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Hyflux
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Goldfinger
Supreme |
28-Mar-2019 22:08
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SGX should force company to lift suspension to allow retail to sell their shares. At least can get something back rather than nothing if liquidate. Si Liao. | ||
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angmohlin
Veteran |
28-Mar-2019 21:58
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It seems to me that Hylfux is not a frank and transparent company to their stakeholders and investor, SMI. I opine that Hyflux has had been hiding a lot of material information to mislead stakeholders.
I opine that we should vigorously to vote " NO" to the proposed schemes of arrangement.
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fundamentalhero
Veteran |
28-Mar-2019 21:10
Yells: "I NEED HONEYS AND MONIES" |
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very very high chance is buy small.... cause usually banks got 1st right to claim clause on floating crystallisation charge. but more curious is if maybank come in. have to fight with pub? how to restructure and dissect to retrieve the loaned capital siol with pub in the way. [this is one very potential bright spot which hyflux holders should look because bank M& A team usually very smart one] hard to say if got squeeze something out. the loan team headache to claw back these amounts of monies. next is even if SMI withdraw, i doubt hyflux and team got the bullets to fight their legal team of combined consortium in court in lieu of all the claims and pub plus perps and etc loans and shareholders. think marching to O.L house more effective to claim back monies. haiz. welcome to Shtty bourse [Singaporeans Getting X' ed] at least O.L is stuck or rather is Singaporean. Easier to Find. See midas :( 1.5 years already monies stolen through fraud on REAL national assets. our authorities and agencies still sucking nipples and not giving clarity. ../.. shtty bourse. just quit enmass from investing in this bourse.
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Stephenchow
Veteran |
28-Mar-2019 20:46
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Hyflux has said that the vote on its restructuring plan will proceed as planned on Apr 5, but some observers reckon that recent developments suggest an increasing likelihood that SMI will pull the plug. Should SMI " wrongfully" terminates the deal, Hyflux said it reserves the right to lay claim to a S$38.9 million deposit, which had been placed into escrow shortly after the execution of the restructuring agreement. This, according to National University of Singapore&rsquo s (NUS) Associate Professor Lawrence Loh, shows that the company has considered the worst case scenario of an SMI pull-out &ldquo which could potentially even be within days from now&rdquo . |
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Stephenchow
Veteran |
28-Mar-2019 20:38
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This week another leading actor - Malaysian bank going to enter the scene. Will see whether the bank will buy Big (extend the agreement ) or buy Small (repossess the plant) - likely reach climax this weekend . |
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Stephenchow
Veteran |
28-Mar-2019 20:31
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What is the point of voting if Indo not going to endorse? since they already booked the star theatre might as well convert into Eagles rock concert playing Desperado, Hotel California, Wasred time, Already Gone songs so as not to waste money | ||
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Starship
Supreme |
28-Mar-2019 19:58
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Salim-Medco to Hyflux: Allocation to creditors ' not agreed' on THU, MAR 28, 2019 - 5:08 PM THE rescue deal that Hyflux intends to put to a creditors' vote on April 5 does not have the endorsement of Salim-Medco, the Indonesian investor group led by billionaire Anthoni Salim reiterated on Thursday. " The allocation set out in the schemes of arrangement proposed by Hyflux is not agreed. Therefore, the schemes do not satisfy the conditions of the restructuring agreement," Salim-Medco (SMI) said in a statement issued to the media. SMI and Hyflux had shaken hands on a rescue deal in October last year, with SMI agreeing to hand the insolvent water treatment firm a S$530 million lifeline in exchange for a 60 per cent stake in Hyflux once all its debts had been cleared. But in a late surprise on March 18, SMI gave its first signal that it does not intend to see the deal through. SMI' s statement on Thursday began: " SMI recently become aware of new material information on the Hyflux group that significantly increases the working capital requirements of the group. In