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Old 27-05-2019, 06:31 AM   #3526
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Pretty sure some of them will demand for more

Good for the small investors

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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Old 27-05-2019, 08:47 AM   #3527
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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.
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Old 27-05-2019, 09:10 AM   #3528
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This guy has much better EQ than salim...no mention of haircut and he offers "hope" and "opportunity", at least he tries to make the bitter pill a little easier to swallow
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Old 27-05-2019, 09:36 AM   #3529
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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.
This are the banks that are still seeking JM on Hyflux...Mizuho Bank of Japan, Bangkok Bank, BNP Paribas, KfW IPEX-Bank of Germany, CTBC Bank of Taiwan, and the Korea Development Bank...So next week High Court hearing, will know if the Court will grant further extension for Hyflux or the banks get JM...
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Old 28-05-2019, 02:35 AM   #3530
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no 106% no talk !
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Old 28-05-2019, 05:48 PM   #3531
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https://www.channelnewsasia.com/news...mbers-11571792

Meeting with Utico yielded 'no conclusive numbers' or binding agreement: Hyflux
Updated: 28 May 2019 01:40PM

SINGAPORE: In another clarification issued towards its new suitor from the United Arab Emirates, Hyflux said on Tuesday (May 28) that a recent meeting it had with Utico did not entail any binding agreements or conclusive numbers on how much its investors will be getting.

The rebuttal, issued in a bourse filing, came after a weekend statement from Utico.

In that statement, the UAE utility firm said it met with Hyflux’s financial and legal advisors, alongside the Securities Investors Association Singapore (SIAS) and others last week, and had proposed a “part cash redemption” to the 34,000 retail investors of Hyflux's perpetual securities and preference shares.

To that, Hyflux, which is racing against the clock to find new funds, clarified that the meeting with Utico was focused “on high-level views which entailed no conclusive numbers or percentages, or indeed any binding agreement, whether in respect of the (perpetual securities and preference shareholders) or any other stakeholder groups”.

It added: “Further, the company and its advisors understand that the statements … are exploratory in nature and are approaches currently contemplated by Utico."

Hyflux said it remains in talks with several potential investors.

Apart from Utico, it has previously disclosed global multi-strategy investment fund Oyster Bay Fund and an unnamed desalination firm as its suitors.

Earlier this month, the embattled water treatment firm issued a clarification to Utico after the latter said it had submitted a binding investment offer. Hyflux said all it had was a “draft term sheet”.

Referring to its previous response, Hyflux reiterated on Tuesday that it “had not accepted or entered into the term sheet received” from Utico.

“This position has not changed," it added.

This latest confusion surrounding the state of affairs between Hyflux and Utico comes before a High Court hearing on Wednesday.

Hyflux's court-sanctioned debt moratorium, which has already been extended thrice, will end on Wednesday.

Source: CNA/sk
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Old 28-05-2019, 05:48 PM   #3532
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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.
later lightning strike worrr.
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Old 28-05-2019, 06:26 PM   #3533
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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!

Last edited by cherry6; 28-05-2019 at 11:53 PM..
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Old 28-05-2019, 08:06 PM   #3534
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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!
1) PUB did not open a tender for an Integrated Power Plant and Desalination Plant at Tuaspring...They opened a tender for a Desalination Plant for Tuaspring and Hyflux out of its own initiative proposed an Integrated Power Plant to power up the Desalination Plant which seems commercially viable at that point of time...

2) EMA offered the Gencos LNG contract and Hyflux did not sign up for the LNG contract with EMA...EMA offered the LNG contracts two years before PUB even called for the tender of Tuaspring...

3) Government already save Hyflux by taking over Tuaspring Desalination Plant at $0 and waiving all LD on Hyflux for breaching the WPA...Maybank already appointed their receiver and manager at Tuaspring Power Plant...Maybank loaned is non-recourse so Hyflux do not owe anything to Maybank as Tuaspring is already off their books along with the liabilities...

4) So do you want to pay higher electricity price so that the Gencos could make a profit?

End of the day, PUB have already taken over Tuaspring Desalination Plant and Maybank already appointed their receiver and Manager at Tuaspring Power Plant...So whatever Hyflux owes for building Tuaspring can be written off along with the loans...What more do you want? Government to use taxpayers money to bail out one company? What about the other Gencos that is losing money? Or is it Hyflux is more important than the other Gencos who are losing money?

Other than the 30% minority stake that Hyflux own in SingSpring, tell me of any other water plant that Hyflux own and operating in Singapore...They hold a 75% stake of the TuasOne WTE plant which is still incomplete...
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Old 28-05-2019, 08:52 PM   #3535
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Cherry I’m sorry but that just doesn’t fly
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Old 28-05-2019, 11:44 PM   #3536
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Waaaaa

Got table how much each of the players lose?
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Old 29-05-2019, 12:01 AM   #3537
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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.
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Old 29-05-2019, 12:15 AM   #3538
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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.
Please quote where the 8 million population was quoted to Olivia by LW or MND as the Population White Paper only projected 6.9m population by 2030 which got instant protest by the citizen... Population White Paper released to the Public in Jan 2013...Tuaspring tender was already awarded to Hyflux way before the Population White Paper is even released to the public...

And what in the world does population projection have anything to do with Hyflux bid for Tuaspring desalination plant and their proposal to built and integrated power plant?They made their own commercial decision to bid for the project...How did MND come into a picture for a public tender by PUB?MND approached all the bidders about "8 million population"?The projection should be way before Hyflux even bid for Tuaspring...So how did Hyflux have access to it? Any other company have the same access to the data which is not released to the public till 2013?

Projection at the end of the day is just projection...They can meet, exceed or even not meet the projection...It is not guaranteed...If people should be liable for projection, all the analyst should be bankrupt by now...

So now a new target on top of PUB, MAS, DBS, KPMG, PMO, ATM, EMA to blame is MND?

So you honestly want electricity price to go up for all Singaporean so that Hyflux is able to profit?What about all the other Gencos? Hyflux is the only company that need saving? So now it is an obligation for the government to ensure all companies make profit?

I won't be surprise if the next reply will use the "it is the government duty to protect people from their own stupidity" card...

Edit: I have said numerous times, Hyflux Investors really want electricity price to go up for the whole of Singapore just so that Hyflux could profit...Still waiting for the "moral obligation" card to be used to justify whatever nonsense that they spout to shift the blame to another party and for them to get 100% recovery plus accumulated distribution...

Last edited by makav31i; 29-05-2019 at 08:33 AM..
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Old 29-05-2019, 09:03 AM   #3539
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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.
Did she really say 8 million at the town hall? and did Lawrence Wong really tell her it is 8 million?

And anyway it would have been 8 million in 2030, a bit early to go bankrupt in 2019
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Old 29-05-2019, 09:26 AM   #3540
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Did she really say 8 million at the town hall? and did Lawrence Wong really tell her it is 8 million?

And anyway it would have been 8 million in 2030, a bit early to go bankrupt in 2019
Good point. Nobody pointed out to her?
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