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laksaman57 Supreme	12-Feb-2019 11:09        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Landlord A-reit going to get hit. Better stay clear of it. Dyodd
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laksaman57 Supreme	12-Feb-2019 10:10        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.straitstimes.com/business/companies-markets/hyflux-sells-building-housing-global-hq-to-ascendas-reit-for-170-million Stephenchow      ( Date: 11-Feb-2019 23:03) Posted: Affidavit &ndash 8 February 2019 https://www.hyflux.com/wp-content/uploads/2019/02/20190208-2nd-Affidavit-of-Cheong-Aik-Hock.pdf Quote:-  Since then, the Hyflux Group has negotiated with the landlord of Hyflux Innovation Centre to accept the surrender of certain premises in Hyflux Innovation Centre which will see the Hyflux Group reducing its leased space in Hyflux Innovation Centre by around 70%.
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Stephenchow Veteran	11-Feb-2019 23:03        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Affidavit &ndash 8 February 2019 https://www.hyflux.com/wp-content/uploads/2019/02/20190208-2nd-Affidavit-of-Cheong-Aik-Hock.pdf Quote:-  Since then, the Hyflux Group has negotiated with the landlord of Hyflux Innovation Centre to accept the surrender of certain premises in Hyflux Innovation Centre which will see the Hyflux Group reducing its leased space in Hyflux Innovation Centre by around 70%.
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Stephenchow Veteran	11-Feb-2019 22:55        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hyflux Ltd. (the &ldquo Company&rdquo ) refers to its ongoing reorganisation process, and its announcements made on 1 February 2019 and 5 February 2019 in relation to the notice to file proofs of claim and clarifications on the proof of claim process respectively. Extension of Deadline to File Proofs of Claim The Company has extended the deadline for all parties filing proofs of claim in respect of the companies listed on the 1 February 2019 Announcement to 5.00pm on 1 March 2019. Stakeholders can access the relevant Proof forms at the following link: https://www.hyflux.com/financial-reorganisation-exercise/proof-of-claims/
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Stephenchow Veteran	11-Feb-2019 22:50        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Questions:-    It appears to us, subject to your clarification, that almost every Hyflux asset has material faults and defects which can be categorised as follows:   a. they have operational defects and cannot operate at or close to capacity &ndash Qurayyat, Magtaa       b. are lossmaking and cannot service their debt with cashflow from operations &ndash Tuaspring and Tianjin Dagang or       c. they are not complete &ndash Tuasone, Tlemcen.   Q: What level of scrutiny did the BOD apply to the operations of the main assets of Hyflux? Why were these faults and defects not announced or described in annual reports?     Engineering, procurement and construction (&ldquo EPC&rdquo ) contracts are susceptible to losses due to the fixed price nature of contracts and thin profit margins. Q: How was pricing for Hyflux EPC contracts determined? Q: Did the Board approve tenders including pricing for large EPC projects? Q: Did the BOD monitor progress on these contracts and were they aware of issues as they arose at these projects?     Hyflux has an operations and maintenance (&ldquo O& M&rdquo ) business with a large orderbook of future revenues. Q: Is the O& M business a source of future value for Hyflux current stakeholders? If not, why not? Q: How were these O& M contacts priced? Did the Board approve their pricing?     Hyflux raised SGD500 million of perpetual securities and SGD400 million of preference shares which are currently outstanding. Q: How were these funds used and how did this compare to the use of funds set out in the respective prospectuses?     Tuarpring was part funded by a shareholder loan of SGD57 million. Q: How was this loan from Hyflux to Tuaspring funded?     Hyflux Group has generated negative operating cashflow in every year since 2009. Q: Was this highlighted to bondholders and shareholders? If so, in what form? Q: Why did the Board continue to pay dividends, when the operating cashflow was negative and accumulate more debt during this time?      Despite the negative operating cashflow, Hyflux reported profits in each years prior to 2017. Q: How was this possible?     Tuaspring is loss making and cannot meet repayments to Maybank for its project financing debt at Tuaspring. Q: What is the monthly cash burn at Tuaspring ? What are Tuaspring&rsquo s current cash reserves?     On 30 May 2016, Hyflux raised SGD500 million of perpetual securities with an interest rate of 6%. In July 2016, Hyflux repaid SGD175 million of perpetual securities which had a coupon of 4.8%. Q: Why did the BOD refinance the lower dividend perpetual securities with similar securities paying a higher dividend?     On 22 March 2018, KPMG provided a clean a clean audit report for Hyflux Group for the financial year 2017. On 22 May 2018, Hyflux Limited and a number of subsidiaries filed for court protection from creditors. Q: What happened between 22 March 2018 and 22 May 2018? At what point did the BOD know or Hyflux management realise that Hyflux was unable to meet its debt obligations? Why didn&rsquo t the BOD seek help earlier?     