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Latest Forum Topics / Hyflux    Last:0.21 --  Post Reply
Hyflux
tonylim
Master
11-Feb-2019 12:34     
 
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 Alert Admin 		Fortunaely I don' t own any of this ' darling' stock

tonylim      ( Date: 11-Feb-2019 12:32) Posted:



CBT requires the person to act  dishonestly, or to  wilfully  allow another person to act dishonestly. It is not sufficient for the person to be mistaken or negligent. There has to be an &ldquo intention of causing  wrongful gain to a person, or loss to another person&rdquo   (Definition of &ldquo dishonesty&rdquo under s.24 of the Penal Code, Cap. 224).

CBT is  not  simply using or disposing of property wrongfully &ndash that would only be a breach of trust. The criminal offence arises when there is dishonesty.

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
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tonylim
Master
11-Feb-2019 12:32     
 
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CBT requires the person to act  dishonestly, or to  wilfully  allow another person to act dishonestly. It is not sufficient for the person to be mistaken or negligent. There has to be an &ldquo intention of causing  wrongful gain to a person, or loss to another person&rdquo   (Definition of &ldquo dishonesty&rdquo under s.24 of the Penal Code, Cap. 224).

CBT is  not  simply using or disposing of property wrongfully &ndash that would only be a breach of trust. The criminal offence arises when there is dishonesty.

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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tonylim
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11-Feb-2019 12:28     
 
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 Alert Admin 		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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MichaelSchenker
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11-Feb-2019 12:25     
 
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 Alert Admin 		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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Ximi88
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11-Feb-2019 12:18     
 
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 Alert Admin 		Hi Zillion, if you do buy shoe box condos, you need to be sure you are not jumping out of the hot pan into the fire. The rental yield needs to be significantly higher than your interest rate. An alternative to owning properties will be through REITs where you can collect your " rent" through quarterly/semi dividends. Moreover, shares are more liquid than properties.

Investing is hardwork. The least you can do is to monitor your investment. As for Hyflux case,  when I look at their financial numbers, I was concerned with its cashflow and its ability to redeem the $392m pref issue in Apr 2018.

The sign was obvious for me to exit my pref shares when a Hyflux director sold off $486,000 pref shares in Jun 2017. I assume the director knows the company better than anyone outside. Even if it is a false alarm, I rather be on the safe side. Under such uncertainties, it is not wise to bet $100 to get a $6 return.
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zillion
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11-Feb-2019 10:22     
 
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 Alert Admin 		WE have all loss faith in investing in our local stock market, fixed income securities, dividend yield assets with our spare cash. Better buy all those shoe box condos to rent out even it is low yield returns.
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investshare
Supreme
11-Feb-2019 10:20     
 
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 Alert Admin 		Runner-up, SIAS Most Transparent Company Award 2011
Hyflux was the runner up for the Most Transparent Company Award in the Services/Utilities/Agriculture category at the SIAS Investors? Choice Awards 2011. The Most Transparent Company Award is based on key criteria such as timeliness, substantiality and clarity of news releases, degree of media access, frequency of corporate results, availability of segmental information and clear communication channels


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investshare
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11-Feb-2019 10:05     
 
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 Alert Admin 		Accounting rule - when the asset book value is below market value, you have to write off or impair.
Question- since Hyflux tried for years to sell TUasspring and could not get book value price, why didn?t it impair??
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guards80
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11-Feb-2019 09:14     
 
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Investor watchdog asks Hyflux board to justify remuneration paid to CEO, executives despite losses



SINGAPORE &mdash In the time that shareholders and bondholders of Hyflux had their entire investments destroyed, the founder of the water treatment firm Olivia Lum received more than S$60 million in dividends from her 34 per cent ordinary shareholding.

This prompted Singapore&rsquo s investor watchdog to ask: Why is she not contributing her gains to the restructuring process?
 


This was among more than 40 questions the Securities Investors Association Singapore (SIAS) has posed to Ms Lum and the Hyflux board in a letter issued on Monday (Feb 11).

Mr David Gerald, President and CEO of SIAS, said in the letter that the association was &ldquo seriously concerned&rdquo that many questions regarding the operations, valuation and accountability of the directors of the Singapore-based firm have yet to be addressed.

