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joker123 Senior	02-Apr-2019 17:41        joker123 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just ask all PM / MP /President take pay cut la investshare      ( Date: 02-Apr-2019 16:39) Posted: For government to spend $1b to bailout, it is equivalent to $333 per Singaporean. Will you do it? Your whole family?
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investshare Supreme	02-Apr-2019 16:39        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	For government to spend $1b to bailout, it is equivalent to $333 per Singaporean. Will you do it? Your whole family?
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investshare Supreme	02-Apr-2019 16:37        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Government Very prudent and well manage in resisting the pressure to bail out .
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Starship Supreme	02-Apr-2019 16:13        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	EMA saying  你 自 做 自 受 ........................... EMA: Hyflux&rsquo s financial situation ' a result of its own commercial decisions' TUE, APR 02, 2019 - 12:49 PM UPDATED TUE, APR 02, 2019 - 3:49 PM   THE Energy Market Authority (EMA) of Singapore  said on Tuesday that Hyflux' s present financial situation was the " result of its own commercial decisions" . The gas industry regulator was responding to a reader' s letter, " Time for a close look into why Hyflux tanked. This was no typical business failure" , published in  The Business Times  on March 26. In the letter, reader Leong Mun Wai suggested that vesting contracts and policy changes led to lower electricity prices which in turn was a key contributory factor to Hyflux&rsquo s current situation.  In its letter to BT, EMA said Mr Leong " had drawn the wrong conclusions" . It said:  " Hyflux' s present financial situation is a result of its own commercial decisions, with full knowledge of the gas supply situation and electricity generation market." On the vesting contracts, EMA said that in 2009, it offered the liquefied natural gas (LNG) vesting scheme to generation companies (gencos) as a voluntary option to encourage the uptake of LNG. It said that the gencos opted into the scheme &ldquo based on their own commercial considerations&rdquo . While EMA offered only up to 1.2 million tonnes per annum of LNG under vesting contracts, the gencos had bought more than twice as much LNG. They then made their commercial decisions to build additional generation capacity to consume the LNG that they had bought. At that time, wholesale electricity prices were high but the subsequent increase in generation capacity led to a decline in wholesale electricity prices in recent years.  The agency added that Hyflux does not have any LNG vesting contracts and had decided to build its power plant after the LNG vesting contracts were awarded to other gencos. Thus, when Hyflux made its decision, it would also have been aware of other gencos' plans to increase their generation capacity as this was publicly available information published by EMA, it said. EMA also said it was  incorrect for Mr Leong to claim that Hyflux&rsquo s financial problems were caused by &ldquo an unexpected domestic policy change&rdquo . It added there is also no justification for EMA to " render relief" to Hyflux using public resources, as Mr Leong had suggested. The spokesman added: " EMA will continue to promote economic efficiency and competition, and ensure a level playing field for stakeholders in the electricity market." In Mr Leong' s letter, he had suggested that Hyflux&rsquo s management was perhaps " blinded by the potential huge profits if electricity prices had stayed at around S$200 per MWh, the price level in 2012 when the decision was made" . The company committed to a high-priced gas supply contract with no corresponding mechanishm to protect the company against the decline of the electricity price, he added. Mr Leong also said the collapse in electricity price was the &ldquo direct result of the vesting contracts given to the other gencos in return for their support to sign long-term take-or-pay gas supply contracts from the LNG terminal, itself another national project&rdquo . He added as a result of the vesting contracts, existing gencos expanded their capacity rapidly. This resulted in a reserved margin of 80 per cent instead of the normal 30 per cent, precipitating the price collapse. The letter also said that EMA " did not render relief to Hyflux at an early stage" to buffer it from the unintended results of the vesting contracts. On Monday, Minister for the Environment and Water Resources Masagos Zulkifli said  the government cannot use taxpayer money  to help retail investors recoup losses from the beleaguered water treatment firm. Hyflux faces the prospect of selling its biggest asset, its Tuaspring desalination plant, to PUB for zero dollars if it fails to  rectify defaults at the plant by April 30. PUB will take over only the desalination plant, and not the power plant which sits on the same site. The Hyflux make-or-break scheme meetings when the firm' s restructuring plan will be put to a vote are set for April 5. https://www.businesstimes.com.sg/companies-markets/ema-hyflux%E2%80%99s-financial-situation-a-result-of-its-own-commercial-decisions
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alidaud Senior	02-Apr-2019 11:42        alidaud About Contact  Quote this Post!
x 0   x 0  Alert Admin	http://www.cakap.net/gann-square-of-9/?s=hyflux& cp=0.21
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laksaman57 Supreme	02-Apr-2019 11:20        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.straitstimes.com/business/banking/ups-and-downs-of-gics-stake-in-ubs BillionX      ( Date: 02-Apr-2019 10:24) Posted: This reaction by thr SG governement does not surprise. Rather than save a local company in distress with an important role to play in the country' s waterand power it takes a lukewarm position.A rescue package by them will save the savings of many singaporeans and also prevent a local icon from disaster and or getting into the hands of a foreign company.WAKE UP SINGAPORE! Charity must begin at home.