According to EY, SGD2.8 billion of creditors could expect to receive SGD86.5 million &ndash 202.1 million in a liquidation.   Q: On what basis did the audit committee, the Board and KPMG establish that preparing the accounts for the year ended 31 December 2017 on a going concern basis was appropriate? Q: What basis did KPMG &ldquo Conclude on the appropriateness of management&rsquo s use of the going concern basis of accounting&rdquo ?     In the time that shareholders and bondholders have seen their entire investment destroyed, Olivia Lum has received over SGD60 million in dividends from her 34% ordinary shareholding in Hyflux. In addition, she has received significant salary, benefits and bonuses and earned between SGD750,000 and SGD1 million in 2017, a year in which Hyflux reported losses of SGD115.6 million and a period which was five months prior to Hyflux Group filing for Court protection from creditors and when Hyflux has been losing huge amounts of cash and building projects. Q: Is it proposed that Olivia has any role in Hyflux group after its restructuring &ndash if so, on what basis? Q: Why isn&rsquo t Olivia contributing her gains from Hyflux Group to the restructuring process?     Page 34 of Hyflux&rsquo s 2017 Annual Report reports that in 2017, the total remuneration paid to Hyflux&rsquo s key executives for the financial year ended 2017 was SGD2,695,134.20, with Olivia Lum receiving between SGD750,000 and SGD1 million. Q: How was Hyflux able to justify such large remuneration given Hyflux&rsquo s financial position and the performance of the Hyflux Group businesses and assets? These key executives would have been aware of what was going on and are largely responsible for what has transpired. Q: Many of the executives also appear to be shareholders. Are these executives contributing anything to the restructuring?     The 2017 annual report (on page 33) states that the Remuneration Committee &ldquo ensures that remuneration arrangements demonstrate a clear link between reward and performance.&rdquo   Q: What was the role the Hyflux Group Remuneration Committee during this time? Q: On what basis did they establish the remuneration paid to Hyflux executives in 2017 was appropriate?     It must be incumbent on Hyflux Group to investigate through an independent investigation on the role of all key executives in the collapse of Hyflux group. Q: Has this commenced? Will the results be made public?     Q: Has any investigation been carried out into the role of the auditors? Are they to contribute to the restructuring?     Q: Why did Hyflux not pay the distribution for the PCS holders when just 3 months before, it conducted the Hyfluxshop dividend in specie exercise to ordinary shareholders? Did it know when the dividend in specie exercise was conducted that it would be unable to pay the distribution for the PCS holders?     Q: On what basis were all the major assets of Hyflux being valued? Why were there no impairment / write-downs being made on these investments?     Q: What is the current market value for the Tuaspring asset?     Hyflux claims that its financial issues were caused by the low electricity prices and thus Tuaspring was unable to make a profit. A liquidation of Hyflux would compromise SGD2.6 &ndash 2.7 billion of outstanding and contingent debt. Q: This cannot be entirely as a result of a weak electricity market in Singapore? Q: What are the other factors that have resulted in the current financial position of Hyflux?   Tuaspring has been loss making since it commenced operations in 2015. Q: Why did the BOD not consider it prudent to write down / impair the asset? Q: On what basis was Tuaspring being valued at SGD1.4 billion? This has proven to be overstated by at least SGD900 million as Hyflux has confirmed any bids received in the 2018 sale process for Tuaspring were for less than Maybank&rsquo s outstanding project finance debt of approximately SGD500 million?     EY have indicated that in a liquidation, unsecured creditors are estimated to receive 3.8% to 8.7% recovery and SGD900 million perpetual and preference shareholders received zero return. Q: Can EY state the assumptions used to justify its calculation of the liquidation value?     By releasing the restructuring terms one month before the intended scheme meeting, Hyflux is providing  very little time  for investors to evaluate the deal. Q: Why is Hyflux setting such a rushed timetable?
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enjoylife77 Veteran	11-Feb-2019 22:34        enjoylife77 About Contact  Quote this Post!
x 0   x 0  Alert Admin	No pity to those retailers who blindly sink their money (lured by the 6-8% projected yield) into this money losing entity since 2009. Ms Lum will be the richest woman when she go back to her Malaysia Kampong during CNY.
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sharez Member	11-Feb-2019 21:03        sharez About Contact  Quote this Post!
x 0   x 0  Alert Admin	made big large people lost, shoud those kind of people be jailed? or protected? do not understand the logic of this world...