Apart from the more than S$60 million in dividends, Mr Gerald noted that Ms Lum also received &ldquo significant salary, benefits and bonuses&rdquo and earned between S$750,000 and US$1 million in 2017. In Hyflux&rsquo s annual report, key executives were said to have had received a total remuneration of S$2,695,134.20 for that financial year.

&ldquo (This was) a year which Hyflux reported losses of S$115.6 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,&rdquo noted Mr Gerald.

He also asked whether the group chief executive would continue to have a role in the company after it is restructured.

Once regarded as the darling and trailblazer of Singapore&rsquo s entrepreneurial scene, Hyflux is undergoing a court-supervised reorganisation after chalking up a debt of S$2.95 billion as of March 31, 2018.

Mr Gerald also asked if bondholders and shareholders were informed that Hyflux had been generating negative operating cash flow every year since 2009.

&ldquo If so, in what form? (And) why did the Board continue to pay dividends, when the operating cash flow was negative and accumulate more debt during this time?&rdquo

He also asked how it was possible that despite the negative operating cash flow, Hyflux continued to report profits in each year prior to 2017.

QUESTIONS ABOUT TUASPRING PLANT

Other questions by the association centred on Hyflux&rsquo s Tuaspring plant.

Mr Gerald pointed out that the plant was partly funded by a shareholder loan of S$57 million, and asked how this loan from Hyflux to Tuaspring was in turn funded.

&ldquo Tuaspring has been loss-making since it commenced operations in 2015,&rdquo he added. Consequently, he asked why the board of directors did not consider it prudent to either write down or impair the asset.

Mr Gerald also questioned the basis of valuing Tuaspring at S$1.4 billion.

&ldquo This has proven to be overstated by at least S$900 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 S$500 million.

&ldquo What is the monthly cash burn at Tuaspring? What are Tuaspring&rsquo s current cash reserves? What is the current market value for the Tuaspring asset?&rdquo

The company has been trying to sell its Tuaspring plant since February last year to repay its creditors.

On Oct 18, 2018 the company was handed a multi-million-dollar lifeline by SM Investments &mdash made up of Salim Group and Medco Group &mdash which will acquire 60 per cent of Hyflux for S$400 million and grant a shareholder' s loan of S$130 million.

However, questions have been raised over whether the proposed investment would get approval from the authorities here. Besides having to get stakeholders &mdash bank lenders, noteholders, preference share and perpetual securities holders &mdash to agree to the scheme of arrangement, Government agencies such as PUB and the National Environment Agency will also need to give the green light.

On Feb 4 this year, Hyflux announced that it had obtained Maybank&rsquo s approval to have more time to execute an agreement with the Malaysian bank regarding the divestment of the plant &mdash the fifth postponement of the deadline.

Maybank is the only secured lender of Hyflux&rsquo s combined water desalination and power plant.

Hyflux now has up to and including Feb 28 to conclude a binding agreement with a successful bidder or investor for the asset. The previous deadline was Jan 31.

http://www.todayonline.com/singapore/investor-watchdog-asks-hyflux-board-justify-remuneration-paid-ceo-executives-despite
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Stephenchow
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11-Feb-2019 09:02     
 
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The Securities Investors Association (Singapore), or Sias, has raised a slew of questions regarding troubled water treatment company Hyflux - from its chief executive' s " large remuneration" even as the firm racked up debt and losses, to the " faults and defects" in its assets.

In a letter signed off by its president David Gerald and on behalf of the company' s stakeholders, Sias expressed concern that questions on the company' s operations, the valuation of its assets and the accountability of its board of directors have yet to be addressed.

These are issues that would help securities holders make an informed decision on Hyflux' s ongoing debt revamp, Sias noted, posing a list of over 30 questions to the company' s board and its advisers.

 

Among them are whether chief executive Olivia Lum will have a role in Hyflux after its restructuring and why she is not contributing her gains from the company to this process. Sias flagged that Ms Lum received over $60 million in dividends " in the time that shareholders and bond holders have seen their entire investment destroyed" .

In 2017, when Hyflux reported losses of $115.6 million, Ms Lum received between $750,000 and $1 million in salary, benefits and bonuses, Sias said.