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laksaman57 Supreme	02-Apr-2019 10:54        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.nytimes.com/2009/02/11/business/worldbusiness/11temasek.html dc_rw73      ( Date: 02-Apr-2019 10:04) Posted: GIC/Temasek can invest in many foreign country companies, why can't they invest in Tuaspring? Isn't Tuaspring is a national critical asset? Starship      ( Date: 01-Apr-2019 16:34) Posted: Taxpayers can' t bail out Hyflux investors, Masagos tells Parliament MON, APR 01, 2019 - 2:59 PM NATIONAL water agency PUB&rsquo s actions over debt-hit Hyflux&rsquo s Tuaspring desalination plant have not weakened the public-private partnership (PPP) model for critical infrastructure assets. Still, the government cannot use taxpayer money to help retail investors recoup their losses, said Minister for the Environment and Water Resources Masagos Zulkifli in Parliament on Monday. Mr Masagos reiterated that PUB&rsquo s March 5 decision to serve a default notice on Hyflux subsidiary Tuaspring Pte Ltd (TPL) was taken to ensure Singapore&rsquo s water security, with the possible termination of its water purchase agreement on the table &ldquo to ensure that a critical asset remains in safe hands, and avoids uncertainty over the operations of the desalination plant&rdquo . Although the purchase price of the Tuaspring plant is, based on current valuation, likely to be negative, the minister also reiterated that PUB is willing to waive the compensation it would be owed, and take over the plant at no extra cost to Hyflux. &ldquo Let me be clear, therefore. PUB&rsquo s action do not weaken either TPL or Hyflux, and do not disadvantage those who have invested in Hyflux. Indeed, it is quite favourable to TPL,&rdquo he said, adding that the arrangement &ldquo positively impacts Hyflux&rsquo s value and hence the value of the Hyflux shares being offered&rdquo . &ldquo The current situation with Hyflux does not mean that we should dismiss the PPP model altogether as our other PPP projects are working well,&rdquo said Mr Masagos, who called the model &ldquo useful in allowing us to tap private sector innovations and cost efficiencies to deliver water services more effectively&rdquo . &ldquo To ensure that water security is never compromised, PUB has put in safeguards as part of the PPP contracts. Even though PUB does not interfere with the business decisions made by the concession companies, PUB monitors the performance of the plants under the PPP model to ensure that the concession companies can meet their contractual obligations to PUB. &ldquo Where there are issues, PUB will require the concession companies to rectify them, failing which, PUB may exercise its rights to terminate the PPP contracts and take control of the plants. &ldquo We do not exercise these termination rights lightly, but will not hesitate to do so when it becomes necessary to safeguard our water security.&rdquo Numerous MPs (members of Parliament) raised queries on Monday over the Hyflux issue, which took up  roughly 20 minutes of question time. Seah Kian Peng (Marine Parade GRC) had asked, among other related questions, about the impact of Hyflux&rsquo s struggles on the water supply and the extent of private-sector involvement in the industry. Lee Bee Wah (Nee Soon GRC) asked how the minister justified using taxpayers&rsquo money to take over Tuaspring, an asset with a negative valuation, from Hyflux. Lim Wee Kiak (Sembawang GRC) added, in a follow-up question: &ldquo We do have critical assets, such as power and all this, that are operated privately. How do you monitor all these assets to make sure that they are financially okay, until this thing happens? &ldquo Just wondering whether something could have been done, in hindsight, for this Hyflux case.&rdquo Mr Masagos noted that the government had faced a choice between claiming a compensation sum from Hyflux and waiving its right to do so. &ldquo We have two options. One is to assert our rights, stress Hyflux even further by asserting that right, and in the whole process, we don&rsquo t get anything at the end of the process,&rdquo he said. &ldquo And therefore we have made the decision that, because we are likely not to get anything from claiming the compensation, we have decided to not claim the compensation.&rdquo He added that, when difficulties crop up at Tuaspring or any other PPP project, &ldquo the responsible and fair thing to do is for PUB to require TPL to rectify it, and not to immediately issue a default notice - in fact to give them time to do so, when these things happen&rdquo . &ldquo Now, PUB has been in talks with TPL regarding its defaults all this while, and has given TPL as much time as possible,&rdquo Mr Masagos said. &ldquo Well, our duty is to ensure water security and to ensure that we take all the necessary steps within its contractual right primarily to protect Singapore&rsquo s water security. So we&rsquo ve done that.&rdquo Holders of Hyflux preference shares and perpetual securities are claiming some S$970 million from the company, with medium-term noteholders asking for another S$277.7 million. Mr Seah asked whether the government could ride to the rescue of these retail investors. &ldquo Investors in search of returns must understand that returns come with some risks,&rdquo Mr Masagos told the House in reply.  &ldquo We can understand the concerns and anxiety of the retail investors and we are saddened by their plight, but the government cannot use taxpayers&rsquo money to help investors recoup their investment losses, even if there are any proceeds from the takeover of the Tuas plant. &ldquo You must remember there is an order to who gets what first. In this case, Maybank will still receive payments from TPL before all other general creditors, including PUB.&rdquo Hyflux still owes Maybank some S$518 million, which is secured by the Tuaspring plant. https://www.businesstimes.com.sg/government-economy/taxpayers-cant-bail-out-hyflux-investors-masagos-tells-parliament
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joker123 Senior	02-Apr-2019 10:32        joker123 About Contact  Quote this Post!
