Hyflux 6% Perpetual Securities

[fr33d0m]

Hyflux initiates termination, Salim expresses surprise and seeking legal advice as they have escrow money at stake.
Sias will chip in and have their say, pub take over on 30apr still on schedule? New parties waiting in the wings?
So intriguing...

What surprise?

Hyflux asks for confirmation. Salim does not give.

So terminate, see you in court loh.

 

[madtari]

Unfortunately the party who initiated the termination will be at the losing end.

What surprise?

Hyflux asks for confirmation. Salim does not give.

So terminate, see you in court loh.

 

[fr33d0m]

Unfortunately the party who initiated the termination will be at the losing end.

What's there to lose in Hyflux?

queue behind preference share/bonds etc for payment, please.

 

[madtari]

By terminating, they stand to lose the escrow amount. I wonder why did hyflux made such a stupid move? What benefit does it stand to gain for terminating it? It is not as if they got enough time to wait for another white Knight to appear.

What's there to lose in Hyflux?

queue behind preference share/bonds etc for payment, please.

 

[MikeDirnt78]

By terminating, they stand to lose the escrow amount. I wonder why did hyflux made such a stupid move? What benefit does it stand to gain for terminating it? It is not as if they got enough time to wait for another white Knight to appear.

SMI may be able to take back if Hyflux is found not making full disclosures earlier.

 

[MikeDirnt78]

I don't think Hyflux made a stupid move to terminate.

They already knew the outcome.

 

[fr33d0m]

By terminating, they stand to lose the escrow amount. I wonder why did hyflux made such a stupid move? What benefit does it stand to gain for terminating it? It is not as if they got enough time to wait for another white Knight to appear.

it is an escrow account, not Hyflux's to use anyway.

Now the escrow account is locked, wait for court decision for who it belongs to.

Salim now has to fight Hyflux in courts with nothing to win.

 

[scubaforces]

So now proceed to liquidation?

should be. and also fight for the escrow account at the same time lor.

 

[scubaforces]

No more options for existing holders?

Can try ask Olivia Lum to pay back perpetual holders using her past dividends and salary?

ask those bondholders to get OL to pay them back from her own pocket lor...

 

[scubaforces]

SMI may be able to take back if Hyflux is found not making full disclosures earlier.

I'd say

SMI has a case against Hyflux over the Escrow account.
(Hyflux didn't fully disclose material info).

But Hyflux very smart (unscrupulous).
terminate the agreement prematurely and point finger at SMI.
(so now Hyflux has a case that SMI terminate the agreement before 5Apr).

 

[vsvs24]

Since when not replying is the same as expressly saying no ?

Could it be they know voting will lose so they stop it to keep deposit ? Is Hyflux able to know the proxy results which close on 2 Apr ?

 

[tmkedmw]

Since when not replying is the same as expressly saying no ?

Could it be they know voting will lose so they stop it to keep deposit ? Is Hyflux able to know the proxy results which close on 2 Apr ?

If scheme fails on 5apr vote, smi can take back escrow. Cancelling the vote meeting means still got chance to fight in court.

 

[sgdividends]

By terminating, they stand to lose the escrow amount. I wonder why did hyflux made such a stupid move? What benefit does it stand to gain for terminating it? It is not as if they got enough time to wait for another white Knight to appear.

I think they are smart.
They knew they lost the SOA.
It's not rocket science that some one at Boardroom may have told them the No votes were a lot for proxies.

Was at boardroom and who knows what's the SOP on security or information leakage there? In my opinion, it looked very casual .

Losing the SOA would mean losing control.

By terminating it, there is still some control , besides they are still earning their salary the longer they prolong it., Right?

 

[vsvs24]

If scheme fails on 5apr vote, smi can take back escrow. Cancelling the vote meeting means still got chance to fight in court.

That's why I think Hyflux play dirty, especially if they can get to see proxy results.

Anyway, continue to watch drama. Daughter abandon aged parents and elope with rich man. Then become enemy over money and looking for other rich men.

 

[tmkedmw]

Hyflux board got many independent directors. Quiet seah... BOD meeting minutes should be a good read.

 

[Mr.Canberra]

This reaffirms to me that if some things are jinxed or too good to be true it's better to siam far away. No point low balling but kena play out in the end. More headaches.

 

[OngHuatHuat]

Yes correct the longer they drag, the bigger the loss and the more remuneration they can get from this failing corporation.

I think they are smart.
They knew they lost the SOA.
It's not rocket science that some one at Boardroom may have told them the No votes were a lot for proxies.

Was at boardroom and who knows what's the SOP on security or information leakage there? In my opinion, it looked very casual .

Losing the SOA would mean losing control.

By terminating it, there is still some control , besides they are still earning their salary the longer they prolong it., Right?

 

[Texas5ice]

I'd say

SMI has a case against Hyflux over the Escrow account.
(Hyflux didn't fully disclose material info).

But Hyflux very smart (unscrupulous).
terminate the agreement prematurely and point finger at SMI.
(so now Hyflux has a case that SMI terminate the agreement before 5Apr).

it is an escrow account, not Hyflux's to use anyway.

Now the escrow account is locked, wait for court decision for who it belongs to.

Salim now has to fight Hyflux in courts with nothing to win.

I highly doubt that. The money belongs to Salim. It is held in escrow until certain terms of disbursement are met. If these terms are not met, Salim can easily tell the escrow party to return the funds to them. Hyflux was the one that unilaterally terminated the takeover agreement. Salim will reserve the rights to sue for that breach. If Hyflux wishes to contest for the sum, they will have to go to court and sue.

A good example of a party holding your funds in escrow would be your lawyer when you make a house purchase. Your lawyer will only disburse out the money when the other party provides the necessary documents or does the necessary thing for the title to be conveyed to you. If the other party didn't and aborts the sales, your lawyer will just return the money to you and advise you to take legal actions to recover prior payments, sue for damages or specific performance of contract.

 

[vsvs24]

I hope my mother don't read today's news. She always ask me to come out and eat dinner. You want to eat dinner or not ? I sometimes don't answer her. If she start to think no answer is saying no she might feed my dinner to the dog.

 

[Texas5ice]

I hope my mother don't read today's news. She always ask me to come out and eat dinner. You want to eat dinner or not ? I sometimes don't answer her. If she start to think no answer is saying no she might feed my dinner to the dog.

I hope your mother also doesn't read today's news. She might start asking your dog for written confirmation that it wants dinner. No written confirmation means don't want. Your dog would starve to death.