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Hyflux
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hyflux889
Member |
02-Jul-2021 10:28
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Hi TA, Thank you. I learned something new today. This is not great. And top answer your question, no, I would not dare. It' s better to lose money than be in jail. So of course no-one can go the court or just show up. It' s not worth it to get arrested. I suggest that any P& P holders who want to get involved can write to the court. Of course this is not as public as protesting, but a letter might get read. They can also try to contact SIAS which is meant to represent small individual investors. I have done this and urged SIAS to support their constituency. They are reluctant to do anything. Which is too bad. I hope Richard Menezes of Utico is successful in getting his affidavit read into court. Good luck to all. | ||||
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TA_Expert
Supreme |
02-Jul-2021 09:57
Yells: "The World has changed" |
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No, you can' t even so called protest alone, let alone gather a few people or a group. Under the Singapore laws, you will be arrested immediately. The only place that you can protest peacefully and sliently is to apply a permit with the police to hold it only at Hong Lim Park. We are totally different from the western world or even our country next door.
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hyflux889
Member |
02-Jul-2021 05:24
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Hi Richardlai, TA-Expert, honesty, Yes, Richard, you are right. This impression - backed by the Govt, was likely given intentionally to give the allure of security. This type of thing - creating illusions, happens often. I' m sorry about your friend. TA, this is a good question. I do not know the law or the rules or the situation in Singapore very well. If it would be dangerous to have a number of people gather peacefully, then of course that is different. I' m not suggesting a riot, just a quiet gathering to show a lot of people have been harmed. Please tell me if this is likely to cause harsh reactions by police or other security? If so, I' m even more sorry for the people who lost money. Yes, honesty. The key will be to find a good representative of the collective plaintiff. The court will never concede they were misguided, but they already have commented that they believe there was some kind of " gamesmanship" in all the delays. The problem is that the money that was spent during all these delays, is gone. It should not have been wasted - in fees to ineffective, incompetent, dishonest even, advisors. These are all reasons why we should support the Utico offer. Utico did not have to offer anything to small investors, but they have offered them something. The CEO of Utico is an honest man in my opinion. Yes, he is a businessman, and he does want to get things as cheap as possible, but he is also moral and fair. With Utico running things there is a possibility that some small investors, given enough time, will get real money back. If BW succeeds in liquidation, BW will get large fees, and small investors will get nothing, now or ever. Utico has done due dilligence - they know the value of the Hyflux projects (most of them are worth nothing). Utico is also well respected in international - especially Middle East - operations and will be able to do the best possible. If former Hyflux stockholders and P& P holders get some investment in the new Hyflux as part of Utico then and only then may they get some money back. Good luck to all. Never give up. |
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Richardlai
Master |
30-Jun-2021 10:00
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My friend lost money in the Hyflux Bonds promoted by DBS. Man in the street would think that these are backed by Govt .... | ||||
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TA_Expert
Supreme |
30-Jun-2021 09:56
Yells: "The World has changed" |
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Did you mention about showing outside the court? Do you dare to do it?
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honesty
Master |
30-Jun-2021 09:13
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Agree Sir, in between if there is any collective legal lawsuit against OL and BOD, my hope is that whoever represents the collective plaintiff could request the honourable judge who gave the 10 extensions as perhaps he got misguided to give those extensions and time to help back the many retirees who got hit so badly that they would never recover their loss albeit some may not even see it through and bless that their souls would see it through successfully. May their soul rest in peace
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hyflux889
Member |
30-Jun-2021 08:57
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Hi honesty and vicloo, Yes a lot of small investors have been taken advantage of. To prevent one final rip off - BW stringing this out even longer for fees, and KIT getting the remains for almost nothing - we (all shareholder, retirees, investors, and P& P holders) must insist that the judge requires that the Utico offer is accepted. This is a real offer which will get some small amount back to these investors, with long term potential for more. Otherwise we are all just giving up. Which we should never do. This case is not completely over yet, and it' s a big enough scandal that if some large part of the 34,000 investors support the Utico offer by appealing to the court, writing letters to the newspapers, and showing up outside the court, then the court will have to take notice. BW does not have the right to sell off the assets of Hyflux for cheap, cheap when there is a real offer on the table. Good luck to all. Never give up. | ||||
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honesty
Master |
29-Jun-2021 21:17
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the honourable judge perhaps got swayed into giving 10 extensions, if none, HF would have more than 500 million to pay back to investors perhaps up to 25%, many retirees suffered, indeed sad
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vicloo
Supreme |
29-Jun-2021 20:57
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At the end Hyflux to be sold cheap cheap to GIC linked, KIT... sigh...