x 0   x 0  Alert Admin	http://thefinance.sg/2009/02/26/is-there-a-lesson-to-be-learned-from-ferro-china-china-print-dyeing-and-now-fibrechem/ Not sure who is hyflux auditor BillionX      ( Date: 02-Apr-2019 10:24) Posted: This reaction by thr SG governement does not surprise. Rather than save a local company in distress with an important role to play in the country' s waterand power it takes a lukewarm position.A rescue package by them will save the savings of many singaporeans and also prevent a local icon from disaster and or getting into the hands of a foreign company.WAKE UP SINGAPORE! Charity must begin at home.
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BillionX Senior	02-Apr-2019 10:24        BillionX About Contact  Quote this Post!
x 0   x 0  Alert Admin	This reaction by thr SG governement does not surprise. Rather than save a local company in distress with an important role to play in the country' s waterand power it takes a lukewarm position.A rescue package by them will save the savings of many singaporeans and also prevent a local icon from disaster and or getting into the hands of a foreign company.WAKE UP SINGAPORE! Charity must begin at home.
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dc_rw73 Member	02-Apr-2019 10:04        dc_rw73 About Contact  Quote this Post!
x 0   x 0  Alert Admin	GIC/Temasek can invest in many foreign country companies, why can't they invest in Tuaspring? Isn't Tuaspring is a national critical asset? Starship      ( Date: 01-Apr-2019 16:34) Posted: Taxpayers can' t bail out Hyflux investors, Masagos tells Parliament MON, APR 01, 2019 - 2:59 PM NATIONAL water agency PUB&rsquo s actions over debt-hit Hyflux&rsquo s Tuaspring desalination plant have not weakened the public-private partnership (PPP) model for critical infrastructure assets. Still, the government cannot use taxpayer money to help retail investors recoup their losses, said Minister for the Environment and Water Resources Masagos Zulkifli in Parliament on Monday. Mr Masagos reiterated that PUB&rsquo s March 5 decision to serve a default notice on Hyflux subsidiary Tuaspring Pte Ltd (TPL) was taken to ensure Singapore&rsquo s water security, with the possible termination of its water purchase agreement on the table &ldquo to ensure that a critical asset remains in safe hands, and avoids uncertainty over the operations of the desalination plant&rdquo . Although the purchase price of the Tuaspring plant is, based on current valuation, likely to be negative, the minister also reiterated that PUB is willing to waive the compensation it would be owed, and take over the plant at no extra cost to Hyflux. &ldquo Let me be clear, therefore. PUB&rsquo s action do not weaken either TPL or Hyflux, and do not disadvantage those who have invested in Hyflux. Indeed, it is quite favourable to TPL,&rdquo he said, adding that the arrangement &ldquo positively impacts Hyflux&rsquo s value and hence the value of the Hyflux shares being offered&rdquo . &ldquo The current situation with Hyflux does not mean that we should dismiss the PPP model altogether as our other PPP projects are working well,&rdquo said Mr Masagos, who called the model &ldquo useful in allowing us to tap private sector innovations and cost efficiencies to deliver water services more effectively&rdquo . &ldquo To ensure that water security is never compromised, PUB has put in safeguards as part of the PPP contracts. Even though PUB does not interfere with the business decisions made by the concession companies, PUB monitors the performance of the plants under the PPP model to ensure that the concession companies can meet their contractual obligations to PUB. &ldquo Where there are issues, PUB will require the concession companies to rectify them, failing which, PUB may exercise its rights to terminate the PPP contracts and take control of the plants. &ldquo We do not exercise these termination rights lightly, but will not hesitate to do so when it becomes necessary to safeguard our water security.&rdquo Numerous MPs (members of Parliament) raised queries on Monday over the Hyflux issue, which took up  roughly 20 minutes of question time. Seah Kian Peng (Marine Parade GRC) had asked, among other related questions, about the impact of Hyflux&rsquo s struggles on the water supply and the extent of private-sector involvement in the industry. Lee Bee Wah (Nee Soon GRC) asked how the minister justified using taxpayers&rsquo money to take over Tuaspring, an asset with a negative valuation, from Hyflux. Lim Wee Kiak (Sembawang GRC) added, in a follow-up question: &ldquo We do have critical assets, such as power and all this, that are operated privately. How do you monitor all these assets to make sure that they are financially okay, until this thing happens? &ldquo Just wondering whether something could have been done, in hindsight, for this Hyflux case.