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Hyflux 6% Perpetual Securities

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Old 21-05-2019, 12:33 AM   #3511
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I guess some person just cannot be saved. Hope they will learn from this and become smarter with their money. But I guess we all learn from our mistakes.
I wonder if anyone lost in Clob, Minibonds, Noble/Swiber bonds, Hyflux P&P.

This person must be too rich or very lucky.
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Old 21-05-2019, 12:30 PM   #3512
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The Dark side behind Hyflux jin strong

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Old 22-05-2019, 08:03 AM   #3513
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PUB to start upgrading works at Tuaspring desalination plant; rehires 36 workers

https://www.straitstimes.com/singapo...red-36-workers
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Old 22-05-2019, 10:27 PM   #3514
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no more protests at Hong Lim Park ?

all give up ?
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Old 22-05-2019, 11:26 PM   #3515
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Faster start legal proceeding.
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Old 23-05-2019, 12:01 AM   #3516
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no more protests at Hong Lim Park ?

all give up ?
I think all saving energy and money to sue the various parties.
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Old 23-05-2019, 06:35 AM   #3517
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I think all saving energy and money to sue the various parties.
And the lawsuits are thrown out of court eventually
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Old 23-05-2019, 07:44 PM   #3518
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Why the pub director look so old at 49?
Looks like 59
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Old 25-05-2019, 01:54 PM   #3519
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And the lawsuits are thrown out of court eventually
It is ok, got this solution suggested by them...

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Old 26-05-2019, 09:42 AM   #3520
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It is ok, got this solution suggested by them...

These people are so evil. I wonder how many people kena their voodoo in real life.
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Old 26-05-2019, 09:50 AM   #3521
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Should just hire this. Cheap and good.

https://ichef.bbci.co.uk/news/410/me...ohaircraft.jpg
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Old 26-05-2019, 09:10 PM   #3522
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https://www.zawya.com/mena/en/press-...20190526114358

Utico wow..... Pnp 50% and possibly more....

See what happens on 29May

Last edited by tmkedmw; 26-05-2019 at 09:13 PM..
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Old 26-05-2019, 10:19 PM   #3523
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Very cake Sim. really want to cry.

life Is so unfair

How can a CEO do so many jobs and roles?
is she collecting pay from various positions ?

is it free volunteered services ?

Own hyflux company already in bad shape and yet can join as board in other companies .

and non performing in hyflux, we PNP get the hit.
borrow money easy. now don't want to return to us the retailer.
For the banks, one bad loans they have other loans to backup. look at bank of America, Citibank, JP Morgan they wrote off many debts yet they made so much money now.
And these banks they can hire an army of analysts, investment guru , lawyers to guard their position. and yet they can write rules, policies, clause so well ( they can protect themselves with tons of clauses.) and when the company go under, they are first to get back their capital.
IN theory, if a bank have an army of investment guru who can help them open eyes big big then they don't need clauses, policies to protect them. why are they having an army of investment guru and ontop need clauses to protect them.

is just damn unfair.


For us retailer, once we are down , we are total wipe out.
we retail have what? expert in finance reading ? 2 days course can beat these banker investment guru?

who wrote the lousy clause for the retailer ?
who did it to us ?

you call this fair? is bullying the retailer !!!!!!!!



why are the sgx listing polices so unfair to us - retailer ?
never ending condition , and we almost rank last.

considering this hyflux is the first retail PNP ?
And first to fall and fail this way

why ?


BUSY DIRECTORS

Most of the directors also have many other commitments, which raises questions about their ability to commit sufficient time to the affairs of Hyflux. Ms Lum herself served on the boards of organisations such as International Enterprise Singapore and the National University of Singapore, and was a director of other listed companies such as Matex, ST Engineering, Yeo Hiap Seng and Singapore Exchange. At one time, she served on as many as three other listed boards. Was she able to dedicate sufficient time to managing Hyflux?

Would such a collectively busy board be able to effectively govern the company?

What appears to be lacking among the NEDs include deep knowledge of the water and power industries and countries where Hyflux was operating (particularly China, Middle East and North Africa). Further, there was a lack of highly successful ex-CEOs and/or other experienced C-level executives who had the exposure and skills that Ms Lum did not have.

That Ms Lum was the executive chairman did not help as the roles of a CEO and chairman are quite different.

Were the Board and committees providing active and independent oversight?

Hyflux has five board committees - audit, nominating, remuneration, risk management and investment.

Neither the board nor the committees were particularly active. The board met four times a year throughout the period from 2008 to 2017, except for 2011 when it met five times. Given the growth in the business and the challenges in recent years, one might have expected the board getting more engaged and meeting more frequently. The same could be said about the Audit Committee, which met four times every year - presumably in sync with the quarterly and annual reporting requirements.

For a company like Hyflux operating in the water and power industries, expanding aggressively into new markets and with increasing indebtedness, sound risk management is fundamental. The establishment of the risk management committee in 2005 was therefore a right step, taken before the Code had recommended that companies consider having them.

The committee which initially met once a year, became more active in FY2007 when it started meeting three times, and met as much as nine times in FY2009. The increased activity of the Risk Management Committee coincided with Rajsekar Kuppuswami Mitta joining the board and assuming the chairmanship of the committee. However, from 2013 - the same year that Mr Mitta ceased being an INED citing family commitments - the risk committee became far less active, meeting at most twice. In FY2017, the committee met only once.

The Investment Committee, formed in FY2014, is chaired by Ms Lum herself. It is supposed to assist the board in overseeing the investment policy and strategy for Hyflux, including reviewing proposals on major investments and making recommendations to the board for approval. Given the role of Ms Lum as founder, controlling shareholder, executive chairman and CEO - plus chairman of the Investment Committee - she is likely to call the shots in investment decisions. It is of even greater concern that she may not have the expertise and experience in finance and investment.

Ms Lum is also a member of the Nominating Committee. While this is permitted under the Code, it may affect the ability of the committee to exercise independent judgement on critical matters such as board appointments, renewal and succession planning.

In FY2008, Ms Lum started attended all committee meetings by invitation (except on a few rare occasions when presumably she was unable to do so). While this is not an uncommon practice among listed companies, it is an unhealthy practice as it defeats the purpose of committees being made up predominantly of independent directors. While committees may invite relevant management to part of their meetings to hear their views, they should ensure that their participation does not undermine the ability of these committees to have frank discussions on matters in which management may have an interest.




https://www.businesstimes.com.sg/opi...n-stakeholders

Last edited by dreamwork7878; 26-05-2019 at 10:55 PM..
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Old 26-05-2019, 10:22 PM   #3524
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Anyone want buy magic stone ?
For change bad luck and huat 1..
$888/stone.

Buy Liao legal sue Hyflux also higher chance of winning.
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Old 27-05-2019, 01:01 AM   #3525
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https://www.channelnewsasia.com/news...on-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
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