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rlong8288 Master	11-Feb-2019 18:18        rlong8288 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Should earn only a token salary of $1 till company turnaround " ...but will it turn
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Wind22i Supreme	11-Feb-2019 18:09        Wind22i About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ms lum still earns a million.. lol
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Starship Supreme	11-Feb-2019 17:59        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Very Ugly company................................... Hyflux preparing responses to SIAS' queries on renumeration, accountability MON, FEB 11, 2019 - 2:30 PM HYFLUX on Monday confirmed that it has received the letter sent by the Securities Investors Association Singapore (SIAS) containing over 30 queries ranging from its chief executive' s " large remuneration" to the accountability of its board, and is currently preparing responses to be published on its website " as soon as possible" . " The board and Ms Olivia Lum appreciate the opportunity to communicate to the stakeholders with regard to their queries. In the meantime, some of the queries have been answered during the informal second townhall meeting held on Jan 18," Hyflux said. In it, he queried the board on how it could justify her " large remuneration" given the firm' s financial position and the performance of the group. The total amount paid to Hyflux' s key executives for the financial year ended 2017 was S$2.7 million, with Ms Lum receiving between S$750,000 and S$1 million. Noting that every Hyflux asset has material faults and defaults, Mr Gerald also questioned the board on the scrutiny the firm applied to the operations of its main assets, and why these faults were not described or announced in annual reports. The assets include Qurayyat and Magtaa which have operational defects and cannot operate at, or close to capacity. Tuaspring and Tianjin Dagang are lossmaking, and cannot service their debt with cashflow from operations, while TuasOne and Tlemcen are not complete. Mr Gerald queried the board on why Hyflux' s negative operating cashflow since 2009 was not highlighted to bondholders and shareholders. He also asked why dividends continued to be paid out during that time. https://www.businesstimes.com.sg/companies-markets/hyflux-preparing-responses-to-sias-queries-on-renumeration-accountability
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laksaman57 Supreme	11-Feb-2019 15:39        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.tnp.sg/news/singapore/singapore-cops-seize-27million-linked-china-ponzi-scheme hfjdhy      ( Date: 11-Feb-2019 14:40) Posted: In the first place, where does Hyflux have monies to pay dividend with negative operating cash flows? Thanks to the perpetual note holders.  Most banks have restrictive covenants that prevent companies from issuing dividends from loans.  Not only circumventing the SGX rules, its a matter of what due diligence is done by those noteholders if they did not see any restrictive covenants in the notes offer.    MichaelSchenker      ( Date: 11-Feb-2019 14:28) Posted: Be assured......some of the policemen can be public shareholders too, lol! Just that some people knew how to circumvent certain sgx rules. If more than 90% voted in favour of dividends payout, Miss Lum is simply entitled to her own share of dividends. So, technically she did not break any rules. BUT, as her role of CEO, her bonuses (not dividends) should be questionable. Again, who approved
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MichaelSchenker Master	11-Feb-2019 15:17        MichaelSchenker About Contact  Quote this Post!
x 0   x 0  Alert Admin	You have a point. (Is CAD involved yet?) It is up to them to ascertain if notes holders are hoodwinked. The way it is, unlikely public investors will get a single dime back. hfjdhy      ( Date: 11-Feb-2019 14:40) Posted: In the first place, where does Hyflux have monies to pay dividend with negative operating cash flows? Thanks to the perpetual note holders.  Most banks have restrictive covenants that prevent companies from issuing dividends from loans.  Not only circumventing the SGX rules, its a matter of what due diligence is done by those noteholders if they did not see any restrictive covenants in the notes offer.    MichaelSchenker      ( Date: 11-Feb-2019 14:28) Posted: Be assured......some of the policemen can be public shareholders too, lol! Just that some people knew how to circumvent certain sgx rules. If more than 90% voted in favour of dividends payout, Miss Lum is simply entitled to her own share of dividends. So, technically she did not break any rules. BUT, as her role of CEO, her bonuses (not dividends) should be questionable. Again, who approved
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MichaelSchenker Master	11-Feb-2019 15:14        MichaelSchenker About Contact  Quote this Post!
x 0   x 0  Alert Admin	That is why the CFO could be in deep sh:t He cannot be ignorant about the financial aspect of the company. His signature is everywhere, and he is paid specifically for his duty. Financial Engineering at its best?   investshare      ( Date: 11-Feb-2019 15:02) Posted: By not writing down Tuaspring, there is no loss. You can only give dividend if there is accounting profit. hfjdhy      ( Date: 11-Feb-2019 14:40) Posted: In the first place, where does Hyflux have monies to pay dividend with negative operating cash flows? Thanks to the perpetual note holders.  Most banks have restrictive covenants that prevent companies from issuing dividends from loans.  Not only circumventing the SGX rules, its a matter of what due diligence is done by those noteholders if they did not see any restrictive covenants in the notes offer.
