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Hyflux 6% Perpetual Securities

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Old 16-05-2019, 06:18 PM   #3421
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https://www.zawya.com/mena/en/press-...0190516090504/

Utico offers townhall for PnP
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Old 16-05-2019, 06:46 PM   #3422
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https://www.zawya.com/mena/en/press-...0190516090504/

Utico offers townhall for PnP
Utico offers Town Hall for Hyflux investors

Dubai: In a strong sign of bonafide intent, the UAE-based utilities major today through the media offered a town hall meeting in the coming days to Hyflux perpetual bonds and preference shares investors (PNP).

PNP had invested a total of S$900m into Hyflux after Hyflux had issued an initial offering of S$500m.

These junior unsecured, unguaranteed securities will get nothing when Hyflux is not performing nor is Hyflux obligated legally to pay them in current conditions. This is compounded further if the company is either sold to funds, to investors seeking overseas assets or goes into judicial management.

Utico, which recently unveiled a S$400 million binding offer White Knight investment to Hyflux, said that this bonafide endeavour of inviting retail investors for a town hall meeting was intended for a resolution to support the Hyflux deal. This since time is also of the essence.

“We understand that the investors of Hyflux are the ones who will suffer the most as junior unsecured creditors and their position and support must be resolved first,” Mr. Richard Menezes CEO of Utico, said in a statement.

Further, he said that a white knight investor cannot be an investor that only wants Hyflux and its assets or its businesses. It is a must that a fair and quick resolution is found for investors in the preference shares and perpetual bonds. Utico wants to be such a White Knight investor, he said.

“We will discuss and put a solid proposal after we hear them out. It is a fact that these investors are unsecured and/or any redemption or coupon must be a win-win deal,” the Utico CEO said.

Mr. Menezes said that to support the PNP, Utico has also requested Public Utilities Board (PUB) of Singapore by informing Hyflux to grant a delay in the takeover of the Tuasspring desalination plant on May 18. This consensual settlement of the situation will build confidence and reputation.

“Furthermore, it will allow for Utico and Hyflux to enter into a transaction which would provide for remedial and rectification action of the plant to PUB’s satisfaction and goodwill. This will build confidence and reputation of Hyflux, which is a company that these investors believed in. This was an asset built with PNP money. We feel PNP money and assets must be secured first since the prospectus stated the use of the funds for it,” Mr. Menezes said.

He said that Tuaspring was a strategic asset of Hyflux and for Singapore too. “We are prepared to work with Hyflux to ensure it performs without compromising any security aspects and ensure that this asset provides a return as well with PUB support,” he said.

Details of the PNP meeting with any regulatory approvals/ permissions will be announced soon, Utico’s statement added.
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Old 16-05-2019, 07:21 PM   #3423
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Good opportunity for the PnP to demand 100% recovery plus all accumulated interest from Utico during the Townhall..

Even if they can manage to convince PUB not to take over Tuaspring, Maybank already appoint their Managers and Receivers at Tuaspring Power Plant...So they still need to convince Maybank if they somehow manage to convince PUB from taking over Tuaspring Desalination Plant...

The 7 banks who are the unsecured creditors are still fighting in Court to get JM on Hyflux...

Last edited by makav31i; 16-05-2019 at 07:28 PM..
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Old 16-05-2019, 08:35 PM   #3424
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Actually good news to Hyflux.

When it comes to money, those Middle Eastern and Chinese have lots of it. So they can afford to throw any amount of $$$ into everything on this planet earth.
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Old 16-05-2019, 09:22 PM   #3425
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PUB rejects Utico's request on desal plant.
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Old 16-05-2019, 09:26 PM   #3426
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This twist and turns more exciting than avengers..can make into a movie Liao.
Taking out popcorn ..stay tuned
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Old 16-05-2019, 09:41 PM   #3427
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This twist and turns more exciting than avengers..can make into a movie Liao.
Taking out popcorn ..stay tuned
But you paid expensive popcorns to watch the drama.

Some of us got free popcorns to watch this drama.
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Old 16-05-2019, 09:49 PM   #3428
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But you paid expensive popcorns to watch the drama.

Some of us got free popcorns to watch this drama.
Dread it, run from it, destiny arrives all the same

What to do? Move on in life and enjoy life right?

No emotions attached. Just logic ! Moving on doesn't mean not doing anything also btw

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Old 16-05-2019, 09:52 PM   #3429
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Dread it, run from it, destiny arrives all the same

What to do? Move on in life and enjoy life right?
Yup that is true. Life must go on.

A good investor/trader will come out stronger. The real losers are the ones who continue losing money in the long run.

Anyway sorry if I offend you. I was just being cheesy.
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Old 16-05-2019, 09:52 PM   #3430
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More than 2 months ago I already commented hyflux saga scriptwriter jskm.

After Indo got Middle East white knight, will there be a Chinese white knight? More fund managers joining the script? Will we see the return of sci?
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Old 16-05-2019, 10:01 PM   #3431
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More than 2 months ago I already commented hyflux saga scriptwriter jskm.

After Indo got Middle East white knight, will there be a Chinese white knight? More fund managers joining the script? Will we see the return of sci?
SCI will definitely be interested in the power plant if the price is right.

With excess electricity capacity in Singapore, they are not desperate to buy yet.

YTL corp may also be interested.
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Old 16-05-2019, 10:03 PM   #3432
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Yup that is true. Life must go on.

A good investor/trader will come out stronger. The real losers are the ones who continue losing money in the long run.

Anyway sorry if I offend you. I was just being cheesy.
No worries..let's watch it and be wiser next time...more of I be wiser actually haha..
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Old 16-05-2019, 10:09 PM   #3433
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O$P$ .

PUB and Maybank won't wait for olivia's BS .
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Old 16-05-2019, 11:04 PM   #3434
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Dread it, run from it, destiny arrives all the same

What to do? Move on in life and enjoy life right?

No emotions attached. Just logic ! Moving on doesn't mean not doing anything also btw
This is moving on?



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Old 16-05-2019, 11:23 PM   #3435
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PUB rejects Utico's request on desal plant.
REQUEST TO DELAY TUASPRING TAKEOVER; PUB SAYS NO

The planned takeover followed PUB’s notice to Hyflux last month that it will terminate the water purchase agreement and seize the Tuaspring desalination plant at zero dollars. The termination notice provides a 30-day notice period, which will end on May 17 and pave the way for the takeover the day after.

In a reply to queries from CNA, PUB said: "We stand by all the announcements that have already been made about PUB taking over the Tuaspring Desalination Plant."

PUB previously said its decision was driven by the need to ensure water security, as Tuaspring has failed to keep the plant reliably operational as required.

"The water purchase agreement will be terminated on May 17, 2019, and PUB will take over the Tuaspring Desalination Plant on May 18, 2019," the national water agency added.

https://www.channelnewsasia.com/news...ub-to-11540006

Bonus picture...



That's why PUB should impose maximum penalty on Hyflux for breaching the WPA so that it can drill into the head of this people that taking over Tuaspring Desalination Plant at $0 is already a form of bailout...
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