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Hyflux
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Stephenchow
Veteran |
16-Feb-2019 14:57
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Unlikely, share will be completely diluted. left with only 2.74% of the new company. .
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investshare
Supreme |
16-Feb-2019 14:48
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If impairments done, there will be no profit and cannot give dividend.
Quote: The board, which is chaired by Ms Lum, added: " Over a period of 10 years from 2007 to 2016, she received about S$58 million in proportional cash dividends declared and paid to shareholders. During the same period (2007 to 2016), Hyflux recorded cumulative profit after tax and minority interests of S$527 million and total ordinary shareholders dividends was S$186 million." |
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investshare
Supreme |
16-Feb-2019 14:44
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37 shares become 1 share.
Or 1000 share become 27 share.
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ysh2006
Supreme |
16-Feb-2019 13:45
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The price is it still at 21c opening when relisted ?
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ysh2006
Supreme |
16-Feb-2019 13:43
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2.7% of new Hyflux for small shareholders is how many share each one has ?... | ||||
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Starship
Supreme |
16-Feb-2019 13:32
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The tears of retail investors can fill up all of Hyflux' s water treatment plants.....................  
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Goldfinger
Supreme |
16-Feb-2019 13:17
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100percent of zero is still zero. They could be trying to avoid a class action suit by minorities. | ||||
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Stephenchow
Veteran |
16-Feb-2019 12:52
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Plan is out:- Hyflux perpetual securities and preference shares :- $27 million in cash and a 10.26 per cent of the company Unsecured creditors who are not holders of perpetual securities and preference shares:- 27 per cent of shares post-reorganisation, and a total cash distribution of $232 million. As for the ordinary shareholders of Hyflux:- 2.74 per cent of shares in total under the restructuring plan. SM Investments:- post-reorganisation share - 60 per cent Total: 259m + 100 % of post-reorganisation company https://www.straitstimes.com/business/companies-markets/hyflux-perpetual-preference-shareholders-to-get-27m-in-cash-1026-share As shareholder, really die cock stand. Speechless  |
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laksaman57
Supreme |
16-Feb-2019 12:10
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Same heads = nothing change | ||||
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NL0261
Senior |
16-Feb-2019 11:44
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I hope SIAS should also look into many bad apples lying out there besides Hyflux, that is why our market has been brought into tis tire situation. Wake-up ! | ||||
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Starship
Supreme |
16-Feb-2019 11:14
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Very ugly piece of news....................................  Hyflux' s replies to Sias raise more questions Firm bought back shares up till Nov 2015 at prices above its NAV per share, contrary to mandate SAT, FEB 16, 2019 - 5:50 AM HYFLUX chief executive Olivia Lum is " deeply saddened for the pain and loss" suffered by those who invested in or lent money to her now insolvent company. But she too will " suffer a significant loss - her personal net worth is tied inextricably to her stake in Hyflux" , the Hyflux board wrote in an 18-page reply to stakeholders on Friday. On Monday, David Gerald, president of the Securities Investors Association (Singapore) (SIAS), wrote in an open letter that Ms Lum had received over S$60 million in dividends from her 34 per cent shareholding in Hyflux, " in the time that shareholders and bondholders have seen their entire investment destroyed." The board clarified that Ms Lum did not receive any cash dividend for the 2017 financial year. However, the board failed to mention that in Feb 2018, Ms Lum received a dividend in specie, amounting to a 23.8 per cent stake in Hyflux' s smaller consumer water business, Hyfluxshop. The board, which is chaired by Ms Lum, added: " Over a period of 10 years from 2007 to 2016, she received about S$58 million in proportional cash dividends declared and paid to shareholders. During the same period (2007 to 2016), Hyflux recorded cumulative profit after tax and minority interests of S$527 million and total ordinary shareholders dividends was S$186 million." Despite stating in its buyback mandate that purchases made below the company' s net asset value (NAV) per share would enhance value, Hyflux' s company announcements show that it had conducted share buybacks at prices above its NAV per share up till Nov 2015. 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" . https://www.businesstimes.com.sg/companies-markets/hyfluxs-replies-to-sias-raise-more-questions |
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Qanghoo
Supreme |
16-Feb-2019 11:12
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Then they shd also clawback part of the div paid to shareholders too.
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Wind22i
Supreme |
16-Feb-2019 11:07
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Well the company can try to clawback the bonus paid to her and mgmt in current and prior years...
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Qanghoo
Supreme |
16-Feb-2019 11:00
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This is a limited coy. In all such cases, major owners don' t lose their ' everything' . Otherwise, there wld probably be a lot more penniless people walking the streets.
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Wind22i
Supreme |
16-Feb-2019 10:56
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Should freeze all her assets and bank account..so that she can really feel the pain of regular shareholders..
