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Hyflux
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pattanispirit
Member |
17-Feb-2019 17:23
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declare bankrupt and sell assets mean immediate death sentence. greatest loss to retail investors ! cuz all monies recovered will go to SECURED creditors like banks, liquidators, court, govt.
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investshare
Supreme |
17-Feb-2019 11:39
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Unless a criminal case is established first eg accounting issue, else I think is difficult. Technically cash flow problem already exist do so long, shareholders cannot say not aware.
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Goldfinger
Supreme |
17-Feb-2019 11:18
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Is there a case for class action against the Board? | ||||
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Starship
Supreme |
17-Feb-2019 11:04
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enjoylife77
Veteran |
17-Feb-2019 10:36
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What' s common between Hyflux Olivia Lum and SMRT Saw Phaik Hwa? There are from neighbouring' s kampong who came here and cause a big mess. | ||||
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Alvin2042
Master |
17-Feb-2019 09:57
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Just wonder if the shareholders reject the scheme, that means liquidation? Then better sweeten the shareholders deal like noble (not counting the investigation after the vote)
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Berani
Elite |
17-Feb-2019 09:55
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27 shares... throw into dusbin la
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Starship
Supreme |
17-Feb-2019 09:10
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Stephenchow
Veteran |
17-Feb-2019 08:49
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Ordinary shareholders are sitting ducks, getting all the nonsense shoving down the throats, why should we accept the stupid 2.7% share distribution arrrangement? What is the different between 2.7% and Zero? |
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bishan22
Supreme |
17-Feb-2019 08:08
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Zhar bor looks so run down. No shoulder to lean on... | ||||
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ysh2006
Supreme |
17-Feb-2019 07:52
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No cash money for ordinary retail shareholders lah.. .was told every 1000 existing share will get 27 new Hyflux shares..
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Starship
Supreme |
16-Feb-2019 21:56
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How come none of the news mentioned how much holders of its ordinary shares would get back? Weird.
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Stephenchow
Veteran |
16-Feb-2019 21:47
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Hyflux lays out restructuring plan to revitalise business, but retail investors lament big lossesSINGAPORE: Embattled water treatment firm Hyflux on Saturday (Feb 16) morning announced its closely-watched restructuring plan which it said would help to resuscitate the company, but retail investors told Channel NewsAsia that this will see them suffering massive losses.
According to an affidavit filed by founder-CEO Olivia Lum to the High Court on Friday, holders of Hyflux&rsquo s perpetual securities and preference shares will be allocated a cash payout of S$27 million and 10.26 per cent of the company&rsquo s shares post-restructuring. The latter includes a &ldquo top-up&rdquo of 1.26 per cent from Ms Lum and the company&rsquo s board of directors, who had earlier said they would be contributing their stakes in the company, as well as entitlements from the restructuring, for redistribution among other stakeholders. This large group of 34,000 retail investors are owed S$900 million, and have been worried about the possibility of steep haircuts given that they are at the bottom of the priority list. Saturday&rsquo s announcement confirmed their earlier worries. A retail investor told Channel NewsAsia that based on her own calculations, she could see a cash writedown of as much as " 97 per cent" . " I had prepared myself for a big writedown on cash, but (this) is too much to swallow,&rdquo Ms Violet Seow said. &ldquo We invested in preference shares and perpetual securities for the regular cash dividend and interest yields. New Hyflux will not be able to issue dividends for a while and the share price is expected to crash when trading resumes,&rdquo said the retail investor, who declined to reveal how much she has invested for fear of letting her family know. &ldquo The shares are meaningless to me.&rdquo On whether the just-announced contribution from Ms Lum and the company&rsquo s board will help, an angry Ms Seow said the company&rsquo s top executives can do more, such as taking a pay cut. &ldquo In dire times like this when the company is so short of cash, I am shocked that they deem pay freeze and no variable bonus as sufficient sacrifice. I don' t believe that they feel our pain.&rdquo
Echoing that, another retail investor Martin Lee said: &ldquo It&rsquo s a good gesture (from the board) but unfortunately, investors are still looking at a big haircut.&rdquo Read more at https://www.channelnewsasia.com/news/business/hyflux-proposes-restructuring-plan-retail-investors-big-losses-11249690 |
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Stephenchow
Veteran |
16-Feb-2019 21:40
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Hyflux' s retail investors face losses of up to 89.3% under proposed restructuring planSINGAPORE: For every S$1,000 invested, a holder of Hyflux&rsquo s perpetual securities and preference shares will recover S$106.54, or an implied return rate of 10.7 per cent, under the company&rsquo s newly announced restructuring proposal.
This includes a cash payout of S$30.15 and an implied equity return of S$76.39. For medium-term noteholders, who are of a higher priority on the creditors&rsquo list, the implied return rate is 24.6 per cent, or S$246.35 for every S$1,000 invested.
The cash component for this is S$138.72, while the implied equity return is S$107.63 if the restructuring goes through. This breakdown in implied returns for investors was made known at a briefing organised by Hyflux on Saturday (Feb 16) afternoon, hours after it announced its closely-watched restructuring plan. The media session was chaired by a Hyflux spokesperson, alongside the company' s legal and financial advisors. Top executives from the company were not present. Still, for many retail investors that Channel NewsAsia spoke to, the proposed recovery rates would translate into significant losses for them.
WHAT HAPPENS NEXT Following Saturday&rsquo s announcement, Hyflux has a packed schedule ahead as the clock ticks down to an Apr 16 deadline it has with SM Investments. The company&rsquo s court-sanctioned moratorium ends on Apr 30. First up is a court hearing on Feb 21 for its application to convene a scheme meeting with all creditors. If approved, it will proceed with a scheme meeting on April 5. To pass, the scheme will need to be approved by at least 50 per cent in number and 75 per cent in value of each creditor class. &ldquo If one class fails, the scheme fails,&rdquo said Hyflux&rsquo s legal advisor. Read more at https://www.channelnewsasia.com/news/business/hyflux-s-retail-investors-face-losses-of-up-to-89-3-under-11249968 |
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sharez
Member |
16-Feb-2019 18:29
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nothing but cheating, a black box with a splendid decoration on the surface, promise you high interest rate, report profits even lost, to lure a lot invesment, in the end their pockets full, investors/share holder pockets burnt. | ||||
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angmohlin
Veteran |
16-Feb-2019 16:03
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Under ss 201(2) and 201(5) of the Companies Act, the Companies Act requires a company&rsquo s accounts to reflect a true and fair view of its financial position and performance. To me it seems that the Authorities should carry out the investigation on Hyflux why sudden deterioration in financial viability and are there any breaches of fiduciary duties. |
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ysh2006
Supreme |
16-Feb-2019 15:50
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Wow like this the 20000 shares become 740 shares not even 1000 shares if opening 21c will worth $155 only .?
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Starship
Supreme |
16-Feb-2019 15:20
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Took whole chicken then carve out a wing to give away.......................   
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Wind22i
Supreme |
16-Feb-2019 15:05
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With such dilution existing shareholder will end up owner of a fraction of newco.. might as well declare bankrupt and try sell the assets ...
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brwong09
Member |
16-Feb-2019 15:02
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Hyflux CEO to Contribute Entire Stake to Restructuring PlanHaha its like giving up rolls of toilet paper after collecitng more than $60mil in dividends with cashflow from bondholders |
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