Regulators Refusing to Act - Hyflux & Noble Group's Decline

[JustLikeThis]

For those that might consider a large-scale loss on their money as too unpalatable to consider. SIAS would like to remind them that is is always better to receive something than nothing when the alternative is to wind up the company.

https://www.businesstimes.com.sg/co...be-given-chance-to-survive-amid-restructuring

In the light of the above, as matters develop, the Perpetual Securityholders may wish to consider its options, including as to whether they wish to pass resolutions at an appropriate stage. While the Trustee does not attempt to provide legal advice to the Perpetual Securityholders on its rights and options, the Trustee wishes to highlight that there are requirements and time constraints under the Trust Deed in relation to the calling of meetings and the passing of resolutions, which you should bear in mind.

In this regard, please note:

a. The Perpetual Securityholders may make a written request to the Trustee to convene a meeting of the Perpetual Securityholders to pass a resolution.

b. The Issuer or Trustee may call a meeting if either so decide to do so

c. At least 21 days’ notice is required to call the meeting.

d. Besides the passing of a resolution at a meeting of the Perpetual Securityholders, the Perpetual Securityholders may also give the Trustee directions, provided that the written request is made by Perpetual Securityholders representing at least 25% in principal amount of the outstanding Perpetual Securities, accompanied by adequate indemnification of the Trustee.

e. While the Trustee will give due consideration to requests made to it for the convening of a meeting made by Perpetual Securityholders collectively representing at least 10% in principal amount of the outstanding Perpetual Securities, all resolutions validly passed or directions that concern it, this announcement should not be interpreted to mean that the Trustee will be bound to convene any such meeting or to follow any resolutions passed/directions.




Interested perpetual bondholders must contact Perpetual Asia (Trustee of Hyflux Perpetual Bonds), to express interest and support to convene a resolutions meeting to file against Hyflux for default and material breach of Condition 9 in Hyflux Perpetual Bonds Term Sheet ("Enforcement Event")
Email: [email protected]

https://www.perpetual.com.sg/~/media/perpetualsingapore/hyflux_ltd_update_21_dec_2018.ashx

 

[Huatable]

SIAS would like to remind them that is is always better to receive something than nothing when the alternative is to wind up the company.

SIAS's purpose is to pacify investors who are stuck since the CLOB days. They are more interested to raise funds from listed companies through their programs and collect membership dues. SIAS's objective is to silence public dissents like what NTUC did to labour unions.

"Better to receive something than nothing"???

You must be stupid to believe that you have no choice now because Hyflux is unhealthy. Even for healthier companies like DBS, they can still tell you the similar stuff. Eg.




Mr Sabnani said Mr Seah's position was a non-executive one; he only gives guidance to the group but it is the management team led by Mr Gupta which does the work.

He added that the local banks also get guidance from the Monetary Authority of Singapore, which will not let them fail. Local banks thus operate in a "cloistered" environment, even as they face competition from foreign banks.

The board had recommended bringing the chairman's pay closer to industry norms.

Christoper Cheong, DBS shareholder and committee member of Securities Investors Association Singapore countered Mr Sabnani with a passionate defence of Mr Seah's banking experience, ability and time spent in guiding DBS.

The resolution on directors' fees was passed with more than 32 per cent voting against.
http://www.businesstimes.com.sg/breaking-news/singapore/give-posb-savers-higher-interest-rates-shareholders-tell-dbs-board-20140428



Rather than DBS board, it was SIAS who "passionately-defended" DBS's director's remuneration.
If don't know, we learn and find out
But being ignorance is just playing dumb. Understand?

 

[Huatable]

ACRA must look into Hyflux's false accounting practices:


Like Hyflux, Enron’s complex financial statements confused shareholders and analysts though false-accounting practices. It appears that both companies adopted accounting limitations to misrepresent past-earnings and asset-values in balance sheets to indicate favourable performance for fund-raising.

Over the years, Hyflux was able to attract overwhelming funding support from retail investors to fund their questionable business model; concealing its true performance through a series of risk-assessment, accounting and financing manoeuvres and hyped its leverage to unsustainable levels.

The sudden recognition of valuation-losses, cost over-runs, projects-losses since the Hyflux’s suspension, is the consequences of past reckless standards in audits without properly reviews. Looks like Hyflux has a habit of not making sufficient provisions for potential project disruptions, legal disputes and unrealistic valuations of assets.

I am still young and I can work still work for you all” said Olivia Lum in the first Townhall Meeting. In the past 12 months, Hyflux issued a stream of failed promises and assurances. Olivia further described the press conference with potential Indonesian investors as “a happy day” despite the underlying requirements for massive debt write-off.

These comments and mismanagement behind Hyflux’s fall reflects the management’s hubris, and lack of corporate social-responsibility. Retail investors funded Hyflux because of its political and strategic importance to Singapore. Short of a government bailout, along with regulatory oversights and indifference of political leaders, Hyflux’s retail investors are now trapped with no-one on their side.