&rdquo Mr Masagos noted that the government had faced a choice between claiming a compensation sum from Hyflux and waiving its right to do so. &ldquo We have two options. One is to assert our rights, stress Hyflux even further by asserting that right, and in the whole process, we don&rsquo t get anything at the end of the process,&rdquo he said. &ldquo And therefore we have made the decision that, because we are likely not to get anything from claiming the compensation, we have decided to not claim the compensation.&rdquo He added that, when difficulties crop up at Tuaspring or any other PPP project, &ldquo the responsible and fair thing to do is for PUB to require TPL to rectify it, and not to immediately issue a default notice - in fact to give them time to do so, when these things happen&rdquo . &ldquo Now, PUB has been in talks with TPL regarding its defaults all this while, and has given TPL as much time as possible,&rdquo Mr Masagos said. &ldquo Well, our duty is to ensure water security and to ensure that we take all the necessary steps within its contractual right primarily to protect Singapore&rsquo s water security. So we&rsquo ve done that.&rdquo Holders of Hyflux preference shares and perpetual securities are claiming some S$970 million from the company, with medium-term noteholders asking for another S$277.7 million. Mr Seah asked whether the government could ride to the rescue of these retail investors. &ldquo Investors in search of returns must understand that returns come with some risks,&rdquo Mr Masagos told the House in reply.  &ldquo We can understand the concerns and anxiety of the retail investors and we are saddened by their plight, but the government cannot use taxpayers&rsquo money to help investors recoup their investment losses, even if there are any proceeds from the takeover of the Tuas plant. &ldquo You must remember there is an order to who gets what first. In this case, Maybank will still receive payments from TPL before all other general creditors, including PUB.&rdquo Hyflux still owes Maybank some S$518 million, which is secured by the Tuaspring plant. https://www.businesstimes.com.sg/government-economy/taxpayers-cant-bail-out-hyflux-investors-masagos-tells-parliament
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Trader130 Supreme	01-Apr-2019 23:25        Trader130 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thanks for highlighting on these... But no comment 🤣 🤣 🤣 fundamentalhero      ( Date: 01-Apr-2019 22:03) Posted: means you never study finance or economics but act like you studied about it. even the " risk-free" term in all financial and economics literacy do not point it to being risk-free. it is called " risk-free" as an peg indicator for easy referencing. risk-free is still prone to systemic risk and other risks. [default, loose monetary policy etc] even your cpf also is not risk-free contrary to what you believe. if it is so risk-free how come people so scared that the current party loses in election in the previous election despite the apparent need to change and requirement for checks and balances? ​ water floats boats but sink it too. voters too scared as they are being trapped. joker123      ( Date: 01-Apr-2019 10:28) Posted: I think a lot of investor need to be aware 1) the interest of Hyflux bond is consider VERY high and those who says they bought based on STRATEGIC ASSET is all lying. and why dont they put into FD for Risk Free and also into the CPF SA account. They choose to withdraw and they should know the risk. Governemtn should not set a precedence. The protest was similar to the Lehman brother Minibonds and its a joke to see some elderly buying after they got burnt by the LEHMAN and now using the same tactics. Have they not learnt the lesson. Rule number 1 1) When you are reaching 60, you know time is not on your side, you should keep your saving in 100% RISK FREE. and theose elders are educated, some worked as nurses and claiming they have no knowledge in investment is a JOKE. They have been enjoying the coupon rates for so long. 2) I remember i meant an elderly and told her on the endownment plan. this elderly told me that insurance company interest are PEANUTS compare to these BONDS, so why are they not blaming themselves. Typical Singaporean attitude. - ALWAYS Blames Others before themselves.
