Press Statement: Vard – Offer by Fincantieri

Date: April 26, 2018

SIAS has received feedback from minority shareholders of Vard, their disappointment with respect to the offer by Fincantieri to delist and privatize Vard. The offer of $0.25 per share, shareholders feel, does not reflect the real value of the company and is below NAV. However, CIMB, the independent financial advisors (IFA) appointed by the company to provide guidance on the offer, has opined that the offer is “not fair but reasonable”.

While the company is obliged to put the offer to all shareholders the offer by majority shareholder, Fincantieri, minority shareholders can still determine the outcome they want. While Fincantieri currently owns about 83% of the shares, SIAS would like to reiterate that for the company to remain listed, 10% or more of the total number of shares held by the shareholders will have to vote against the resolution. SIAS urges all minority shareholder of Vard to vote their shares at the upcoming EGM on 30 April 2018.

David Gerald
President & CEO
Securities Investors Association (Singapore)