light of the new material information disclosed to SMI, it has been reviewing the allocation of the investment for the working capital requirements of the Hyflux group. This will in turn affect the amount available for settlement to creditors." SMI continued: " Had this material information been disclosed earlier, it would have been taken into consideration in the allocation previously discussed with creditor groups. Under the restructuring agreement (signed on Oct 18 last year), the allocation of the investment between working capital and the amount available for settlement to creditors is to be agreed between Hyflux and SMI." The current allocation has not been agreed upon by SMI, it said, and does not satisfy the conditions of the deal. In contrast, Hyflux had said on Tuesday that the S$271 million it plans to carve out from SMI' s potential cash injection to settle its debts with creditors was agreed between the company and SMI prior to the publication of the schemes on Feb 16. Even with the latest rebuttal from SMI, it remains unclear if the Indonesian group intends to renegotiate a rescue deal with Hyflux under different terms, or call off talks entirely. Asked for clarification by The Business Times, SMI said: " SMI will not be making further comment at this stage." SMI first asserted its right to walk away from the deal on March 18. On March 5, Singapore' s national water agency PUB served a default notice to Hyflux' s key subsidiary, Tuaspring, seeking remedy for both operational and financial defaults. SMI has taken the position that PUB' s default notice constitutes a " prescribed occurrence" that allows it to call off the rescue deal. On the other hand, Hyflux argued in a filing on Wednesday that a prescribed occurrence would only take place if PUB terminates its water purchase agreement with the Tuaspring water desalination plant. Such an event has not yet taken place, and the earliest that PUB can exercise its right to terminate the water contract if Tuaspring' s defaults are not remedied is on April 6 (after the scheduled scheme meetings on April 5), Hyflux said. SMI has also issued Hyflux a notice to remedy another " prescribed occurrence" , this time relating to Hyflux&rsquo s Magtaa desalination plant in Algeria. The offtakers in Magtaa' s water purchase agreement had issued a termination notice to Hyflux in Dec 25 last year. However, this was only disclosed to SMI on March 19, almost three months later, it said in its statement on Thursday. SMI also noted that arbitration proceedings were commenced against Hyflux in relation to the Souk Tleta desalination plant on March 22. Meanwhile, BT asked the National Environment Agency (NEA) how the recent developments might affect its position with respect to the TuasOne waste-to-energy plant that Hyflux is building under a Design-Build-Own-Operate scheme for NEA. An NEA spokesperson said: &ldquo Construction of the TuasOne project is more than 95 per cent complete, and works are still continuing. The NEA has been working closely with the shareholders of TuasOne, namely Hyflux and Mitsubishi Heavy Industries, as well as the financial institutions involved, to see the project through this final phase of its construction. Meanwhile, we have sufficient incineration capacity to meet our needs." http://SMI first asserted its right to walk away from the deal on March 18. On March 5, Singapore' s national water agency PUB served a default notice to Hyflux' s key subsidiary, Tuaspring, seeking remedy for both operational and financial defaults. SMI has taken the position that PUB' s default notice constitutes a " prescribed occurrence" that allows it to call off the rescue deal. On the other hand, Hyflux argued in a filing on Wednesday that a prescribed occurrence would only take place if PUB terminates its water purchase agreement with the Tuaspring water desalination plant. Such an event has not yet taken place, and the earliest that PUB can exercise its right to terminate the water contract if Tuaspring' s defaults are not remedied is on April 6 (after the scheduled scheme meetings on April 5), Hyflux said. SMI has also issued Hyflux a notice to remedy another " prescribed occurrence" , this time relating to Hyflux&rsquo s Magtaa desalination plant in Algeria. The offtakers in Magtaa' s water purchase agreement had issued a termination notice to Hyflux in Dec 25 last year. However, this was only disclosed to SMI on March 19, almost three months later, it said in its statement on Thursday. SMI also noted that arbitration proceedings were commenced against Hyflux in relation to the Souk Tleta desalination plant on March 22. Meanwhile, BT asked the National Environment Agency (NEA) how the recent developments might affect its position with respect to the TuasOne waste-to-energy plant that Hyflux is building under a Design-Build-Own-Operate scheme for NEA. An NEA spokesperson said: &ldquo Construction of the TuasOne project is more than 95 per cent complete, and works are still continuing. The NEA has been working closely with the shareholders of TuasOne, namely Hyflux and Mitsubishi Heavy Industries, as well as the financial institutions involved, to see the project through this final phase of its construction. Meanwhile, we have sufficient incineration capacity to meet our needs." |
