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Hyflux
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Observers
Elite |
16-Feb-2019 09:24
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If the power plant cost $1bil and the LNG terminals another few billions, then I' d assume these costs have to be recovered first before anyone can benefit from the oversupply?
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Qanghoo
Supreme |
16-Feb-2019 09:02
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This is as contained in part of my post below. Wholesale elect px has gone down 60%. At retail level, did we enjoy any significant savings before the mkt was gradually freed up, starting 2018. The fact that the new retail players are able to offer px up to 30% cheaper begs the qn - cld it have been some profiteering somewhere or some orgs were running super inefficiently n/or incompetently? The other pt is, how did sg get into the pt of such oversupply of electricity iven though it is good, or ought to have been good, for consumers.
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Observers
Elite |
16-Feb-2019 08:50
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So at $220 mwh all the gencos must have been profiteering like crazy? So Hyflux came into the market at the peak? I would say the government is right to introduce more competition into the energy market and help the whole of Singapore save on their electricity bills. |
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Stephenchow
Veteran |
16-Feb-2019 08:00
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For many, Hyflux' s replies threw up more questions than answers. One perp holder said: " Why did Hyflux mention that the 2016 audited accounts for Tuaspring was the latest set of audited financial statements? They have already published their 2018 annual report, is Hyflux hinting that 2017 Tuaspring numbers are not audited?" The board also said that when KPMG issued an unqualified opinion on the full-year results for Hyflux in March 2018, there were no events that cast significant doubt on the going concern assumption. This perp holder said: " Auditors are supposed to assess continual use of going concern assumptions over the next 12 months as per the Singapore Auditing Standards SSA 570. With the (bankruptcy) protection filing date being two months after KPMG' s sign-off date, what are the material variances which have not been contemplated resulting in this failed assessment?" This question was not raised in Mr Gerald' s letter, so Hyflux did not address it. In his open letter, Mr Gerald also questioned why " it appears... that almost every Hyflux asset has material faults and defects" . For instance, the Qurayyat and Magtaa projects cannot operate at or close to capacity the Tuaspring and Tianjin Dagang plants are loss-making and cannot service their debt with cashflow from operations, Mr Gerald said. The board replied that " it is not uncommon for projects to experience operational issues" . In the case of Tianjin Dagang, the board blamed " local financial industry regulations which resulted in a mismatch of the loan tenure to the concession period" . In any case, Hyflux had regularly provided updates on its assets, the board argued. The board asserted that the company' s collapse was largely due to its investment in the Tuaspring Integrated Water and Power Project: " When the Tuaspring project was first awarded in 2011, the outlook for the Singapore power market was very favourable. " However... the average wholesale electricity price has dropped from about S$220 per MWh in 2011 when the Tuaspring project was awarded to an average of S$81 per MWh in 2017, resulting in significant losses from electricity generation." Hyflux is expected to release a proposed restructuring plan to its creditors, including retail perpetual and preference shareholders, by Saturday. |
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Qanghoo
Supreme |
15-Feb-2019 22:17
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Havign read the coy' s responses, it just struck me that, as sporeans, wldn' t it be in our interest to ask how the wholesale elec mkt got to such an apparently grossly over supply state? I recall that even Sembcorp Industries had stated that the sg elect mkt was very challenging. Yet, as consumers, until the recent freeing up of the retail elect mkt, did we benefit much from the over supply of (cheap) electricity?
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Stephenchow
Veteran |
15-Feb-2019 20:43
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https://www.businesstimes.com.sg/companies-markets/hyflux-replies-to-sias-letter-ahead-of-scheme-announcement Hyflux is expected to release a proposed restructuring plan to its creditors, including retail perpetual and preference shareholders, by Saturday. |
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Ximi88
Member |
15-Feb-2019 19:36
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In the debt world, there is a sequence as to who will collect their monies first ie. not all debtors are created equal. The holders of the subordinated debts (perpetual and preferred shares) are paid AFTER the $1.9b of senior unsecured lenders get their monies. As for the main asset Tuaspring, it will go to Maybank. In short, there is nothing left on the table for the perp and pref shareholders.