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fundamentalhero Veteran	01-Apr-2019 22:03        fundamentalhero About Contact  Quote this Post! Style: Fundamental   Yells: "I NEED HONEYS AND MONIES"
x 0   x 0  Alert Admin	means you never study finance or economics but act like you studied about it. even the " risk-free" term in all financial and economics literacy do not point it to being risk-free. it is called " risk-free" as an peg indicator for easy referencing. risk-free is still prone to systemic risk and other risks. [default, loose monetary policy etc] even your cpf also is not risk-free contrary to what you believe. if it is so risk-free how come people so scared that the current party loses in election in the previous election despite the apparent need to change and requirement for checks and balances? ​ water floats boats but sink it too. voters too scared as they are being trapped. joker123      ( Date: 01-Apr-2019 10:28) Posted: I think a lot of investor need to be aware 1) the interest of Hyflux bond is consider VERY high and those who says they bought based on STRATEGIC ASSET is all lying. and why dont they put into FD for Risk Free and also into the CPF SA account. They choose to withdraw and they should know the risk. Governemtn should not set a precedence. The protest was similar to the Lehman brother Minibonds and its a joke to see some elderly buying after they got burnt by the LEHMAN and now using the same tactics. Have they not learnt the lesson. Rule number 1 1) When you are reaching 60, you know time is not on your side, you should keep your saving in 100% RISK FREE. and theose elders are educated, some worked as nurses and claiming they have no knowledge in investment is a JOKE. They have been enjoying the coupon rates for so long. 2) I remember i meant an elderly and told her on the endownment plan. this elderly told me that insurance company interest are PEANUTS compare to these BONDS, so why are they not blaming themselves. Typical Singaporean attitude. - ALWAYS Blames Others before themselves.   joker123      ( Date: 01-Apr-2019 01:07) Posted: Oliva Lum where is She ? Suffer the same fate as Richard (Noble) Both bring down a Blue CHIP Company
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Stephenchow Veteran	01-Apr-2019 20:26        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	if you have already accepted the deal, this mean case is closed. Still got people care meh?    Trader130      ( Date: 01-Apr-2019 17:44) Posted: 🤣 Starship      ( Date: 01-Apr-2019 16:29) Posted: Restructuring does not stop any probe into Hyflux: SIAS chief MON, APR 01, 2019 - 3:42 PM SECURITIES Investors Association (Singapore) chief David Gerald in his latest media statement on the debt-ridden Hyflux, attempted to correct some erroneous views of investors of the water treatment company, as he pointed out that current investigations, if any, would not be aborted just because investors vote in favour for restructuring on April 5. Mr Gerald, who has written several open letters and opinion pieces lately on the drama unfolding at the former market darling Hyflux, sent another letter to  The Business Timeson Monday. He noted that some Hyflux investors are of the view that investigations against the board and management of the company would stop, and that would absolve them of responsibility, if its restructuring scheme gets the nod from investors. " SIAS is advised that this view is not correct. If there is any investigation, currently, it will continue and it need not put the company in liquidation for the investigation to take place," Mr Gerald wrote. According to the investors' rights advocacy group, the restructuring scheme only discharges the company, but not the directors, the management, auditors or arrangers of the instruments sold to Hyflux investors. " There is nothing to stop the creditors from calling for an investigation by the authorities or even by the new board of directors to look at what the old board did." SEE ALSO:  Taxpayers can' t bail out Hyflux investors, Masagos tells ParliamentHe also reminded investors that the government has already made it clear that it would not bail out Hyflux, even if the restructuring scheme is voted down on Friday. The government would, instead, acquire the water  desalination plant at Tuaspring at zero dollars. In urging all investors to turn up to vote, the founder and chief executive of SIAS pointed out that the offer from Salim Group is the only deal on the table, and investors could possibly recoup their losses only if Hyflux does not go into liquidation - the other outcome if restructuring is not supported by investors. Mr Gerald said: " It would be a shame should liquidation take place, to see thousands of Singaporean employees of Hyflux losing their jobs." SIAS has published frequently asked questions to help investors understand Hyflux' s scheme of arrangement and its related issues.  https://www.businesstimes.com.sg/companies-markets/restructuring-does-not-stop-any-probe-into-hyflux-sias-chief
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Secret_Squirrel Elite	01-Apr-2019 17:45        Secret_Squirrel About Contact  Quote this Post!   Yells: "Stay curious but skeptical"