Pub gets TS plant for free, KIT gets rest of hyflux cheap cheap... only Hyflux shareholders and P&P are suckers lol...
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PhillipTan
Supreme |
28-Jun-2021 21:04
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Hyflux may fetch less than S$200m in liquidationAsset sales in a liquidation process at Hyflux, Singapore' s highest-profile distressed company, would likely bring in less than S$200 million, a person familiar with the matter said, a fraction of the amount creditors are claiming.Hyflux' s judicial manager Borrelli Walsh filed a court application earlier this month to wind up the water-treatment and power company, and said there are six bids involving individual assets. There is no specific timeline to sell these assets, but the judicial manager aims to do so as soon as possible, according to the person, who asked not to be identified because the matter is private. Proceeds of that size from the liquidation would confirm creditors' concerns that they may get little back from the company, which began a court-supervised debt restructuring process in 2018 and faced about S$2.8 billion in total investor claims. Investors in the once high-flying firm include about 34,000 individuals who put money in products including perpetual notes and preference shares. Borrelli Walsh, which has been in charge of Hyflux since November last year, said in its statement earlier this month that the remaining value of the Hyflux Group would be best realised in a liquidation. Patrick Bance, a Singapore-based director at Borrelli Walsh, declined to comment when asked about the asset sale forecasts. One of the bidders for Hyflux assets is Singapore' s Keppel Infrastructure Trust, according to the person. It is interested in the TuasOne waste-to-energy plant and the remaining 30 per cent stake in the SingSpring desalination plant that it doesn' t own already, the person said. Keppel Infrastructure has contractual rights to acquire the 30 per cent stake in the SingSpring plant and to take over the operations, and that is unaffected by the liquidation proceedings, the firm' s spokesperson said in an e-mail response to Bloomberg queries. The company is unable to comment further due to ongoing confidential discussions with Hyflux' s judicial manager, the spokesperson said. |
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PhillipTan
Supreme |
28-Jun-2021 21:02
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Hyflux' s winding up application to be heard on July 12Hyflux' s judicial managers said on Thursday that the winding up application of the beleaguered water treatment company and its unit Hydrochem will be heard on July 12.Judicial managers Borrelli Walsh (BW) were addressing frequently asked questions in a bourse filing following its virtual townhall meeting for all Hyflux shareholders held on June 18, where updates regarding the judicial management and winding up application were provided. The judicial managers said that perpetual and preference share (PnP) holders and noteholders were not consulted or asked to vote on the filing of the winding up application because they lacked a proposal that could be put before the creditors for a vote. Such a proposal requires a credible bid for an investment in the group. BW had on June 4 said that negotiations with one investor for an investment in the entire Hyflux Group were unsuccessful. Meanwhile, white-knight suitor Utico remained unable to meet the minimum conditions required to consider an offer, just as it was before their previous discussions were terminated. Utico' s chief executive Richard Menezes had attempted to offer the crisis-hit company a rescue deal just two days after the winding-up application was filed. Given that it was not possible to achieve one or more of the judicial managers' objectives under the Insolvency, Restructuring and Dissolution Act (IRDA), there was no statement of proposal to be tabled at a meeting with creditors for voting, said the judicial managers. They had therefore proceeded to apply for the winding up for Hyflux and Hydrochem. In response to queries on investigations that will be undertaken, the judicial managers said that they have gathered the necessary information to conduct thorough investigations into the assets, business affairs and dealings of Hyflux. Areas which may warrant investigations have also been identified. However, it is currently not possible to provide an estimated timeline for the completion of the liquidation given that the group consists of more than 80 entities across multiple jurisdictions, said the judicial managers. In addition, they are unable to provide estimated returns or recoveries of investments made at this juncture. " This is because there is still significant work to be done and issues to be resolved in respect of the Hyflux Group' s asset sales," said the judicial managers adding that they will, together with the appointed liquidators, endeavour to complete the sale of assets as quickly as possible. Updates regarding the timing and amount of distributions will be provided as soon as practicable, they said. Any distributions to the PnP holders and noteholders will be made in accordance with their respective priority in the capital structure and in accordance with the IRDA. |
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hyflux889
Member |
26-Jun-2021 03:02
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Hi all, Sorry for typos! I meant to say " ...answer anything at all" . And " see by reading" off course I hit post too fast. Probably more typos too. Good luck to all. | ||||
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hyflux889
Member |
26-Jun-2021 02:41
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Greetings all, As you can see y reading the BW questions and answers they do not answer anything at you!! All they say, is trust us, we will do what is best and what is legal. But clearly, as even they say, it will take a lot of time to " wind this up" . And all this time BW is getting a large fee, and all the investors are getting nothing. Utico is going to court to be heard. The Utico deal will get something, even if only a little, back for small shareholders, perp holders, etc. Winding up will get nothing to anyone except the senior creditors - the banks. But even the banks get more with the Utico deal. The only people who do not get more with the Utico deal are BW. So you cannot expect them to support this deal. But in setting their own " minumum conditions" they are simply trying to keep Utico out. This is very corrupt and it is not the legal way that JMs are required to function. They think they can hide the truth until all the assets are sold and then it' s over. Good luck to all. Never give up. And never accept self-serving answers in place of the truth. Do not allow yourselves to be further taken advantage of. We must all insist the court requires the Utico offer to be approved.