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laksaman57
Supreme |
28-Mar-2019 19:23
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https://www.theedgesingapore.com/smi-says-hyfluxs-schemes-arrangement-do-not-satisfy-restructuring-deal | ||
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investshare
Supreme |
28-Mar-2019 06:36
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Hyflux Scheme Meeting The Company wishes to announce that there has been a change in venue for the Hyflux Scheme Meetings to accommodate a larger number of attendees. The Hyflux Scheme Meetings will be held at The Star Performing Arts Centre, The Star Theatre, 1 Vista Exchange Green #04-01, Singapore 138617 on 5 April 2019 at the following times: ? 12 noon (for banks, holders of Notes (as defined in the Hyflux Scheme), trade creditors and contingent creditors) and ? 7 p.m. (for holders of Perpetual Capital Securities (as defined in the Hyflux Scheme) and/or Preference Shares (as defined in the Hyflux Scheme)). |
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Stephenchow
Veteran |
27-Mar-2019 22:03
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The Hyflux story so farhttps://www.businesstimes.com.sg/brunch/the-hyflux-story-so-far |
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Stephenchow
Veteran |
27-Mar-2019 21:34
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https://mothership.sg/2019/03/hyflux-protest-pub-mewr/
When contacted , the Ministry of the Environment and Water Resources (MEWR) said:
They explained how the tender to build the desalination plant was awarded to Hyflux as their proposal met PUB&rsquo s requirements for constructing and operating a desalination plant, and its bid was the most competitive. Hyflux also proposed to integrate the desalination plant with a power plant. MEWR said:
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Stephenchow
Veteran |
27-Mar-2019 20:41
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Seems like a forced marriage, a bride deperately wants to marry off and the unwitting bridegroom is not even want to talk or take a closer look at her.. The haunted song Hotel California best describe the cuckoo feeling of Indonesians:- There she stood in the doorway I heard the mission bell And I was thinking to myself ' This could be heaven or this could be Hell' Welcome to the Hotel California Such a lovely place (such a lovely place) Such a lovely face. We are programmed to receive. You can check out any time you like, But you can never leave!'  
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enjoylife77
Veteran |
27-Mar-2019 19:27
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Which consortium would be silly enough to invest in an ever expanding time bomb? | ||
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Starship
Supreme |
27-Mar-2019 16:15
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Hyflux' s dispute with its rescuer deepens as deadlines near 27/03/19, 02:42 pm SINGAPORE (Mar 27): Embattled Singapore water treatment company Hyflux&rsquo s survival is looking shakier as disagreements with its rescuer deepen. Hyflux said in a filing that it disputes certain assertions by SM Investments, the consortium of Indonesian businessmen that had agreed last year to take a majority stake in the firm. At the same time, SM Investments is disagreeing with some terms of the restructuring plan put forward by Hyflux, the filing shows. The disputes heighten the drama of the catastrophic slump of the once-vaunted water and power company. The case involves some 34,000 retail investors who stand to lose almost everything, and a desalination and power plant that cost $1.1 billion and was heralded as one of the &ldquo national taps&rdquo for Singapore. The cash-strapped company, founded by Olivia Lum, faces mounting pressure as mom and pop investors organise a protest in the city-state this weekend. Trouble with the rescuer started bubbling up earlier this month when the Indonesian consortium SM Investments threatened to walk away from the debt restructuring agreement. The consortium had said a default notice served by Singapore&rsquo s Public Utilities Board on Hyflux&rsquo s Tuaspring desalination and power plant on March 5 constitutes an event that undermined a debt plan and it may abandon the deal if the default isn&rsquo t remedied by April 1. SM Investments is also disputing a payout to