x 0   x 0  Alert Admin	Thanks for the sharing. Starship      ( Date: 01-Apr-2019 16:34) Posted: Taxpayers can' t bail out Hyflux investors, Masagos tells Parliament MON, APR 01, 2019 - 2:59 PM NATIONAL water agency PUB&rsquo s actions over debt-hit Hyflux&rsquo s Tuaspring desalination plant have not weakened the public-private partnership (PPP) model for critical infrastructure assets. Still, the government cannot use taxpayer money to help retail investors recoup their losses, said Minister for the Environment and Water Resources Masagos Zulkifli in Parliament on Monday. Mr Masagos reiterated that PUB&rsquo s March 5 decision to serve a default notice on Hyflux subsidiary Tuaspring Pte Ltd (TPL) was taken to ensure Singapore&rsquo s water security, with the possible termination of its water purchase agreement on the table &ldquo to ensure that a critical asset remains in safe hands, and avoids uncertainty over the operations of the desalination plant&rdquo . Although the purchase price of the Tuaspring plant is, based on current valuation, likely to be negative, the minister also reiterated that PUB is willing to waive the compensation it would be owed, and take over the plant at no extra cost to Hyflux. &ldquo Let me be clear, therefore. PUB&rsquo s action do not weaken either TPL or Hyflux, and do not disadvantage those who have invested in Hyflux. Indeed, it is quite favourable to TPL,&rdquo he said, adding that the arrangement &ldquo positively impacts Hyflux&rsquo s value and hence the value of the Hyflux shares being offered&rdquo . &ldquo The current situation with Hyflux does not mean that we should dismiss the PPP model altogether as our other PPP projects are working well,&rdquo said Mr Masagos, who called the model &ldquo useful in allowing us to tap private sector innovations and cost efficiencies to deliver water services more effectively&rdquo . &ldquo To ensure that water security is never compromised, PUB has put in safeguards as part of the PPP contracts. Even though PUB does not interfere with the business decisions made by the concession companies, PUB monitors the performance of the plants under the PPP model to ensure that the concession companies can meet their contractual obligations to PUB. &ldquo Where there are issues, PUB will require the concession companies to rectify them, failing which, PUB may exercise its rights to terminate the PPP contracts and take control of the plants. &ldquo We do not exercise these termination rights lightly, but will not hesitate to do so when it becomes necessary to safeguard our water security.&rdquo Numerous MPs (members of Parliament) raised queries on Monday over the Hyflux issue, which took up  roughly 20 minutes of question time. Seah Kian Peng (Marine Parade GRC) had asked, among other related questions, about the impact of Hyflux&rsquo s struggles on the water supply and the extent of private-sector involvement in the industry. Lee Bee Wah (Nee Soon GRC) asked how the minister justified using taxpayers&rsquo money to take over Tuaspring, an asset with a negative valuation, from Hyflux. Lim Wee Kiak (Sembawang GRC) added, in a follow-up question: &ldquo We do have critical assets, such as power and all this, that are operated privately. How do you monitor all these assets to make sure that they are financially okay, until this thing happens? &ldquo Just wondering whether something could have been done, in hindsight, for this Hyflux case.&rdquo Mr Masagos noted that the government had faced a choice between claiming a compensation sum from Hyflux and waiving its right to do so. &ldquo We have two options. One is to assert our rights, stress Hyflux even further by asserting that right, and in the whole process, we don&rsquo t get anything at the end of the process,&rdquo he said. &ldquo And therefore we have made the decision that, because we are likely not to get anything from claiming the compensation, we have decided to not claim the compensation.&rdquo He added that, when difficulties crop up at Tuaspring or any other PPP project, &ldquo the responsible and fair thing to do is for PUB to require TPL to rectify it, and not to immediately issue a default notice - in fact to give them time to do so, when these things happen&rdquo . &ldquo Now, PUB has been in talks with TPL regarding its defaults all this while, and has given TPL as much time as possible,&rdquo Mr Masagos said. &ldquo Well, our duty is to ensure water security and to ensure that we take all the necessary steps within its contractual right primarily to protect Singapore&rsquo s water security. So we&rsquo ve done that.&rdquo Holders of Hyflux preference shares and perpetual securities are claiming some S$970 million from the company, with medium-term noteholders asking for another S$277.7 million. Mr Seah asked whether the government could ride to the rescue of these retail investors. &ldquo Investors in search of returns must understand that returns come with some risks,&rdquo Mr Masagos told the House in reply.  &ldquo We can understand the concerns and anxiety of the retail investors and we are saddened by their plight, but the government cannot use taxpayers&rsquo money to help investors recoup their investment losses, even if there are any proceeds from the takeover of the Tuas plant. &ldquo You must remember there is an order to who gets what first. In this case, Maybank will still receive payments from TPL before all other general creditors, including PUB.&rdquo Hyflux still owes Maybank some S$518 million, which is secured by the Tuaspring plant. https://www.businesstimes.com.sg/government-economy/taxpayers-cant-bail-out-hyflux-investors-masagos-tells-parliament
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Trader130 Supreme	01-Apr-2019 17:44        Trader130 About Contact  Quote this Post!