Local press don't even dare to mentioned about the venue of the second townhall meeting in today's BT article. Imagine the social unrest it will cause if today's business times articles is published on zaobao and straits times? Singapore is trying to downplay these

Olivia is also untouchable. That's why you see the irony that Tuaspring IWPP could not be sold to foreigners but Indonesians can buy Hyflux. No logic right?

 

[gummybear]

So many Con by OL.
Sighz

 

[Focus]

So many Con by OL.
Sighz

Olivia is asked to step down.
https://www.businesstimes.com.sg/co...s-hyflux-chair-during-restructuring-says-sias

 

[Focus]

I think people needs to understand the issue here is that the new investors are making money from our haircuts, not from restructuring the business.

 

[Huatable]

Olivia is asked to step down.
https://www.businesstimes.com.sg/co...s-hyflux-chair-during-restructuring-says-sias

Hyflux will cost PAP the next elections.
Most Hyflux investors are faithful supporters of PAP. What a retribution.

 

[Dr Christopher Cheok C S]

I suspect Olivia conned. Seriously, can't trust Malaysians.

very smelly right?

 

[JustLikeThis]

Spend $75million to pay equity analysts and IPO expenses? It's like using money to solve everything? Is there a better way to grow our financial market?

Does Singapore understand that Singapore bond and equity market has no dept and liquidity because of our indifference towards compliance issues and scandals like S-Chip, Noble, Hyflux and Oil and Gas counters. We are even planning to implement new god-damned debt restructuring laws to make Singapore into a debt-restructuring hub which will will force capital cuts for creditors and offer less protection for retail investors.

MAS offers up to $75 mil in grants to stoke local equity interest and talent development of analysts
https://www.theedgesingapore.com/ma...uity-interest-and-talent-development-analysts

 

[Dr Christopher Cheok C S]

I suspect Olivia conned. Seriously, can't trust Malaysians.

very smelly right?

Sometimes, listed companies are not doing well but the boss accumulated enough wealth over the years.
So I suggest Olivia can try to let Hyflux enter liquidation and then buy back cheaply in her personal capacity.

This is why i don't believe in Singapore's listed companies.

 

[bic_cherry]

https://www.sias.org.sg/edm/2019/Hyflux/Jan/

Thank you for taking time to register for Hyflux Ltd’s Second Town Hall Meeting on 18 January 2019.
We have verified your proof of holdings and would like to confirm your attendance for the Town Hall Meeting as a Preference Shares and/or Perpetual Securities Holder.
Please find below the details of the meeting.
Event Details
18 January 2019
Friday
7.00pm – 9.00pm
(Registration starts at 6.30pm)
Hyflux Innovation Centre
80 Bendemeer Road, Singapore 339949,
Multipurpose Hall, Level 1
Nearest MRT: Boon Keng MRT (Exit B)
Click here to view map
*Please note on the change of venue for the Town Hall Meeting. Attached directional map for your reference.
IMPORTANT NOTES:
· Please bring along your Original Identification Card for registration.
· A Securityholder who is an individual must attend in person and will NOT be permitted to appoint a proxy to attend on his/her behalf.
· A Corporation may only Appoint One (1) Representative to attend on its behalf. Additional representatives will not be granted entry to attend the Town Hall Meeting.
· A Securityholder who holds securities through nominees must present the Proof of Holdings or Letter of Verification to be granted entry to attend the Town Hall Meeting.
· A meal box will be served after the Town Hall Meeting, please be reminded to have a light meal before attending the meeting.
· No cameras, no photography, no recordings are allowed in the Town Hall Meeting.
· Please note that there are limited parking lots at Hyflux Innovation Centre and we do not provide complimentary parking coupons. Alternative parking is available at BLK 6A Boon Keng Road or Upper Boon Keng Market & Food Centre public carpark.
Notices
1. Please be informed that the event is strictly by pre-registration only.
2. Registrant without the necessary documents will not be permitted to join the Town Hall Meeting.
6227 2683
[email protected]

 

[JustLikeThis]

market rumour:

Hyflux is now exploring sales of her 75% stake in TuasOne (Waste-to-Energy) plant which is significantly more valuable and profitable because it can process 3,600 tonnes of waste per day and generate 120 MW of clean and renewable energy each day.

So this is another rumor that turns out to be true.
Does it involve a partial stake sale in-exchange for $23m?

https://www.businesstimes.com.sg/co...ion-if-hyflux-mitsubishi-heavy-industries-ink
Hyflux would see additional equity injection of S$23 million from Mitsubishi Heavy Industries (MHI) into TuasOne waste-to-energy project if the two parties enter into a binding agreement by the end of January.