I think she still have millions ...while normal shareholders lost it all.. |
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Qanghoo
Supreme |
16-Feb-2019 10:51
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Don' t think it works that way. Otherwise, Hylfux wldn' t be such deep trouble. Elect was sold in the wholesale mkt for 200+/mwh in 2011. Px came down to 80+/mwh ard 2017. Px mechanism functioning. But has this been really beneficial to end users?
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Stephenchow
Veteran |
16-Feb-2019 10:12
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She told perpetual and preference shareholders: " With SM Investments coming into the company, this is effectively a takeover and I no longer will own much shares, in fact almost no shares. So I will no longer be in the driving seat." https://www.straitstimes.com/business/companies-markets/perpetual-preference-shareholders-get-nothing-in-liquidation-hyflux |
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Stephenchow
Veteran |
16-Feb-2019 09:58
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NEWS RELEASE OLIVIA LUM VOLUNTEERS TO CONTRIBUTE HER ENTIRE STAKE OF 267 MILLION HYFLUX SHARES AND SECURITIES SOLELY TO THE OTHER HOLDERS OF PERPETUAL CAPITAL SECURITIES AND PREFERENCE SHARES AS PART OF RESTRUCTURING PLAN &bull The Hyflux Board will also similarly contribute their Hyflux shares and securities https://links.sgx.com/FileOpen/News%20Release%20-%2016%20Feb%202019.ashx?App=Announcement& FileID=543828 |
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Starship
Supreme |
16-Feb-2019 09:57
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UPDATES ON REORGANISATION PROCESS &ndash APPLICATION TO CONVENE SCHEME MEETING The Company wishes to announce that it and three of its subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte Ltd, and Hyflux Membrane Manufacturing (S) Pte. Ltd. (collectively, the &ldquo Applicants&rdquo ), have today filed applications to the Singapore High Court for leave to convene a meeting (the &ldquo Scheme Meeting&rdquo ) of parties (the &ldquo Scheme Parties&rdquo ) in respect of whom the Applicants have financial obligations for the purpose of considering and voting on a compromise or arrangement (the &ldquo Applications&rdquo ). The Supreme Court Registry has scheduled the hearing of the Applications at 2.30pm on Thursday 21 February 2019. NEWS RELEASE OLIVIA LUM VOLUNTEERS TO CONTRIBUTE HER ENTIRE STAKE OF 267 MILLION HYFLUX SHARES AND SECURITIES SOLELY TO THE OTHER HOLDERS OF PERPETUAL CAPITAL SECURITIES AND PREFERENCE SHARES AS PART OF RESTRUCTURING PLAN &bull The Hyflux Board will also similarly contribute their Hyflux shares and securities Singapore, 16 February 2019 &ndash Ms Olivia Lum, Executive Chairman and Group Chief Executive Officer of Hyflux Ltd (&ldquo the Company&rdquo ), and the Board of Directors (&ldquo the Board&rdquo ), intend to contribute their stakes in Hyflux, and all their entitlements as holders of preference shares and perpetual capital securities under the proposed Restructuring Plan, to be distributed solely to all other holders of perpetual capital securities and preference shares (&ldquo the PNP&rdquo ) of the Company upon completion of the proposed Restructuring Plan. Ms Olivia Lum said, &ldquo This Company was started by myself some 30 years ago, and is very dear and precious to me. This current situation is not something I ever envisioned nor is it something I ever wanted. I know that this has been a very difficult period for you, and please know that we have spent an immense amount of time and effort over the past few months to negotiate and secure a deal to save the Company. We feel for all our stakeholders, and we are deeply aware of and empathise with your unhappiness. We have tried extremely hard to find ways to improve the terms of the Restructuring Plan for the PNP. I have volunteered to give up receiving any management shares in the Company. I have also undertaken that if this Restructuring Plan is approved, all of the interests of mine and the other Board members in Hyflux will be given solely to this group. In this way, it is my hope that they may reap the future benefits which the Salim-Medco consortium deal can offer them.&rdquo Lead independent director, Mr Teo Kiang Kok said, &ldquo The entire Board is saddened by Hyflux&rsquo s current state of affairs. We share the pain of the holders of preference shares and perpetual securities, and we stand together with Olivia and join her in contributing our stakes in Hyflux to the PNP. We have always appreciated Olivia&rsquo s leadership and thank her for offering to give up her entire founding stake in the Company to the PNP.&rdquo |
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Stephenchow
Veteran |
16-Feb-2019 09:32
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She will suffer a significant loss &ndash her personal net worth is tied inextricably to her stake in Hyflux, as she has not sold any of her shares in Hyflux since 2006. As a result of this restructuring, she will see her current equity stake diluted substantially on the same terms as all other stakeholders, and she will lose her controlling position in the Company. 34.05% X 785.29M X $0.21 = $56m Over a period of 10 years from 2007 to 2016, she received about SGD58million in proportional cash dividends declared and paid to shareholders. Net worth: US$$460 million (2011) -Wikipeida Peanut right? & lost also already fully covered back by dividend |
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