x 0   x 0  Alert Admin	🤣 Starship      ( Date: 01-Apr-2019 16:29) Posted: Restructuring does not stop any probe into Hyflux: SIAS chief MON, APR 01, 2019 - 3:42 PM SECURITIES Investors Association (Singapore) chief David Gerald in his latest media statement on the debt-ridden Hyflux, attempted to correct some erroneous views of investors of the water treatment company, as he pointed out that current investigations, if any, would not be aborted just because investors vote in favour for restructuring on April 5. Mr Gerald, who has written several open letters and opinion pieces lately on the drama unfolding at the former market darling Hyflux, sent another letter to  The Business Timeson Monday. He noted that some Hyflux investors are of the view that investigations against the board and management of the company would stop, and that would absolve them of responsibility, if its restructuring scheme gets the nod from investors. " SIAS is advised that this view is not correct. If there is any investigation, currently, it will continue and it need not put the company in liquidation for the investigation to take place," Mr Gerald wrote. According to the investors' rights advocacy group, the restructuring scheme only discharges the company, but not the directors, the management, auditors or arrangers of the instruments sold to Hyflux investors. " There is nothing to stop the creditors from calling for an investigation by the authorities or even by the new board of directors to look at what the old board did." SEE ALSO:  Taxpayers can' t bail out Hyflux investors, Masagos tells ParliamentHe also reminded investors that the government has already made it clear that it would not bail out Hyflux, even if the restructuring scheme is voted down on Friday. The government would, instead, acquire the water  desalination plant at Tuaspring at zero dollars. In urging all investors to turn up to vote, the founder and chief executive of SIAS pointed out that the offer from Salim Group is the only deal on the table, and investors could possibly recoup their losses only if Hyflux does not go into liquidation - the other outcome if restructuring is not supported by investors. Mr Gerald said: " It would be a shame should liquidation take place, to see thousands of Singaporean employees of Hyflux losing their jobs." SIAS has published frequently asked questions to help investors understand Hyflux' s scheme of arrangement and its related issues.  https://www.businesstimes.com.sg/companies-markets/restructuring-does-not-stop-any-probe-into-hyflux-sias-chief
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Starship Supreme	01-Apr-2019 16:34        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Taxpayers can' t bail out Hyflux investors, Masagos tells Parliament MON, APR 01, 2019 - 2:59 PM NATIONAL water agency PUB&rsquo s actions over debt-hit Hyflux&rsquo s Tuaspring desalination plant have not weakened the public-private partnership (PPP) model for critical infrastructure assets. Still, the government cannot use taxpayer money to help retail investors recoup their losses, said Minister for the Environment and Water Resources Masagos Zulkifli in Parliament on Monday. Mr Masagos reiterated that PUB&rsquo s March 5 decision to serve a default notice on Hyflux subsidiary Tuaspring Pte Ltd (TPL) was taken to ensure Singapore&rsquo s water security, with the possible termination of its water purchase agreement on the table &ldquo to ensure that a critical asset remains in safe hands, and avoids uncertainty over the operations of the desalination plant&rdquo . Although the purchase price of the Tuaspring plant is, based on current valuation, likely to be negative, the minister also reiterated that PUB is willing to waive the compensation it would be owed, and take over the plant at no extra cost to Hyflux. &ldquo Let me be clear, therefore. PUB&rsquo s action do not weaken either TPL or Hyflux, and do not disadvantage those who have invested in Hyflux. Indeed, it is quite favourable to TPL,&rdquo he said, adding that the arrangement &ldquo positively impacts Hyflux&rsquo s value and hence the value of the Hyflux shares being offered&rdquo . &ldquo The current situation with Hyflux does not mean that we should dismiss the PPP model altogether as our other PPP projects are working well,&rdquo said Mr Masagos, who called the model &ldquo useful in allowing us to tap private sector innovations and cost efficiencies to deliver water services more effectively&rdquo . &ldquo To ensure that water security is never compromised, PUB has put in safeguards as part of the PPP contracts. Even though PUB does not interfere with the business decisions made by the concession companies, PUB monitors the performance of the plants under the PPP model to ensure that the concession companies can meet their contractual obligations to PUB. &ldquo Where there are issues, PUB will require the concession companies to rectify them, failing which, PUB may exercise its rights to terminate the PPP contracts and take control of the plants. &ldquo We do not exercise these termination rights lightly, but will not hesitate to do so when it becomes necessary to safeguard our water security.&rdquo Numerous MPs (members of Parliament) raised queries on Monday over the Hyflux issue, which took up  roughly 20 minutes of question time. Seah Kian Peng (Marine Parade GRC) had asked, among other related questions, about the impact of Hyflux&rsquo s struggles on the water supply and the extent of private-sector involvement in the industry. Lee Bee Wah (Nee Soon GRC) asked how the minister justified using taxpayers&rsquo money to take over Tuaspring, an asset with a negative valuation, from Hyflux. Lim Wee Kiak (Sembawang GRC) added, in a follow-up question: &ldquo We do have critical assets, such as power and all this, that are operated privately. How do you monitor all these assets to make sure that they are financially okay, until this thing happens? &ldquo Just wondering whether something could have been done, in hindsight, for this Hyflux case.