 

[JustLikeThis]

Past rumors turned out to be true.

https://www.hyflux.com/wp-content/uploads/2019/01/20190111-6th-Affidavit-of-Lum-Ooi-Lin.pdf
16. While the private and confidential nature of the discussions with certain unsecured financial lenders and their advisors have been compromised by leaks (whose source the Hyflux Group is still investigating), the Hyflux Group will nonetheless continue such engagement.

 

[JustLikeThis]

In the light of the above, as matters develop, the Perpetual Securityholders may wish to consider its options, including as to whether they wish to pass resolutions at an appropriate stage. While the Trustee does not attempt to provide legal advice to the Perpetual Securityholders on its rights and options, the Trustee wishes to highlight that there are requirements and time constraints under the Trust Deed in relation to the calling of meetings and the passing of resolutions, which you should bear in mind. Interested perpetual bondholders must contact Perpetual Asia (Trustee of Hyflux Perpetual Bonds), to express interest and support to convene a resolutions meeting to file against Hyflux for default and material breach of Condition 9 in Hyflux Perpetual Bonds Term Sheet ("Enforcement Event")
Email: [email protected]

https://www.perpetual.com.sg/~/media/perpetualsingapore/hyflux_ltd_update_21_dec_2018.ashx

In addition to the above plans for perp holders after the second townhall meeting, I am wish to update everyone that the vanilla bondholders committee have appointed their own legal counsel from US/HK.

In light of the steep loss-absorption proposed put forward by EY, the HK legal team is also expected to act after the second townhall meeting. The focus will be on the court's bias towards Hyflux and repeated extensions despite non-delivery of promises and inaccuracies of Hyflux's past and present financial disclosures.

 

[Focus]

In addition to the above plans for perp holders after the second townhall meeting, I am wish to update everyone that the vanilla bondholders committee have appointed their own legal counsel from UK/HK.

In light of the steep loss-absorption proposed put forward by EY, the HK legal team is also expected to act after the second townhall meeting. The focus will be on the court's bias towards Hyflux and repeated extensions despite non-delivery of promises and inaccuracies of Hyflux's past and present financial disclosures.

The next townhall is a notification of the death sentence. Even SIAS hinted about it. So everyone is making backup plans after the second townhall.


Which Law Firm? Bondholders are a different league. I think the smallest among them lost $250,000 at least right?
This is why they are separated from the retail investors during the townhall.

 

[JustLikeThis]

Which Law Firm? Bondholders are a different league. I think the smallest among them lost $250,000 at least right?
This is why they are separated from the retail investors during the townhall.

Law Firm is Akin Gump's HK team. Not a secret because they were featured on some court documents.

 

[Huatable]

Thank you for taking time to register for Hyflux Ltd’s Second Town Hall Meeting on 18 January 2019.
We have verified your proof of holdings and would like to confirm your attendance for the Town Hall Meeting as a Preference Shares and/or Perpetual Securities Holder.
Please find below the details of the meeting.
Event Details
18 January 2019
Friday
7.00pm – 9.00pm
(Registration starts at 6.30pm)
Hyflux Innovation Centre
80 Bendemeer Road, Singapore 339949,
Multipurpose Hall, Level 1
Nearest MRT: Boon Keng MRT (Exit B)
Click here to view map
*Please note on the change of venue for the Town Hall Meeting. Attached directional map for your reference.
IMPORTANT NOTES:
· Please bring along your Original Identification Card for registration.
· A Securityholder who is an individual must attend in person and will NOT be permitted to appoint a proxy to attend on his/her behalf.
· A Corporation may only Appoint One (1) Representative to attend on its behalf. Additional representatives will not be granted entry to attend the Town Hall Meeting.
· A Securityholder who holds securities through nominees must present the Proof of Holdings or Letter of Verification to be granted entry to attend the Town Hall Meeting.
· A meal box will be served after the Town Hall Meeting, please be reminded to have a light meal before attending the meeting.
· No cameras, no photography, no recordings are allowed in the Town Hall Meeting.
· Please note that there are limited parking lots at Hyflux Innovation Centre and we do not provide complimentary parking coupons. Alternative parking is available at BLK 6A Boon Keng Road or Upper Boon Keng Market & Food Centre public carpark.
Notices
1. Please be informed that the event is strictly by pre-registration only.
2. Registrant without the necessary documents will not be permitted to join the Town Hall Meeting.
6227 2683
[email protected]

Buying Hyflux is like buying HDB.
Suddenly realized that they are worthless.

 

[Huatable]

I suspect Olivia conned. Seriously, can't trust Malaysians.

very smelly right?

Of course SMELLY, even pretty business times journalist also think so

 

[Dr Christopher Cheok C S]

Of course SMELLY, even pretty business times journalist also think so

Since the passing of LKY, our country has changed.
State would have intervened long ago.
https://www.channelnewsasia.com/new...dress-concerns-retail-investors-sias-11135682

 

[3854101010]

Buying Hyflux is like buying HDB.
Suddenly realized that they are worthless.

Dont spread fearrrrrrrrrrrrr.............