority Vard shareholders who put on a good fight at EGM.

[BRT]

probably immaterial to the outcome but man, troublesome mistake.

SGX RegCo’s review of Vard Holdings Limited’s EGM on the proposed voluntary delisting
http://infopub.sgx.com/FileOpen/20180510...eID=504864

SGX RegCo has reviewed the Company’s submissions in relation to its EGM (the “Submissions”)
and noted certain inaccuracies in the financial evaluation of the terms of the Exit Offer presented
in the Independent Financial Adviser’s (“IFA”) Letter ("IFA Letter"). The correct historical P/NAV
multiple for Sembcorp Marine on page I-20 of the IFA Letter should be 1.7X instead of 1.2X as
disclosed in the IFA Letter. The inaccuracy in Sembcorp Marine’s historical P/NAV multiple has a
consequential effect on the mean P/NAV multiple of the Comparable Companies stated in the
IFA Letter. The correct multiple should be 1.2X instead of 1.1X as erroneously stated.
These P/NAV figures are part of the information that shareholders take into consideration to
make an informed decision on the Company's proposed voluntary delisting ("Proposed
Delisting") and the inaccuracies have resulted in the Exit Offer (at a P/NAV multiple of 0.9X)
appearing closer to the mean P/NAV multiple of the Comparable Companies than it actually is.