creditors under the agreement and has &ldquo asserted that it does not agree to the terms of the schemes proposed, in particular, the commercial term that an aggregate cash amount of $272 million&rdquo will be used to fully settle the financial obligations in the restructuring agreement, Hyflux said in a filing to the Singapore Exchange dated Tuesday. Hyflux disputed the Indonesia consortium&rsquo s assertion that actions taken by the Public Utilities Board constitute events that would allow the group to walk away from the agreement. It said it has received &ldquo a further notice&rdquo from the investor dated March 25, that another so-called &ldquo prescribed occurrence&rdquo has taken place, which Hyflux is also refuting. A successful debt restructuring at the Singapore water treatment company is looking &ldquo increasingly remote&rdquo and challenges are mounting, Oversea-Chinese Banking Corp said in a credit research note on Wednesday. Hyflux said that its view is that the investor group is &ldquo obliged to honour its commitment to invest under the restructuring agreement&rdquo and the group has not stated that it &ldquo will resile from the restructuring agreement.&rdquo If the investors seek to wrongfully terminate the restructuring agreement, the terms allow the company to lay claim to a $38.9 million deposit, Hyflux said in the filing. The company said it will hold meetings with creditors on April 5 and April 8 as scheduled. https://www.theedgesingapore.com/hyfluxs-dispute-its-rescuer-deepens-deadlines-near |
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Starship
Supreme |
27-Mar-2019 10:57
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Hyflux says restructuring deal still on despite &lsquo certain disagreements&rsquo with investor 27 Mar 2019 08:09AM(Updated: 27 Mar 2019 08:20AM) SINGAPORE: Despite recent disagreements, Hyflux&rsquo s potential white knight has not indicated that it would back out of a proposed investment in the embattled water treatment firm. This means that the restructuring agreement between both parties &ldquo remains in force&rdquo , Hyflux said in an update released close to midnight on Tuesday (Mar 26). As such, the company will proceed with the scheme meeting on Apr 5 and Apr 8, as well as the extraordinary general meeting on Apr 15, for all stakeholders to vote on its rescue plan. NOTICES " STRENUOUSLY DISPUTED" The latest statement laid bare several disagreements that have emerged between Hyflux and SM Investments &ndash the consortium made up of Indonesian conglomerate Salim Group and energy giant Medco Group, that has offered Hyflux a S$530 million lifeline &ndash in recent weeks. Among them were two notices from SM Investments, which Hyflux said it &ldquo strenuously disputed&rdquo . The first referred to the default notice from Singapore&rsquo s national water agency PUB, while the second involved another notice served upon Hyflux that alleged defaults at a desalination plant in Algeria. For both, SM Investments described the defaults as &ldquo prescribed occurrence&rdquo that gave it the right to terminate the deal. It also gave Hyflux two weeks to remedy both defaults. Hyflux said on Tuesday it disagreed with these &ldquo allegations&rdquo as &ldquo no prescribed occurrence has arisen as of this date&rdquo . It added that it has refuted SM Investments in a written reply dated Mar 25. In the case of Tuaspring, Hyflux said SM Investments relied on the PUB&rsquo s default notice and press release to &ldquo assert a prescribed occurrence&rdquo . The agency had said earlier this month that it will terminate the water purchase agreement (WPA) with Hyflux and take control of the desalination plan, if defaults are not resolved within the notice period. &ldquo However, the PUB has not terminated the WPA. Any statement by the PUB that it will terminate the WPA if the defaults are not remedied within the stipulated cure period does not constitute a threat on the part of the company or Tuaspring to cease its business in the usual and ordinary course,&rdquo said Hyflux. In addition, even if PUB were to terminate the WPA, it can only do so after the Apr 5 deadline and it will have to provide Tuaspring with a 30-day written notice. This means that the earliest date by which the WPA can be terminated is May 6, the company added. &ldquo Thus, any cessation of Tuaspring&rsquo s business in relation to the WPA, which the company acknowledges would give rise to a prescribed occurrence under the restructuring agreement, can only take place after the long-stop date." Tuesday&rsquo s update also revealed for the first time that SM Investments disagrees with the use of S$271 million from its proposed investment, as well as S$1 million from Hyflux&rsquo s existing funds, for the restructuring deal. It cited &ldquo concerns over working capital requirements post-investment&rdquo . Hyflux rebutted that an agreement with the investor on the commercial terms of the overall cash and equity allocation were reached before the Feb 16 publication of the restructuring proposal. The scheme presented to the Singapore High Court on Feb 21 was also based on the same terms, while subsequent tweaks to the scheme to give minority stakeholders higher recovery rates &ldquo do not vary these commercial terms&rdquo . As such, it has since written to SM Investments on four occasions, with the most recent being Mar 25, to refute the &ldquo belated assertion&rdquo . Hyflux said it reserves the right to lay claim to a S$38.9 million deposit, which has been placed into escrow, should SM Investments &ldquo seeks to wrongfully terminate&rdquo the rescue deal. SCHEME MEETINGS TO PROCEED, NO TOWN HALL Still, the embattled water treatment firm stressed that the restructuring deal remains on the table even if it has not been able &ldquo to meaningfully engage&rdquo SM Investments. Bringing up the call for updates from the Securities Investors Association Singapore (SIAS), it said: &ldquo The investor has not stated to the company that it will resile from the restructuring agreement and the company remains of the view that the investor is obliged to honour its commitment to invest under the restructuring agreement. &ldquo While the recent developments in the reorganisation process inject a measure of uncertainty as to the investor&rsquo s intentions &hellip the company has been and will continue to seek to engage the investor and other key stakeholders to facilitate completion under the restructuring agreement, and will provide timely updates." An updated scheme document reflecting previously proposed tweaks to give holders of perpetual securities and preference shares future payouts if contingent claims were extinguished, was also released on Tuesday night alongside the statement. Lastly, the company said it would not be holding the third round of town hall meeting with retail investors due to time constraints and &ldquo scheduling difficulties with the investor&rdquo . Hyflux, whose restructuring journey has been marked by multiple twists and turns including an upcoming protest planned for Saturday, will hold a do-or-die vote on Apr 5. While the meeting timings for bank creditors, noteholders and retail perpetual securities and preference shareholders remain the same, the vote will now be held at the Vista Exchange Green, instead of the company&rsquo s office along Bendemeer Road. https://www.channelnewsasia.com/news/business/hyflux-says-restructuring-deal-still-on-despite-certain-11383162 |
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Starship
Supreme |
27-Mar-2019 10:20
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Hyflux disputes Salim-Medco claims that PUB, Magtaa offtakers actions constitute events for pull out WED, MAR 27, 2019 - 8:48 AM UPDATED WED, MAR 27, 2019 - 9:57 AM HYFLUX has disputed Salim-Medco&rsquo s assertion that actions by the Public Utilities Board (PUB) and offtakers or buyers of water from its Magtaa desalination plant in Algeria constitute events which allow the Indonesian group to pull out from its proposed S$530 million investment into the troubled water treatment company. In a bourse filing just before midnight on Tuesday, addressing Sias questions about whether the investor has signalled it will back away from its offer, Hyflux disclosed that " certain disagreements have recently emerged" between the company and SM Investments Pte Ltd, the investment vehicle of its Indonesian white knight. One " investor notice" concerns PUB which said last week that if Hyflux subsidiary Tuaspring Pte Ltd is unable to cure its defaults by April 5, PUB will take control of Tuaspring' s desalination plant. Hyflux in its latest filing said that as PUB had yet to terminate its water purchase agreement, any statements by the agency are not considered threats to cease Hyflux or Tuaspring&rsquo s business. It also said that if PUB were to terminate its water purchase agreement, the earliest it would be able to do so is April 6. Along with 30 days notice from PUB, the agreement will only be terminated on May 6, which is past the April 30 long-stop date fixed by the Salim-Medco consortium. Thus, any termination on Salim-Medco&rsquo s part would only be able to take place after its investment&rsquo s completion date. &ldquo The company has been advised that Salim-Medco cannot rely on the PUB&rsquo s termination of the WPA to lawfully and effectively terminate the restructuring agreement prior to the long-stop date,&rdquo Hyflux said. Hyflux has also disputed the defaults asserted in the notice given by Magtaa offtakers Sonatrach SpA and L&rsquo Algerienne des Eaux and their right to termination. It added it had been taking active steps to resolve the matters in the notice and