" How was Hyflux able to justify such large remuneration given (its) financial position and the performance of (its) businesses and assets?" Sias asked, questioning as well if there has been an independent investigation on the role of key executives in the firm' s collapse.
Sum in dividends that Hyflux CEO Olivia Lum received " in the time that shareholders and bond holders have seen their entire investment destroyed" , according to Sias.

The letter presents the latest challenge to Hyflux' s restructuring attempt after filing for bankruptcy protection and suspending share trading. The company has around 50,000 ordinary shareholders, bond holders, perpetual securities holders and preference shareholders. It owes $900 million in principal value to perp and preference shareholders who were told last month they would lose everything if the company is liquidated. Another $265 million is owed to bond holders. In total, Hyflux' s debt amounts to $2.95 billion as of end-March last year.

Sias in its latest letter said there appeared to be " material faults and defects" in almost every Hyflux asset.

They either have operational problems and cannot operate at or close to capacity - as is the case of projects in Qurayyat, Oman, and Magtaa, Algeria - or are loss-making and cannot service their debt with cashflow from operations. This is the case for the Tuaspring Desalination Plant in Singapore, as well as the Tianjin Dagang Desalination Plant in China. Other projects are not complete, referring to the TuasOne Waste-to-Energy Plant in Singapore and operations in Tlemcen, Algeria.

" What level of scrutiny did the board of directors apply to the operations of the main assets of Hyflux? Why were these faults and defects not announced or described in annual reports?" asked Sias. It questioned how pricing for engineering, procurement and construction contracts were made and if these were board-approved in large projects.

Another issue was why the board continued paying dividends when operating cashflow was negative, and how it was possible for Hyflux to report profits each year prior to 2017 despite negative operating cashflow.

Given that Hyflux raised $500 million of perpetual securities and $400 million of preference shares that are outstanding, Sias asked how the funds were used, compared to what was set out in prospectuses.

Among its other queries, Sias asked when directors or management knew Hyflux would not meet its debt obligations, and why the company did not seek help earlier.

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Sgvale
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11-Feb-2019 08:33     
 
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 Alert Admin 		Olivia paid herself $60mil dividend from her 34% share in the company. CEO also paid herself & executives high salary & bonus despite the Company reporting losses. Still got dividend? So easy money drawing from public investment. Why no reinvest to Company if still got surplus cash? No wonder Company get to this state.
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lionhill
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10-Feb-2019 14:17     
 
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 Alert Admin 		Extraction from Hyflux Q & A for the snd town hall:
  1. The effort to divest Tuaspring started in January 2017.
  2. DBS and CICC Bank were appointed as advisors for the divestment exercise.
  3. By August 2017, more than 50 parties had indicated an interest in Tuaspring and had been provided access to the information memorandum concerning Tuaspring following written approval to disclosure being received from PUB. This information memorandum provided high level information on the asset.
  4. As a result of this exercise, the company received several preliminary non-binding bids, all of which were subject to agreement on the investment structure, regulatory and other approvals, and completion of detailed due diligence. Three of these indicative bids attributed an enterprise value of S$1.4 bn to the Tuaspring project. These came from a PRC SOE, a private UAE party and a subsidiary of a Singapore listed company.
  5. However, these numbers were not final but subject to various conditions, investment structures and further due diligence.
  6. To conduct further due diligence (which required obtaining access to more confidential information relating to Tuaspring) and to make a binding offer, an interested party needed to be approved by PUB to be granted access to such confidential information.
  7. By May 2018, none of these parties had completed their due diligence processes, and the time required to complete such due diligence and receive an offer was likely to take a much longer period of time. With the weak electricity market not likely to recover in the near term, the Group will continue to suffer losses. As such, Hyflux decided to commence a transparent financial reorganisation supervised by the High Court of the Republic of Singapore.
  8. The effort to divest Tuaspring continued in July 2018 through a collaborative sale process with the sole secured bank lender, Maybank.
  9. Of the parties that had expressed an interest previously, only 8 requested to be pre-qualified by PUB.
  10. Of the 8 parties, only 2 local parties were pre-qualified by PUB, of which 1 submitted a conditional bid in early October 2018.
  11. This conditional bid would have been insufficient to repay Maybank.
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alidaud
Senior
10-Feb-2019 09:33     
 
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 Alert Admin 		Stand at blue support 21

http://www.cakap.net/gann-square-of-9/?s=hyflux& cp=0.21
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yeoyeoyeo
Member
09-Feb-2019 13:42     
 
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 Alert Admin 		Thanks Ximi88, but why there is still a form for Hyflux preferred share 6 % holders to fill? The form is in PDF and it is for people who have above share to fill. That?s why I am very confused. I email them and got a general reply. If anyone knows , please let me know . Thanks 🙏
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Ximi88
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09-Feb-2019 10:27     
 
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 Alert Admin 		Hyflux preferred shares 6% and perpetual 6% are deposited with CDP, thus the ownership is automatically registered. However, owners of the above does NOT have voting rights.

