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Don't lay traps to enslave your citizens. You should be helping your own people.
I dedicate this song to our policymakers
I dedicate this song to our policymakers
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Regulators Refusing to Act - Hyflux & Noble Group's Decline
- Thread starter JustLikeThis
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ok it's here.
https://links.sgx.com/FileOpen/Announcement - 29 March 2019 PUB.ashx?App=Announcement&FileID=549409
Hyflux provided more details and clarified that the extension will be voided if we vote No on April 5 or Indonesians walk away.
(That's as good as no extension. That's too oppressive. PUB's chief got heart or not? That's all he care?)
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Tomorrow is our last chance.
30th March 2019, Saturday 3-4pm, Hong Lim Park
https://www.channelnewsasia.com/new...ns-saturday-protest-at-hong-lim-park-11378502
30th March 2019, Saturday 3-4pm, Hong Lim Park
https://www.channelnewsasia.com/new...ns-saturday-protest-at-hong-lim-park-11378502
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LOL, busy night, very smelly now.
RECEIPT OF SGX-ST APPROVAL-IN-PRINCIPLE FOR THE ISSUANCE OF THE SMI SHARES AND THE DEBT CONVERSION SHARES
https://links.sgx.com/FileOpen/Announcement - 29 March 2019 ALA.ashx?App=Announcement&FileID=549449
Got Debt Conversion Shares and newly-mint shares for Indonesians
EGM Notice - 15th April 2019
https://links.sgx.com/FileOpen/Hyfl...arch 2019.ashx?App=Announcement&FileID=549450
Cash payout of approximately S$12,000,000 to the Preference Shareholders under the Proposed Scheme; and (b) the implied value of the new Shares representing 4% of the Enlarged Issued Share Capital, IN EXCHANGE FOR $400,000,000 of Preference Shares.
Need to read Circular tonight
https://links.sgx.com/FileOpen/Hyfl...arch 2019.ashx?App=Announcement&FileID=549451
Please kindly note that the IFA Letter (supposingly independent recommendation for stakeholders has a trashy track record.
They are the financial boutique firm behind con-job IPOs such as China Hongxing, China Animal Health, China Sports, China XLX Fertilizer, Junma Tyre, etc.
An ideal IFA that fits Hyflux's corporate-values.
Liquidation Analysis is by EY which is flagged by ACRA for Noble's con-job
https://www.straitstimes.com/busine...-under-inspection-as-part-of-probe-into-noble
Even Japanese newspapers also give us attention. The world is concerned but our own leadership is so heartless. Instead of helping us, government civil servants play tai chi and let our own people suffer.
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To be frank, you invest or not Haifuck is still gone fuck. Their financials already looking very dismal at issuance. The difference is you extend Oliver and gang contract a few more years. Ask PAP get taxpayers to blanjah you, not right lah.
Listen to Tean, maybe he got balls he suggest a new angle. But it will offend some people.
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Are you going today ?
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YES!!! typing something now. Just give me a moment. I will go over to hang pig head!
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A Shameless Restructuring
Like Enron, Hyflux was hiding losses of approximately 1.5-2.0billion with fake valuation models. Many Singaporean chose to believe this company, its founder, its management and its auditors whom hid disclosures, defaults and undisclosed liabilities that fooled even the sophisticated Indonesian consortium.
Last night, Hyflux began the recognition of massive losses and impairments to patch the hole that they hid. Maybank’s internal memo warned that the root of the company’s ills was its toxic management and accounting model. Maybank was certain that they will not increase single cent of exposure until the management and auditors were replaced by credible professionals.
Olivia Lum ruled with an iron-fist according to those who left the company, ignoring due diligences and surrounded herself with obedient mates including her CFO with little experience dealing running listed companies, prior to her position in Hyflux. Both went on to create billions of fake values to qualify Hyflux for more debts. This management is made up of crooks who deceived investors and bankers. They know that they have nothing to fear from their auditors (and restructuring team) who had colluded with them for years or from the abysmal regulatory environment of the Singapore Stock Exchange, ACRA and MAS that has been a contributing factor.
