And the lawsuits are thrown out of court eventually
It is ok, got this solution suggested by them...
And the lawsuits are thrown out of court eventually
It is ok, got this solution suggested by them...
https://www.channelnewsasia.com/news/business/utico-offers-hyflux-s-small-investors-part-cash-redemption-as-11567048
Utico offers Hyflux’s small investors ‘part cash redemption' as part of ‘win-win’ deal
Updated: 26 May 2019 11:43PM
SINGAPORE: United Arab Emirates utility company Utico on Sunday (May 26) said it is offering investors of Hyflux’s perpetual securities and preference shares a deal with “part cash redemption”, as it repeated its call for a “win-win” resolution.
This came after the company met with Hyflux’s financial and legal advisors, the Securities Investors Association Singapore (SIAS) and others last week.
In a media statement, chief executive Richard Menezes said Utico made the offer of a “part cash redemption and also a hope for full redemption with a plan and exit option” during the meeting.
“Full details can only be revealed later but as part of the overall deal, small investors of up to S$2,000 to S$3,000 could get 50 per cent cash redemption along with full redemption opportunity, while the rest of the investors could get a similar but staggered and cascade deal.”
"All investors will have an opportunity to get their money back … if they support the deal," he added.
Mr Menezes also explained why the company is making this offer to Hyflux’s junior creditors with perpetual securities and preference shares, instead of senior creditors.
“(Senior creditors) took an active business risk with ringside view, whereas (perpetual securities and preference shares) investors took a passive blind faith risk,” he said in the statement.
He said neither coupon nor principal was guaranteed in the offer prospectus and while trading at SGX, and morally there remains some responsibility from Hyflux for the predicament of the perpetual securities and preference shareholders.
Meanwhile, Utico said it could consider a listing in Singapore and “put some skin into the game” if it gets investors’ support for the deal.
Utico is the potential white knight which has indicated its interest to invest S$400 million in embattled Hyflux last month.
Earlier this month, it made a last-ditch effort to request for a delay in the takeover of Tuaspring desalination plant by national water agency PUB – but failed.
It also proposed to hold a town hall session for investors of perpetual securities and preference shares.
On the latter, Utico said it is working with SIAS on the planning of the town hall session.
This is, however, “predicated to Hyflux signing a binding agreement and subject to the court granting a moratorium to complete a desirable restructuring in time”, the UAE company said on Sunday.
Hyflux will have a hearing in the Singapore High Court on Wednesday - the day its extended debt moratorium is set to expire.
Source: CNA/sk
Pretty sure some of them will demand for more
Good for the small investors
Banks will want to veto the deal, but some cannot risk being seen as the bad guys, especially if they have a large local presence.
Anyone want buy magic stone ?
For change bad luck and huat 1..
$888/stone.
Buy Liao legal sue Hyflux also higher chance of winning.
PAP government took over LNG terminal project and arguably caused LNG supply in Singapore to be in excess resulting in electricity production glut resulting in all Gencos but one being in the red.
Since government $$$ and LNG supply (use) promotion is in part responsible for Tuas Spring financial woes, isn't it then logical that Government should hereby take responsibility and take over the entire Hyflux Tuas Spring project as well?
"The LNG project was originally a private venture. But with the global financial crisis in 2008, the project became commercially non-viable and stalled. The Government then made a strategic decision to take over the project, so as to diversify our gas supply sources, and enhance our energy security. That was how I got involved in setting up an LNG company. "
From Minister Lawrence Wong FB account:
https://m.facebook.com/story.php?story_fbid=658114224229924&id=192130117495006
Absolutely delighted to see the official opening of our first Liquefied Natural Gas (LNG) terminal at Jurong Island yesterday!
I had set up the Singapore LNG Corporation in 2009 in my previous job at the Energy Market Authority (EMA). The LNG project was originally a private venture. But with the global financial crisis in 2008, the project became commercially non-viable and stalled. The Government then made a strategic decision to take over the project, so as to diversify our gas supply sources, and enhance our energy security. That was how I got involved in setting up an LNG company.
It was one of the biggest challenges I had to undertake in the civil service - recruiting people with LNG or related experiences (very hard to find!), assembling the project team, and building up the company from scratch. For 2 years, i ate, breathed and lived LNG. Fortunately, we had a very good team in EMA and SLNG - the board, CEO and management of the company, as well as the staff all worked very hard to get things going.
The team was also proactive in identifying potential risk areas. They worked closely with the contractor Samsung C&T to resolve issues before they flared up. That's how SLNG managed to build the terminal on time, within budget, and without any lost-time injury! I still remember how one of the site managers did an inspection and found some cracks in the construction support beams for the LNG tanks. The cracks were barely visible to the naked eye. But he noticed them. So we got the defected stuff changed early. Imagine if this had not happened - the cracks could have worsened over time, and resulted in delays and potentially more serious problems down the road.
So as we celebrate the opening of our first LNG terminal, let's also remember the many people who have worked hard behind the scenes to make this happen. The work they do are not always visible to the public eye. But they have all contributed to our energy security, and helped to make Singapore safer and more secure for all of us!
Cherry I’m sorry but that just doesn’t fly
Ya, Lawrence Wong is not 100% guilty for Tuas Spring $1 billion valuation loss. But I think he (MND) is in the region of almost 50% responsible I think.
The other 50% is Olivia Lum greedy and kumgong. Apparently, MND/ Lawrence Wong idea to shift to natural gas (and build natural gas terminal) was because it's cheaper to produce electricity from natural gas than from petrol (gas turbine, double cycle etc) but probably, Olivia Lum projected electricity price based on diesel oil generator electricity production as electricity generation is totally out of her league (she is a water purification trained professional).
Thus, I presently judge Olivia Lum as being possibly 50% guilty of mis-investment of the $$$.
LW/ MND is 50% guilty because they made population projection to Hyflux of 8.0 million 2030 population as Olivia Lum disclosed publicly in 1st town hall meeting which cannot come to pass for political/ infrastructure reasons. Olivia is responsible for the other 50% because she miscalculated the projected electricity price for Singapore when TS was to become operational.