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shadow Veteran	18-Jan-2017 20:42        shadow About Contact  Quote this Post!
x 0   x 0  Alert Admin	http://infopub.sgx.com/FileOpen/_eFORM3V2_MVN_VARD_HOLDINGS_sent_18_Jan_2017.ashx?App=Announcement& FileID=436163 Vard substantial shareholder -  MVN Asset Management 5%, looks like this fund increased its holding buying up from open market higher than Offeror price. So does that means they are not satisfied with the current delisting offer ? 5% is quite significant if Fincantieri wants to achieve 90% to compulsory buyout of   the remainder shares to delist it. Looks like fund also  thinks the offer price  is undervalue.
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ETHunter Master	17-Jan-2017 17:27        ETHunter About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Actual terms between Vard and bank are not privy to us. Yes, banks do have many layer of protection.. But generally the construction loan taken is a percentage of the vessel value. And should the owner is unable to take delivery, Vard has the rights to sell the vessel, pay off the loan and claim the difference if there is a shortfall. Should the value of the vessel goes below the loan amount (in very distressed environment and Vard is cash strapped) and Vard is forced to sell, then Vard may need to top up the difference to settle and then claim any losses from the owner.   investshare      ( Date: 17-Jan-2017 17:16) Posted: I would think so. Banks normally want double triple layers of protection. shojiu      ( Date: 17-Jan-2017 17:12) Posted: It' s only stated as ' Construction loans are in general treated as short term maturing on vessel delivery, and are secured by the vessels under construction' . Meaning if resale value for the vessel is below loan value, banks also have the right to liquidate other assets?
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investshare Supreme	17-Jan-2017 17:16        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	I would think so. Banks normally want double triple layers of protection. shojiu      ( Date: 17-Jan-2017 17:12) Posted: It' s only stated as ' Construction loans are in general treated as short term maturing on vessel delivery, and are secured by the vessels under construction' . Meaning if resale value for the vessel is below loan value, banks also have the right to liquidate other assets? ETHunter      ( Date: 17-Jan-2017 16:54) Posted: These are called construction loans and terms are likely to be such. So far they have not reported any more problem delivery recently hence it may not be a real concern. Chill.
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shojiu Member	17-Jan-2017 17:12        shojiu About Contact  Quote this Post!
x 0   x 0  Alert Admin	It' s only stated as ' Construction loans are in general treated as short term maturing on vessel delivery, and are secured by the vessels under construction' . Meaning if resale value for the vessel is below loan value, banks also have the right to liquidate other assets? ETHunter      ( Date: 17-Jan-2017 16:54) Posted: These are called construction loans and terms are likely to be such. So far they have not reported any more problem delivery recently hence it may not be a real concern. Chill.   investshare      ( Date: 17-Jan-2017 16:50) Posted: Are you sure on the loan terms? if the vessel built, but customer refuse to take delivery, banks can only claim the vessel? I doubt that bank cannot claim their other asset.
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jahtl62 Member	17-Jan-2017 17:03        jahtl62 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Credit Suissed returned my call. Told me if I want to withdraw I' ll need to write a letter to CDP. Advice me to go to personally to CDP to hand in the letter. I asked them any form to withdraw & the reply was no form to withdraw.
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ETHunter Master	17-Jan-2017 16:54        ETHunter About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	These are called construction loans and terms are likely to be such. So far they have not reported any more problem delivery recently hence it may not be a real concern. Chill.   investshare      ( Date: 17-Jan-2017 16:50) Posted: Are you sure on the loan terms? if the vessel built, but customer refuse to take delivery, banks can only claim the vessel? I doubt that bank cannot claim their other asset. shojiu      ( Date: 17-Jan-2017 16:33) Posted: Based on 3Q16 report, 85% of their debt are construction loans secured by vessels under construction. These loans are drawn down as the construction of the projects progresses and must be fully paid upon loan maturity (= contractual vessel delivery date). If Vard defaults on these loans, debtors only have claims to the vessels under construction not Vard' s assets. They also have 249M current loans/borrowings pledged against ppe or shares against 525M cash buffer.
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investshare Supreme	17-Jan-2017 16:50        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Are you sure on the loan terms? if the vessel built, but customer refuse to take delivery, banks can only claim the vessel? I doubt that bank cannot claim their other asset. shojiu      ( Date: 17-Jan-2017 16:33) Posted: Based on 3Q16 report, 85% of their debt are construction loans secured by vessels under construction. These loans are drawn down as the construction of the projects progresses and must be fully paid upon loan maturity (= contractual vessel delivery date). If Vard defaults on these loans, debtors only have claims to the vessels under construction not Vard' s assets. They also have 249M current loans/borrowings pledged against ppe or shares against 525M cash buffer. BBbull      ( Date: 16-Jan-2017 21:58) Posted: But it is true that vard still has a lot of debt right? They may have to issue rights?