When the bomb was dropped a year ago (default of XD perpetual bonds coupon), they didn’t stop here. The very same team who have deceived more than 50,000 investors and bank are now presenting a highly controversial restructuring proposal that rewards them further and bails themselves out, seeking waivers to pursue wrongdoers from these creditors, if the restructuring goes through.
Their argument argument to support it is extremely simple; Do or Die. This restructuring is terrible for you but the alternative (liquidation) is worse. 3% cash back or nothing, in particulars retail investors (perpetuals, preference shareholders and ordinary shareholders will be wiped out). So you have no choice, even the regulator sided the restructuring and threatened that they will destroy us if you don’t agree to agree.
Today, for Hyflux’s retail investors should question, do we believe what this management tells us? Is this the last opinion?
Here’s the good news. The only thing consistent with Hyflux’s management is lies. There are righteous people working among them. Otherwise I will not know about last night’s influx of announcement.
This restructuring is not the last opinion, it is just the worst, so it is presented to you first. 3% cash back for retail Preference Shares and Perpetual (PnP) holders to compensate for the principle and over appx 10% of accrued interests. Anyone with common sense will reject it and this plan won’t save Hyflux. Retail investors are very important and you are likely to lose almost everything if you consent to it. The restructuring was not designed with retail investors and notesholders in mind. The only people that it will save are its management and enriches the restructuring team.
This plan will not save Hyflux. The regulator’s positions are creating a downward spiral (post restructuring). Wake up, this restructuring did not address the causes that led to financial distress. Olivia Lum has a history of lies, it is just business as usual after restructuring.
Insiders estimate that Hyflux’s restructuring cost more than the cash that they propose to return to the PnPs. This is a conservative estimate. In fact, the cash return is not even half of the unpaid coupons accumulated.
This restructuring will give the full release of any claims and rights that creditors may have against the company’s management and auditors. Look at the payouts for the management when the crisis is over, it’s a reward for failure. Hyflux’s management knows that the ship hit an iceberg, but they just want to make sure that they will not spend the days ahead facing lawsuits.
If the management lose control over Hyflux, outsiders will get access to the internal records. That’s their nightmare. They want to enjoy their retirement in peace, that’s why they want to make sure the restructuring goes through. It is about themselves, understand?
Ok finished my beer, walking over now. Fight another Day.
Like Enron, Hyflux was hiding losses of approximately 1.5-2.0billion with fake valuation models. Many Singaporean chose to believe this company, its founder, its management and its auditors whom hid disclosures, defaults and undisclosed liabilities that fooled even the sophisticated Indonesian consortium.
Last night, Hyflux began the recognition of massive losses and impairments to patch the hole that they hid. Maybank’s internal memo warned that the root of the company’s ills was its toxic management and accounting model. Maybank was certain that they will not increase single cent of exposure until the management and auditors were replaced by credible professionals.
Olivia Lum ruled with an iron-fist according to those who left the company, ignoring due diligences and surrounded herself with obedient mates including her CFO with little experience dealing running listed companies, prior to her position in Hyflux. Both went on to create billions of fake values to qualify Hyflux for more debts. This management is made up of crooks who deceived investors and bankers. They know that they have nothing to fear from their auditors (and restructuring team) who had colluded with them for years or from the abysmal regulatory environment of the Singapore Stock Exchange, ACRA and MAS that has been a contributing factor.
When the bomb was dropped a year ago (default of XD perpetual bonds coupon), they didn’t stop here. The very same team who have deceived more than 50,000 investors and bank are now presenting a highly controversial restructuring proposal that rewards them further and bails themselves out, seeking waivers to pursue wrongdoers from these creditors, if the restructuring goes through.