The fate of the above, almost $900m, lies with the ordinary shareholders. If Oliver is forced to choose, I hope she acts in the interest of stakeholders.

The so-called white knight is more like a whale. Once it opens mouth, all the ikan bilis will be gone. Nothing right or wrong, this is just business.

yeoyeoyeo      ( Date: 08-Feb-2019 22:32) Posted:

Slightly confusing, I hold some Hyflux 6% per cap SEC and if I don?t file, I am still entitled to the outcome or decision made by majority right? Filing of proof is to involve in some voting right? If anyone know, please advise me. Thanks everyone 🙏

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yeoyeoyeo
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08-Feb-2019 22:32     
 
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 Alert Admin 		Slightly confusing, I hold some Hyflux 6% per cap SEC and if I don?t file, I am still entitled to the outcome or decision made by majority right? Filing of proof is to involve in some voting right? If anyone know, please advise me. Thanks everyone 🙏
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Xvader
Member
08-Feb-2019 17:48     
 
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 Alert Admin 		Sit back, relax and take out the popcorn and watch things unfurl.

Qanghoo      ( Date: 08-Feb-2019 16:05) Posted:

U mean tumasek wash hands n drag others in,  a foreign coy at that?  Also,  where' s the indication that Indonesia is gonna increase infrastructural spending on water treatment projects that' s gonna potentially benefit hyflux when in SM' s control?

Xvader      ( Date: 08-Feb-2019 06:31) Posted:

SM consortium is brought in by Temasek, they may have done a back door deal to be awarded Singapore projects, anyway the consortium will bring in huge opportunities in Indonesia with thousands of islands which need water. It is a huge save, all Hyflux has to do is clear it's debts and it is happy days ahead.
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Xvader
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08-Feb-2019 17:47     
 
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 Alert Admin 		@Kamal0883, your English comprehension is a big fail, I was not referring to the fact that the old man lost money, which is very unfortunate, I was calling him a stupid fool for voting the PAP, as now that he has lost his money, he began to realise who he was voting for was wrong and only now he knows what to do......sigh! This also must explain to you.

KAMAL0883      ( Date: 08-Feb-2019 16:49) Posted:

he/she/or ah qua did said the old man collected claim form as stupid old fool ...sad

Qanghoo      ( Date: 08-Feb-2019 16:01) Posted:

I think he' s not referring to the lossing $$$ part.  Still, it' s a bit unkind
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KAMAL0883
Supreme
08-Feb-2019 16:49     
 
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 Alert Admin 		he/she/or ah qua did said the old man collected claim form as stupid old fool ...sad

Qanghoo      ( Date: 08-Feb-2019 16:01) Posted:

I think he' s not referring to the lossing $$$ part.  Still, it' s a bit unkind.

KAMAL0883      ( Date: 08-Feb-2019 12:12) Posted:

i think you damn " f c u king     b u s tard " , people loss money yet still scold him stupid old fool....angry

who know may be he is your father  surprise
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Starship
Supreme
08-Feb-2019 16:16     
 
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That' s called Pumping Up The Stock.    laughlaughcheeky

Qanghoo      ( Date: 08-Feb-2019 16:05) Posted:

U mean tumasek wash hands n drag others in,  a foreign coy at that?  Also,  where' s the indication that Indonesia is gonna increase infrastructural spending on water treatment projects that' s gonna potentially benefit hyflux when in SM' s control?

Xvader      ( Date: 08-Feb-2019 06:31) Posted:

SM consortium is brought in by Temasek, they may have done a back door deal to be awarded Singapore projects, anyway the consortium will bring in huge opportunities in Indonesia with thousands of islands which need water. It is a huge save, all Hyflux has to do is clear it's debts and it is happy days ahead.
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