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dc_rw73
Member |
25-Jun-2021 14:47
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Precisely, did not explain what is the minimum acceptable conditions that Utico has been unable to meet for the JM to consider Utico's bid to pursue a restructuring with Utico.
Since it is not possible to provide estimated recoveries at this time, then what make the JM to see that liquidation is a better option than restructuring with Utico.
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Joelton
Supreme |
25-Jun-2021 09:10
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Hyflux releases FAQs on winding up including date of hearing and why Utico' s offer wasn' t accepted
Hyflux has, on June 24, unveiled a list of frequently asked questions (FAQs) in a bid to provide more clarity to its stakeholders.
The list, comprising seven questions, was filed on the Singapore Exchange (SGX) after trading hours.
In the list, Hyflux revealed that the winding up of the company and Hydrochem, which is currently under judicial management, will be heard on July 12.
An estimated timeline was not provided.
On the possibility of Utico&rsquo s offer and putting it to vote before the winding up hearing, Hyflux says the latter was &ldquo unable to meet the minimum acceptable conditions&rdquo for the company to consider its bid.
&ldquo Therefore, it is not possible to pursue a restructuring with Utico,&rdquo reads the statement.
Utico says Hyflux delaying townhall to give potential rival Pison time
In addition, Hyflux says it is not possible to provide estimated recoveries to unsecured creditors at this point in time as there is still &ldquo significant work to be done and issues to be resolved&rdquo in respect of the company&rsquo s asset sales.
That said, the company adds that its judicial managers, as well as appointed liquidators, will try to complete its asset sales as soon as they can.
Any distributions made from Hyflux and Hydrochem will be made under the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018), including priority payments under Section 203 of the act.
Any distributions will also be made according to holders&rsquo priority in the capital structure.
Nothing has been revealed yet of the investigations on Hyflux, though the judicial managers say they have already &ldquo gathered the information necessary to conduct thorough investigations&rdquo .
Finally, Hyflux says its judicial managers currently do not have a working solid proposal that can be put before Hyflux and Hydrochem&rsquo s creditors for a vote. This is in response to why holders were not consulted or asked to vote before the filing of the winding up application.
&ldquo A proposal for creditors to vote on requires a credible proposal for an investment in the Hyflux Group,&rdquo reads the statement.
&ldquo As it is not possible to achieve one or more of the objectives of the Judicial Management as described in the Insolvency, Restructuring and
Dissolution Act 2018, there is no statement of proposal to be tabled at a meeting with creditors for voting and the judicial managers have applied for the winding-up of the company and Hydrochem.&rdquo
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investshare
Supreme |
25-Jun-2021 08:59
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What is the minimum acceptable condition? Want to explain also dun explain in full ..