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Stephenchow
Veteran |
15-Feb-2019 18:46
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F. Restructuring and Process Item 29:- iii. Most of the Hyflux Group&rsquo s employees would have their contracts of employment immediately terminated  , although EY assumes a small base of skeleton staff would be retained by the liquidator to assist with the realization of assets viii. Crystallisation of all contingent liabilities which include performance bonds and corporate guarantees was assumed, amounting to approximately SGD1.9b of senior unsecured liabilities and SGD900m of subordinated unsecured obligations. Given the senior unsecured creditors would potentially obtain a return over a number of years, of between 3.8% to 8.7% in a liquidation, the subordinated unsecured creditors (i.e preference shares and perpetual securities holders) would not get any return. Although a liquidation analysis is based on assumptions, given the large gap between what is estimated to be received in a liquidation and the total senior unsecured liabilities (which need to be settled in full prior to any returns to subordinated unsecured creditors), this would render the likelihood of subordinated unsecured creditors obtaining a return being extremely remote |
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enjoylife77
Veteran |
15-Feb-2019 18:03
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And you are a hopeless piece of shit who keep on losing in the market for obvious reason.
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investshare
Supreme |
15-Feb-2019 17:29
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I summarize ... every problem already made known to shareholders and bondholders so don?t us.
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alexchew
Master |
15-Feb-2019 16:03
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so many vague responses.. wonder if mgt is genuine in their reply or just ass-covering as usual.. Hyfluxshop should no way be given out as dividend in specie in my opinion, no matter the value of it. Its taking assets out of the company before it go bust.. If this goes through, other companies are able to follow suit.. No protection to minority shareholders at all in the event of a cunning majority cum director of the company.
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guards80
Supreme |
15-Feb-2019 15:31
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Hyflux: General Announcement :: NEWS RELEASE : THE BOARD OF HYFLUX LTD RESPONDS TO SIAS QUERIEShttp://repository.shareinvestor.com/rpt_view.pl/id/768628.1/type/sgxnet/original_filename/1 |
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laksaman57
Supreme |
15-Feb-2019 15:08
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Strange SIAS mission doesn't prepared them to budget for couple of such happening per year. | ||||
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KAMAL0883
Supreme |
15-Feb-2019 10:56
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can ask LCB O Lam to sponsor mah
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Stephenchow
Veteran |
14-Feb-2019 22:47
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SINGAPORE: Aggrieved mom-and-pop investors of embattled water treatment firm Hyflux will get to attend an &ldquo independent&rdquo town hall meeting organised by the Securities Investors Association Singapore (SIAS) within the next two weeks. This closed-door session will not involve representatives from Hyflux and is meant for retail investors to suggest &ldquo feedback and ideas&rdquo , said SIAS president David Gerald. &ldquo This is an independent meeting between SIAS and investors, not with the Hyflux board,&rdquo Mr Gerald told Channel NewsAsia on Thursday (Feb 14). &ldquo At the moment, it is tentatively set for Feb 25 but we will confirm in the coming days.&rdquo The investor advocacy group is hoping that at least 1,000 retail investors will turn up. Investors, however, will have to bear the organising cost, such as rental fees for a suitable venue, as SIAS is a non-profit organisation and &ldquo does not have the budget&rdquo . Read more at https://www.channelnewsasia.com/news/business/independent-investor-only-meeting-being-planned-by-sias-for-11243362 |
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Ximi88
Member |
12-Feb-2019 14:27
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At this point, the Salim-Medco (SM) deal is unlikely. After so many months, there' s still no update, probably due to a deadlock with Maybank. For the pref and perp owners, don' t expect much from SM.
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Starship
Supreme |
12-Feb-2019 13:35
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Stable not empty. They left lots of fertile horse poo for investors to collect..........................    
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BillionX
Senior |
12-Feb-2019 12:02
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The horse has already bolted and we are left with an empty stable. So the best outcome now is to find and nature the horse back to health. Can the new owners Salim put this Humpty Dumpty back again? | ||||
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KAMAL0883
Supreme |
12-Feb-2019 11:52
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you also another LPPL ( lam par par lam ) people .... 6 to 8% yield is nothing in some of the SGX counters some blue chip even higher than 8 % yield after all Hyflux was one of the blue chip previously
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Stephenchow
Veteran |
12-Feb-2019 11:38
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Staff will probably need to pray hard as well if office space is reduced by 70%. Where are they going to sit? under a durian tree?
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