the offtakers had yet to terminate its concession agreement for the Magtaa desalination plant in Algeria despite the notice having expired on Feb 8, 2019. Hyflux also refuted Salim-Medco&rsquo s claims that it had not agreed to the commercial terms of its restructuring plan, particularly the aggregate cash amount of S$272 million for distribution to relevant creditors, with S$271 million to be derived from the intended investment. &ldquo The company&rsquo s position is that an agreement with Salim-MedCo on the commercial terms of the overall cash and equity allocation were reached prior to the publication of the restructuring proposal on Feb 16, 2019,&rdquo the statement added. In response to Salim-Medco stating it is not agreeable to vary its restructuring agreement, whether or not to accommodate a terminate of the water purchase agreement or otherwise, Hyflux said that the schemes scrutinised at the High Court hearing on Feb 21 were premised on the same commercial terms. Amendments made to other schemes also do not vary these commercial terms. Hyflux also said that while it " has been unable to meaningfully engage" with Salim-Medco, their restructuring agreement " remains in force and the investor has not stated that it will resile from its proposed investment." Nonetheless, if Salim-Medco &ldquo wrongfully terminates&rdquo the restructuring agreement, Hyflux said it would be able to lay claim to the S$38.9 million deposit which was taken out of Salim-Medco&rsquo s proposed investment which was placed into escrow shortly after the agreement was executed. Hyflux added that is proceeding with the scheme meetings on April 5 and 8, 2018 as scheduled, and will also proceed with the holding of an extraordinary general meeting on April 15. However, it has cancelled its third town hall meeting. This is in light of the upcoming scheme meetings as well as scheduling difficulties with Salim-MedCo. https://www.businesstimes.com.sg/companies-markets/hyflux-disputes-salim-medco-claims-that-pub-magtaa-offtakers-actions-constitute |
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bicycle
Member |
27-Mar-2019 08:47
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Well now everyone can thank OL for hooking the indo robert head if they truellly stuck! I' m sure all will eargerly vote YES now. But i found the Hylfux' s lawyer argument over semantics as ridiculous. Isn' t the PUB notice a threat that will cause TS to cease normal biz operation under RA? Looks like more drama and new battle for OL to take care. |
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Stephenchow
Veteran |
27-Mar-2019 06:27
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Indonesians stuck ? If PUB were to proceed with a termination of the WPA, the earliest it can possibly exercise its right to do so if the asserted defaults are not remedied is on 6 April 2019 (after the cure period stipulated in the PUB Notice). To exercise its right to terminate the WPA, the PUB will have to provide Tuaspring with thirty (30) days written notice, which means that the WPA can only be terminated on 6 May 2019 at the earliest. Thus, any cessation of Tuaspring&rsquo s business in relation to the WPA, which the Company acknowledges would give rise to a Prescribed Occurrence as defined in the Restructuring Agreement, can only take place after the Long-Stop Date (ie, after the completion date for the investment under the Restructuring Agreement assuming the conditions thereunder are met). The Company has been advised that the Investor cannot rely on the PUB&rsquo s termination of the WPA to lawfully and effectively terminate the Restructuring Agreement prior to the Long-Stop Date. (d) If the Investor nonetheless seeks to wrongfully terminate the Restructuring Agreement (eg, in the absence of a Prescribed Occurrence), the terms of the Restructuring Agreement allow the Company to lay claim to the S$38.9 million deposit (out of the Investor&rsquo s proposed investment) which was placed into escrow shortly after the execution of the Restructuring Agreement. |
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Stephenchow
Veteran |
27-Mar-2019 06:17
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After reading through this A level GP essay, the saddest thing is " Cancellation of third town hall meeting" , no more free pack of rice and coffee . Also, cannot watch the management team march in proudly with the company flags into national stadium |
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Stephenchow
Veteran |
27-Mar-2019 06:02
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Very complicated need to atttend a lawyer crash course to understand https://links.sgx.com/FileOpen/Announcement%20on%20Reorganisation%20Process%20-%2026%20March%202019.ashx?App=Announcement& FileID=548697 |
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