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kehyi4 29-08-2019 08:53 AM

https://www.channelnewsasia.com/news...ement-11850432

Hyflux says definitive agreement not reached with Utico
Updated: 29 Aug 2019 12:11AM

SINGAPORE: Indebted water treatment firm Hyflux on Wednesday (Aug 28) said that it has not entered into a definitive agreement with Utico FZC, clarifying an announcement made the previous day by the United Arab Emirates-based utility firm.

On Tuesday, Utico said it had agreed to a restructuring deal with Hyflux, giving it 88 per cent of the company.

"The company wishes to clarify that the definitive agreement has not been entered into by both parties, pending resolution on certain final outstanding issues in the draft definitive agreement," said Hyflux in a filing to the Singapore Exchange on Wednesday night.

"The company and Utico are however in highly advanced discussions and will continue to engage with each other with a view to resolving such final outstanding issues and finalising and entering into the definitive agreement as soon as possible."

Utico had signalled its interest in Hyflux as early as May. The deal would see Utico take an 88 per cent equity stake in Hyflux for S$300 million as equity and S$100 million as a shareholder loan.

Utico also intends to offer the cash equivalent of a 4 per cent stake in the enlarged Utico group, plus additional cash to the holders of Hyflux preference shares and perpetual securities.

sanzhu 29-08-2019 08:54 AM

Yawn
Carrie stills wants her millions of mistakes

Merg91 29-08-2019 09:15 AM

Utico wanted to swallow Hyflux as fast & furious as possible without getting Hyflux agreement before their own announcement.

Tan Gee Ming 29-08-2019 02:05 PM

so are the people going to get their $$ ?

Merg91 29-08-2019 02:16 PM

Wonder why you are so kancheong 2 days ago & asking this now when there is no definite agreement.
This is a listed company & not your own mamak /hawker store.

Quote:

Originally Posted by Tan Gee Ming (Post 122492953)
so are the people going to get their $$ ?


sanzhu 29-08-2019 02:17 PM

Carrie told Olivia to hold on to the millions

Tan Gee Ming 29-08-2019 02:54 PM

Quote:

Originally Posted by Merg91 (Post 122493149)
Wonder why you are so kancheong 2 days ago & asking this now when there is no definite agreement.
This is a listed company & not your own mamak /hawker store.

ok i will wait.

tmkedmw 29-08-2019 08:59 PM

From Reuters

https://uk.reuters.com/article/us-ut...-idUKKCN1VJ13I

kehyi4 30-08-2019 11:16 AM

https://www.straitstimes.com/busines...cue-deal-utico

Alleged differences within Hyflux board causing holdup in signing rescue deal: Utico
PUBLISHED AUG 29, 2019, 7:50 PM SGT

SINGAPORE - Alleged differences within the Hyflux board over advisers' fees, board representation and management oversight were cited by potential white knight Utico as reasons why the restructuring deal has not been signed by the embattled water treatment firm.

Utico's statement on Thursday (Aug 29) came after Hyflux issued a clarification near midnight (Aug 28), saying the "definitive agreement has not been entered into by both parties, pending resolution on certain final outstanding issues in the draft definitive agreement".

Hyflux further clarified that both parties are, however, in "highly advanced discussions and will continue to engage with each other with a view to resolving such final outstanding issues and finalising and entering into the definitive agreement as soon as possible".

The UAE utility had said on Tuesday it "signed and released" a restructuring agreement with Hyflux on Aug 26 that will give it 88 per cent of the water firm.

But on Thursday evening, Utico backpedalled on the statement. It said that it "already has creditors' approval for the restructuring agreement, which we consider a very significant development paving the way for a rescue deal for Hyflux".

When asked on Thursday why Utico said there was a signed deal, chief executive Richard Menezes said: "Because August 26 was the deadline and creditors, note holders had accepted the restructuring agreement."

The utility said the "outstanding issues... predominantly refers to internal board level issues of Hyflux, probably including differences over advisors' fees, which Utico has capped at S$25 million in the restructuring agreement".

"It is prudent that a swift resolution is found so that Utico and Hyflux can endeavour to mitigate... value erosion of the entity," Mr Menezes said.

Mr Menezes added that Utico is "reinforcing (its) commitment to the Hyflux retail perpetual securities and preference (PNP) shareholders, whom he said could get "$50 million minimum to $150 million on the high side depending on the options they choose".

The restructuring agreement would be a "first-of-its-kind proposition in the world where retail investors who are otherwise unsecured and have no mandatory cover to recover their investments have been integrated into the agreement with pay-out guarantees", he said.

But Mr Menezes warned that apart from "whittling down Hyflux value steeply, a delay in resolution will also be detrimental to the PNP (shareholders) who would stand to lose all their investments if Hyflux's indecision leads to ultimate liquidation".

bondskyfall 04-09-2019 10:43 PM

they are still not delisted ? suspended for 1 year+ .

Tan Gee Ming 05-09-2019 07:15 PM

so long no news = gg

bondskyfall 02-10-2019 08:03 PM

drag forever, no need to pay dividends or principal .

weng0202 02-10-2019 08:15 PM

Quote:

Originally Posted by bondskyfall (Post 123045307)
drag forever, no need to pay dividends or principal .

Yeah, can let inflation eat your money until left half. Then again, may get back nothing at the end.

Tan Gee Ming 02-10-2019 09:39 PM

hyflux owes $2950m. how are they going to pay?

kenplicity 03-10-2019 11:39 AM

Quote:

Originally Posted by Tan Gee Ming (Post 123046730)
hyflux owes $2950m. how are they going to pay?

Borrow, default, issue right, sell company away at $1


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