&rdquo Mr Masagos noted that the government had faced a choice between claiming a compensation sum from Hyflux and waiving its right to do so. &ldquo We have two options. One is to assert our rights, stress Hyflux even further by asserting that right, and in the whole process, we don&rsquo t get anything at the end of the process,&rdquo he said. &ldquo And therefore we have made the decision that, because we are likely not to get anything from claiming the compensation, we have decided to not claim the compensation.&rdquo He added that, when difficulties crop up at Tuaspring or any other PPP project, &ldquo the responsible and fair thing to do is for PUB to require TPL to rectify it, and not to immediately issue a default notice - in fact to give them time to do so, when these things happen&rdquo . &ldquo Now, PUB has been in talks with TPL regarding its defaults all this while, and has given TPL as much time as possible,&rdquo Mr Masagos said. &ldquo Well, our duty is to ensure water security and to ensure that we take all the necessary steps within its contractual right primarily to protect Singapore&rsquo s water security. So we&rsquo ve done that.&rdquo Holders of Hyflux preference shares and perpetual securities are claiming some S$970 million from the company, with medium-term noteholders asking for another S$277.7 million. Mr Seah asked whether the government could ride to the rescue of these retail investors. &ldquo Investors in search of returns must understand that returns come with some risks,&rdquo Mr Masagos told the House in reply.  &ldquo We can understand the concerns and anxiety of the retail investors and we are saddened by their plight, but the government cannot use taxpayers&rsquo money to help investors recoup their investment losses, even if there are any proceeds from the takeover of the Tuas plant. &ldquo You must remember there is an order to who gets what first. In this case, Maybank will still receive payments from TPL before all other general creditors, including PUB.&rdquo Hyflux still owes Maybank some S$518 million, which is secured by the Tuaspring plant. https://www.businesstimes.com.sg/government-economy/taxpayers-cant-bail-out-hyflux-investors-masagos-tells-parliament
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Starship Supreme	01-Apr-2019 16:29        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Restructuring does not stop any probe into Hyflux: SIAS chief MON, APR 01, 2019 - 3:42 PM SECURITIES Investors Association (Singapore) chief David Gerald in his latest media statement on the debt-ridden Hyflux, attempted to correct some erroneous views of investors of the water treatment company, as he pointed out that current investigations, if any, would not be aborted just because investors vote in favour for restructuring on April 5. Mr Gerald, who has written several open letters and opinion pieces lately on the drama unfolding at the former market darling Hyflux, sent another letter to  The Business Timeson Monday. He noted that some Hyflux investors are of the view that investigations against the board and management of the company would stop, and that would absolve them of responsibility, if its restructuring scheme gets the nod from investors. " SIAS is advised that this view is not correct. If there is any investigation, currently, it will continue and it need not put the company in liquidation for the investigation to take place," Mr Gerald wrote. According to the investors' rights advocacy group, the restructuring scheme only discharges the company, but not the directors, the management, auditors or arrangers of the instruments sold to Hyflux investors. " There is nothing to stop the creditors from calling for an investigation by the authorities or even by the new board of directors to look at what the old board did." SEE ALSO:  Taxpayers can' t bail out Hyflux investors, Masagos tells ParliamentHe also reminded investors that the government has already made it clear that it would not bail out Hyflux, even if the restructuring scheme is voted down on Friday. The government would, instead, acquire the water  desalination plant at Tuaspring at zero dollars. In urging all investors to turn up to vote, the founder and chief executive of SIAS pointed out that the offer from Salim Group is the only deal on the table, and investors could possibly recoup their losses only if Hyflux does not go into liquidation - the other outcome if restructuring is not supported by investors. Mr Gerald said: " It would be a shame should liquidation take place, to see thousands of Singaporean employees of Hyflux losing their jobs." SIAS has published frequently asked questions to help investors understand Hyflux' s scheme of arrangement and its related issues.  https://www.businesstimes.com.sg/companies-markets/restructuring-does-not-stop-any-probe-into-hyflux-sias-chief
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des_khor Supreme	01-Apr-2019 16:06        des_khor About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Tell me who is God or Market Fortune Teller in this forum ??"
x 0   x 0  Alert Admin	Hard to believe got this type of agreement ! No brainer at all ! zillion      ( Date: 01-Apr-2019 13:03) Posted: A very serious violation should go to jail for 50 years. Why bother to build when such terms of any financial default the plant will be $0. Why never mentioned this default clause during fund raising times. DBS who is the sole bookrunner should also go to jail for 50 years by conning Ah Kong CPF money too.
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zillion Master	01-Apr-2019 13:03        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	A very serious violation should go to jail for 50 years. Why bother to build when such terms of any financial default the plant will be $0. Why never mentioned this default clause during fund raising times. DBS who is the sole bookrunner should also go to jail for 50 years by conning Ah Kong CPF money too.
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angmohlin Veteran	01-Apr-2019 12:20        angmohlin About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Need more people to lodge a complaint to SGX RegCo about Hyflux had committed serious disclosure lapses pertaining to the Tuaspring had defaulted the WPA when at the time of fundraising of Percapsec in 2016.
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