Their argument argument to support it is extremely simple; Do or Die. This restructuring is terrible for you but the alternative (liquidation) is worse. 3% cash back or nothing, in particulars retail investors (perpetuals, preference shareholders and ordinary shareholders will be wiped out). So you have no choice, even the regulator sided the restructuring and threatened that they will destroy us if you don’t agree to agree.
Today, for Hyflux’s retail investors should question, do we believe what this management tells us? Is this the last opinion?
Here’s the good news. The only thing consistent with Hyflux’s management is lies. There are righteous people working among them. Otherwise I will not know about last night’s influx of announcement.
This restructuring is not the last opinion, it is just the worst, so it is presented to you first. 3% cash back for retail Preference Shares and Perpetual (PnP) holders to compensate for the principle and over appx 10% of accrued interests. Anyone with common sense will reject it and this plan won’t save Hyflux. Retail investors are very important and you are likely to lose almost everything if you consent to it. The restructuring was not designed with retail investors and notesholders in mind. The only people that it will save are its management and enriches the restructuring team.
This plan will not save Hyflux. The regulator’s positions are creating a downward spiral (post restructuring). Wake up, this restructuring did not address the causes that led to financial distress. Olivia Lum has a history of lies, it is just business as usual after restructuring.
Insiders estimate that Hyflux’s restructuring cost more than the cash that they propose to return to the PnPs. This is a conservative estimate. In fact, the cash return is not even half of the unpaid coupons accumulated.
This restructuring will give the full release of any claims and rights that creditors may have against the company’s management and auditors. Look at the payouts for the management when the crisis is over, it’s a reward for failure. Hyflux’s management knows that the ship hit an iceberg, but they just want to make sure that they will not spend the days ahead facing lawsuits.
If the management lose control over Hyflux, outsiders will get access to the internal records. That’s their nightmare. They want to enjoy their retirement in peace, that’s why they want to make sure the restructuring goes through. It is about themselves, understand?
Ok finished my beer, walking over now. Fight another Day.
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not many at the field but got people walking over with me.
sigh, i think impossible to hit 20000 later. Hope got more. Come before 4pm if possible please.
sigh, i think impossible to hit 20000 later. Hope got more. Come before 4pm if possible please.
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wah so crowded !
Pinky will definitely pay $1 Billion Cash to save these sinkies !
Pinky will definitely pay $1 Billion Cash to save these sinkies !
Just as I predicted LOLwah so crowded !
Pinky will definitely pay $1 Billion Cash to save these sinkies !
wah so crowded !
Pinky will definitely pay $1 Billion Cash to save these sinkies !
You so evil. This photo was taken by the core groups during setup. They were arranging the cardboards on floor at the spot for Tan Kin Lian to address the investors later.
FUCK YOU, post fake news.
Zaobao claimed 300, but i did my calculations, definitely hit 1000.
300 is seriously understated.
https://www.zaobao.com.sg/zfinance/realtime/story20190330-944484
300 is seriously understated.
https://www.zaobao.com.sg/zfinance/realtime/story20190330-944484
Last edited:
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‘We have not lost faith’: Hundreds of Hyflux investors gather to express concerns at Hong Lim Park
https://www.channelnewsasia.com/new...ndreds-of-hyflux-investors-gather-to-11395566
https://www.channelnewsasia.com/new...ndreds-of-hyflux-investors-gather-to-11395566
Rare Singapore Protest Flags Investor Anger in Hyflux Slump
https://www.bloomberg.com/news/arti...gapore-flags-investor-anger-in-hyflux-debacle
- Key deadlines loom as dispute with company’s suitor deepens
- Junior creditors could lose about 90% under restructuring plan
https://www.bloomberg.com/news/arti...gapore-flags-investor-anger-in-hyflux-debacle
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You so evil. This photo was taken by the core groups during setup. They were arranging the cardboards on floor at the spot for Tan Kin Lian to address the investors later.
FUCK YOU, post fake news.
LOLOLOLOL !
FUCK YOU , GREEDY SINKIE !
YOU WANT 100% COMPENSATE ? MORE LIKE 0.00% !
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