Does ARA’s Scheme of Arrangement make sense?
Date: 16 March 2017
Untitled Document

There are many reasons for a company to be listed on a stock exchange. One key reason is to be able to tap public funds as and when extra capital is needed for expansion and growth. Beyond the initial public offering phase, listed companies can continue to raise public funds through various methods, such as preference shares, rights issues, retail bonds or perpetual securities. Private placements to institutional investors are also a viable option to raise additional funds. In addition, publicly-listed companies tend to enjoy better financing terms when seeking bank loans, as they are perceived to have higher standards of corporate governance, financial discipline and management prudence, as compared to privately-held companies.

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SIAS Calls For Action Against Wrongdoers In Foreign Listing
Date: 23 February 2017
Untitled Document

SIAS has observed that for some time now, Singapore investors have been suffering losses as a result of the unethical actions of some officers of foreign listings who have knowingly acted against the interest of shareholders and have relayed their complaints to the relevant authorities. Their wrongful actions have resulted in their companies being suspended, resulting in shareholders losing their hard earned monies in these companies. Shareholders are frustrated with no recourse for claiming their losses in Singapore. The wrongdoers are in a foreign country with which Singapore has no extradition treaty to secure their attendance in Singapore to face legal action. SGX can only enforce the listing rules in Singapore. Commercial Affairs Division has no jurisdiction beyond the shores of Singapore. What then is the plight of Singapore investors who have invested in foreign listings and have been wrongly dealt with? It would appear that in most of these cases, there is prima facie evidence of financial mismanagement.

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Press Statement: Transfer of Mr Kenneth Yap, Chief Executive of ACRA
Date: 06 February 2017

SIAS notes with some sadness that Mr Kenneth Yap is relinquishing his appointment as Chief Executive of ACRA to return to the legal service. In recent years, SIAS has had a close and collaborative relationship with ACRA, especially with Mr Kenneth Yap, who was keen on protecting the interest of minority shareholders and was particularly interested in improving the governance standards in companies. He has been instrumental in improving the quality of financial information of companies which has enormously benefited the investors. His collaborative approach in launching joint initiatives was refreshing. One such collaboration with SIAS and ISCA is the current work to develop a guide on the Enhanced Auditor Reporting standards for investors.

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SIAS calls on Fincantieri to revise offer for VARD and engage minority shareholders
Date: 26 January 2017
Untitled Document

SIAS has received concerns from minority shareholders of VARD regarding the offer by Fincantieri for VARD. Fincantieri, the Italian state owned ship builder, the current majority shareholder of VARD, with 55.63% of the shares at the time of the offer, has made an offer of $0.24 per share.

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Press Statement: Sabana REIT
Date: 25 January 2017
Untitled Document

SIAS notes the shareholder activism efforts by some unitholders of Sabana REIT to seek accountability from the REIT manager for alleged poor performance. Unlike in a normal listed company, where shareholders, with a majority, can vote out and vote a new board in, REIT managers are Capital Markets Services (CMS) Licence holders.

Unitholders need to take note that and any new manager will have to be a CMS license holder and will also need to comply with regulations governing REITs in Singapore. If an existing REIT manager is appointed they would still need to seek approval from MAS to also manager Sabana REIT. There is also the requirement that the REIT has a manager at all times.

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