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investshare Supreme	11-Feb-2019 15:02        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	By not writing down Tuaspring, there is no loss. You can only give dividend if there is accounting profit. hfjdhy      ( Date: 11-Feb-2019 14:40) Posted: In the first place, where does Hyflux have monies to pay dividend with negative operating cash flows? Thanks to the perpetual note holders.  Most banks have restrictive covenants that prevent companies from issuing dividends from loans.  Not only circumventing the SGX rules, its a matter of what due diligence is done by those noteholders if they did not see any restrictive covenants in the notes offer.    MichaelSchenker      ( Date: 11-Feb-2019 14:28) Posted: Be assured......some of the policemen can be public shareholders too, lol! Just that some people knew how to circumvent certain sgx rules. If more than 90% voted in favour of dividends payout, Miss Lum is simply entitled to her own share of dividends. So, technically she did not break any rules. BUT, as her role of CEO, her bonuses (not dividends) should be questionable. Again, who approved
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KAMAL0883 Supreme	11-Feb-2019 15:02        KAMAL0883 About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	dont press her too much else she go Yishun jump down from 13 story MichaelSchenker      ( Date: 11-Feb-2019 14:28) Posted: Be assured......some of the policemen can be public shareholders too, lol! Just that some people knew how to circumvent certain sgx rules. If more than 90% voted in favour of dividends payout, Miss Lum is simply entitled to her own share of dividends. So, technically she did not break any rules. BUT, as her role of CEO, her bonuses (not dividends) should be questionable. Again, who approved? tonylim2      ( Date: 11-Feb-2019 14:14) Posted: But nobody report to police ?
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hfjdhy Member	11-Feb-2019 14:40        hfjdhy About Contact  Quote this Post!
x 0   x 0  Alert Admin	In the first place, where does Hyflux have monies to pay dividend with negative operating cash flows? Thanks to the perpetual note holders.  Most banks have restrictive covenants that prevent companies from issuing dividends from loans.  Not only circumventing the SGX rules, its a matter of what due diligence is done by those noteholders if they did not see any restrictive covenants in the notes offer.    MichaelSchenker      ( Date: 11-Feb-2019 14:28) Posted: Be assured......some of the policemen can be public shareholders too, lol! Just that some people knew how to circumvent certain sgx rules. If more than 90% voted in favour of dividends payout, Miss Lum is simply entitled to her own share of dividends. So, technically she did not break any rules. BUT, as her role of CEO, her bonuses (not dividends) should be questionable. Again, who approved? tonylim2      ( Date: 11-Feb-2019 14:14) Posted: But nobody report to police ?
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MichaelSchenker Master	11-Feb-2019 14:28        MichaelSchenker About Contact  Quote this Post!
x 0   x 0  Alert Admin	Be assured......some of the policemen can be public shareholders too, lol! Just that some people knew how to circumvent certain sgx rules. If more than 90% voted in favour of dividends payout, Miss Lum is simply entitled to her own share of dividends. So, technically she did not break any rules. BUT, as her role of CEO, her bonuses (not dividends) should be questionable. Again, who approved? tonylim2      ( Date: 11-Feb-2019 14:14) Posted: But nobody report to police ?
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NL0261 Senior	11-Feb-2019 14:25        NL0261 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hyfux, jialat tis tw day kena left right obk😜
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tonylim2 Veteran	11-Feb-2019 14:14        tonylim2 About Contact  Quote this Post!
x 0   x 0  Alert Admin	But nobody report to police ?
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sengsk Elite	11-Feb-2019 12:39        sengsk About Contact  Quote this Post!
x 0   x 0  Alert Admin	I don' t hold any of Hyflex but i support they must cough out the money back to Minority ShareHolders. The systems must tidy up and deter all those think that our Government cannot do anything to them. Haha, By saying that. We also hope our government are not part of link with them too. tonylim      ( Date: 11-Feb-2019 12:28) Posted: Make them cough out the money to pay back the minority shareholders. Put them to task as it is a criminal breach of trust. MichaelSchenker      ( Date: 11-Feb-2019 12:25) Posted: That s the thing. During the AGM, would shareholders vote against getting a handsome dividend despite seeing a negative cash flow? (I think Miss Lum owns about 30%, what happened to the other 60+ % ? By the way things go, I believe the CFO will be in deep sheet. Rest of the board are not exonerated either. Miss Lum   being the CEO will always bear the heaviest weight of the consequences.
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