Will VARD be able to convince its shareholders to say yes to it delisting?

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.

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