6.3. What is Utico&rsquo s offer and is there any chance to put Utico&rsquo s offer to a vote before the winding up hearing? Utico has been unable to meet the minimum acceptable conditions for us to consider their bid and therefore, it is not possible to pursue a restructuring with Utico. |
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Stephenchow
Veteran |
24-Jun-2021 17:44
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Frequently Asked Questions (&ldquo FAQs&rdquo ) 6. The Judicial Managers have prepared the following FAQs: 6.1. When is the hearing of the Winding Up Application? The winding up of the Company and Hydrochem (S) Pte Ltd (Under Judicial Management) (&ldquo Hydrochem&rdquo ) will be heard on 12 July 2021. 6.2. What is the estimated timeline for the winding up process once the Winding Up Application is approved by the court? The Hyflux Group consists of more than 80 entities across multiple jurisdictions and it is not possible, at this stage, to provide an estimated timeline for the completion of the liquidation. 6.3. What is Utico&rsquo s offer and is there any chance to put Utico&rsquo s offer to a vote before the winding up hearing? Utico has been unable to meet the minimum acceptable conditions for us to consider their bid and therefore, it is not possible to pursue a restructuring with Utico. 6.4. What is the expected recovery/returns from my investment in Hyflux? When will recovery be distributed to all unsecured creditors? It is not possible to provide estimated recoveries at this time. This is because there is still significant work to be done and issues to be resolved in respect of the Hyflux Group&rsquo s asset sales. The Judicial Managers and/or the appointed Liquidators will endeavour to complete the asset sales in as short a timeframe as possible. We will provide updates in respect of the timing and quantum of distributions as soon as practicable. 6.5. Will the funds be distributed evenly to all unsecured creditors? The Company and Hydrochem will make any distribution(s) in accordance with the provisions under the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) (&ldquo IRDA&rdquo ), including priority payments pursuant to Section 203 of IRDA as well as all other relevant and applicable Acts and Rules. Any distributions to the Holders will be made in accordance with their respective priority in the capital structure and in accordance with the IRDA. 6.6. What investigations will be undertaken in respect of the Hyflux Group? The Judicial Managers have gathered the information necessary to conduct thorough investigations into the assets, business affairs and dealings of the Hyflux Group. We have also identified areas which may warrant investigations. 6.7. Why were the Holders not consulted or asked to vote before the filing of the Winding Up Application? The Judicial Managers do not have a proposal that is capable of being put before the creditors of the Company and Hydrochem for a vote. A proposal for creditors to vote on requires a credible proposal for an investment in the Hyflux Group. As it is not possible to achieve one or more of the objectives of the Judicial Management as described in the IRDA, there is no statement of proposal to be tabled at a meeting with creditors for voting and the Judicial Managers have applied for the winding-up of the Company and Hydrochem. 7. Should you have any queries, please email your queries to [email protected] for P& P holders and [email protected] for MTN holders. 8. The Judicial Managers will continue to publish updates on the SGX. |
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Stephenchow
Veteran |
23-Jun-2021 14:05
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Too early to tell whether there is wrong doing or not:- Singapore, 2 June 2020&hellip The Commercial Affairs Department (CAD) of the Singapore Police Force, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) have launched a joint investigation into Hyflux Ltd (Hyflux) and its current and former directors for suspected false and misleading statements and breaches of disclosure requirements under sections 199, 203 and 253 of the Securities and Futures Act (Cap. 289), as well as non-compliance with accounting standards under section 201 of the Companies Act (Cap. 50). 2. The investigation follows from a review into Hyflux-related disclosure, and compliance with accounting and auditing standards that was announced by ACRA, MAS and the Singapore Exchange Regulation on 16 April 2019. The review disclosed reasons to suspect that offences may have been committed. The investigation will ascertain whether there were lapses in Hyflux&rsquo s disclosures concerning the Tuaspring Integrated Water and Power Project (Tuaspring IWPP), as well as non-compliance with accounting standards between 2011 and 2018. 3. As part of the investigation, CAD, MAS and ACRA have obtained accounting and other corporate records from Hyflux and its subsidiary Tuaspring Pte Ltd. Hyflux&rsquo s directors and key officers who were involved in the Tuaspring IWPP have also been interviewed by the authorities. |
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Serveyouright
Member |
23-Jun-2021 02:01
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I do not think there is any wrong doing from Hyflux management. Its common that business fails. Look at how many business fails . We all know the risk. If anyone cannot play this kind of game. Please just put your money in the bank dun buy anything. Even te government bond. THERE IS nothings such as ZERO RISK INVESTMENT. | ||||
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Serveyouright
Member |
23-Jun-2021 01:58
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What gives you the rights to sue the hyflux management . Did you receive the coupon ? Have you spent the money ? So now hyflux go bankupt why you think you should get your money back ? every thing there is RISK. Or i am not sure if there is anyone feels that there is FREE LUNCH in this world ?
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