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ETHunter Master	17-Jan-2017 16:50        ETHunter About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	The NAV per share is 36c and why should i sell at 24c? Since the last results, Vard has reported delivery of a few vessels and successfully signed two new construction contracts. Vard is likely to report a good set of results compared with the last qtr and yoy results with many orders on hand showing a successful turnaround for the company. Vard has also underperformed the market since the recent run up by many O& G companies buoyed by the improved oil prices and sentiments. With 24c being the floor as mentioned by many investors here, there will be lower risk but I would be happy to enjoy the upside (should the VGO fail) and the price trend back to its right value. Will be holding till the results scheduled in Feb. Cheers.
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angmohlin Veteran	17-Jan-2017 16:43        angmohlin About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Kidding, no way for Vard to ask for rights issue. Who want to buy .....you?
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shojiu Member	17-Jan-2017 16:33        shojiu About Contact  Quote this Post!
x 0   x 0  Alert Admin	Based on 3Q16 report, 85% of their debt are construction loans secured by vessels under construction. These loans are drawn down as the construction of the projects progresses and must be fully paid upon loan maturity (= contractual vessel delivery date). If Vard defaults on these loans, debtors only have claims to the vessels under construction not Vard' s assets. They also have 249M current loans/borrowings pledged against ppe or shares against 525M cash buffer. BBbull      ( Date: 16-Jan-2017 21:58) Posted: But it is true that vard still has a lot of debt right? They may have to issue rights?
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investshare Supreme	17-Jan-2017 16:27        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Guys, pls be cautious. Current price is not a reflective of its future. As there is a offer of $0.24, the price will be supported around it now. But after the offer, if the delist is not successful, and the stock becomes illiquid, they may not be price support then.
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jahtl62 Member	17-Jan-2017 16:09        jahtl62 About Contact  Quote this Post!
x 0   x 0  Alert Admin	rabbitfoot, is it Credit Suisse or SGX sent you the form to withdraw? I didn' t received the form to withdraw. I accepted the offer in Dec 2016 before the offer closed. What I received was 2 pages Voluntary Unconditional Cash Offer for Vard: Letter to Vard Investors Dated 13 Jan 2017 issued by Credit Suisse. rabbitfoot      ( Date: 17-Jan-2017 14:57) Posted: I receive by mail ytd on form to withdraw. Got to withdraw cos' Vard just got a billion NOK cruise ship contract this morning  jahtl62      ( Date: 17-Jan-2017 14:54) Posted: I submitted the offer but now wants to withdraw. Called Credit Suisse & the person asked me to leave my name & phone number. Is Credit Suisse trying to make it difficut to withdraw?
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fujinitsuki Member	17-Jan-2017 15:42        fujinitsuki About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi Rabbitfoot and Jahti62 - will you mind dropping me your thoughts re the rationale for withdrawing from the VGO?  My email address is [email protected].  Hope to hear from you soon.  Thank you.  Hwee Hwee BT.
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rabbitfoot Master	17-Jan-2017 14:57        rabbitfoot About Contact  Quote this Post!
x 0   x 0  Alert Admin	I receive by mail ytd on form to withdraw. Got to withdraw cos' Vard just got a billion NOK cruise ship contract this morning  jahtl62      ( Date: 17-Jan-2017 14:54) Posted: I submitted the offer but now wants to withdraw. Called Credit Suisse & the person asked me to leave my name & phone number. Is Credit Suisse trying to make it difficut to withdraw?
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jahtl62 Member	17-Jan-2017 14:54        jahtl62 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I submitted the offer but now wants to withdraw. Called Credit Suisse & the person asked me to leave my name & phone number. Is Credit Suisse trying to make it difficut to withdraw?
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investshare Supreme	17-Jan-2017 13:09        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Cool BT is here ) fujinitsuki      ( Date: 17-Jan-2017 12:58) Posted: Hi - I' m reaching out to any shareholders who wish to express their alternative views to recommendations from Vard' s IFA to accept the VGO.  If anyone likes to comment either on or off the record for the purpose of capturing your views in newspapers, please drop  a line on the forum for me to follow up with you.  Thanks.  Hwee Hwee BT.
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fujinitsuki Member	17-Jan-2017 12:58        fujinitsuki About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi - I' m reaching out to any shareholders who wish to express their alternative views to recommendations from Vard' s IFA to accept the VGO.  If anyone likes to comment either on or off the record for the purpose of capturing your views in newspapers, please drop  a line on the forum for me to follow up with you.  Thanks.  Hwee Hwee BT.
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BBbull Senior	17-Jan-2017 12:27        BBbull About Contact  Quote this Post!
x 0   x 0  Alert Admin	Someone sold 3 million shares at 0.245. Offer unlikely to go through and price likely to fall back below 20cents.
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pnuklis Master	17-Jan-2017 09:08        pnuklis About Contact  Quote this Post!
x 0   x 0  Alert Admin	Vard has high costs at it' s Norway yards and very high debt. The Italians are more moving in and taking the Norwaigeans to coime out of their Viking comfort and get some heat from the reality of world rather than oil mponey schielding them. Close to dealist from SGX and good riddens. Paid very low to exit. The deal should have blocked to get higher exit price.
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rabbitfoot Master	17-Jan-2017 08:46        rabbitfoot About Contact  Quote this Post!
x 0   x 0  Alert Admin	Vard just won another 330M SGD contract plus last week 100M SGD !
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