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

After three to four years of a challenging operating environment, Affin Hwang expects the market in Singapore to consolidate, as the overall capacity will be reduced by another 10 per cent within the next two years, lowering the reserve margin to below the 30 per cent minimum set by the Energy Market Authority.
"We expect the wholesale selling price to rise to the Uniform Singapore Energy Price (USEP) level or higher," it said.

https://www.msn.com/en-my/money/topstories/ytl-powers-outlook-turned-bullish
 
Hyflux senior bond holders are the clear losers for 2019; poorly rewarded for their astute foresight, suffering a lower coupon in return for less protection while perp holders enjoyed that 1.4 to 1.8% incremental coupon return for years that more than make up for the 7 cts vs the 12 cts valuation at the moment. It just goes to show so much for investor education and the safe bet of seniority—seniority doesn’t work in Singapore defaults?
http://www.hnworth.com/article/inve...onds-wishing-us-good-luck-into-the-new-decade

SG-Corporate-Bonds-2020-Art-14.jpg
 
I got some reviews from the legal this morning after their holiday break:

Generally speaking, we should wait for the more details from AM. However, he speculated that AM is likely to be "acting in concert" with Hyflux management & Utico because

1. His sources shared with him that AM don't really have much money, StormHarbour is not a big investment banker and big boys will not use such firms. StormHarbour is just a boutique finance firm meant to serve as proxy (less paperwork required and cheaper). They can only afford to buy selectively within their limited budget, to reach a specific target group.

2. The sub-15% offer is not meant for big notesholders or bankers. These people know they can get a lot more under Juridical Management.

3. On hindsight, the tender offer targets the small businesses and desperate notesholders. There are numerous small businesses making claims on Hyflux and AM's offer is a cheap and efficient way of buying headcounts from this group to support the restructuring. Small businesses have tax-incentives to accept a 15% offer and recognize the losses in their P&L. Effectively, a 15% offer from AM and writing off the remaining 85% in a profitable company works out to be almost 30% back (assuming 17% tax rate) and they move on.

4. Off-the-records, our legal highlighted that Hyflux and SGX are playing dirty. In mid-August 2018, Deutsche Bank made a similar offer for Noble bondholders to shore up support for the restructuring. Back then, Deutsche Bank explained that they are acting on their own behalf being an investment bank and their tender offer was on the news but never publicly announced on SGX like AM's offer for Hyflux. Yet, Hyflux's management actively communicated this to the stakeholders when it is not their responsibility and biased to do so. SIAS went on to create the false impression that retail investors are also keen to be in discussion.

5. In actual fact, AM's offer is considered a private-treaty agreement because Hyflux's bonds are suspended from trading. If you agree to AM's offer, you are still the rightful bondholder until trading suspension is over. AM is only acting on your behalf during voting and they will only be the bondholder in CDP's records after trading resumes. Rightfully, AM should place advertisements on media and Hyflux's management should not be biased on help AM because this is not a general offer prospectus under MAS codes. Legally, CDP or Hyflux should also not leak contact information to AM to send offer information to individual notesholders. Otherwise, anyone of us can simply make a 0.01% offer on Hyflux's debt with the intention of getting the full list of stakeholders for class action. Clearly, there's some underlying purposes or conflict of interests, for these to happen.
 
I got some reviews from the legal this morning after their holiday break:

Generally speaking, we should wait for the more details from AM. However, he speculated that AM is likely to be "acting in concert" with Hyflux management & Utico because

1. His sources shared with him that AM don't really have much money, StormHarbour is not a big investment banker and big boys will not use such firms. StormHarbour is just a boutique finance firm meant to serve as proxy (less paperwork required and cheaper). They can only afford to buy selectively within their limited budget, to reach a specific target group.

2. The sub-15% offer is not meant for big notesholders or bankers. These people know they can get a lot more under Juridical Management.

3. On hindsight, the tender offer targets the small businesses and desperate notesholders. There are numerous small businesses making claims on Hyflux and AM's offer is a cheap and efficient way of buying headcounts from this group to support the restructuring. Small businesses have tax-incentives to accept a 15% offer and recognize the losses in their P&L. Effectively, a 15% offer from AM and writing off the remaining 85% in a profitable company works out to be almost 30% back (assuming 17% tax rate) and they move on.

4. Off-the-records, our legal highlighted that Hyflux and SGX are playing dirty. In mid-August 2018, Deutsche Bank made a similar offer for Noble bondholders to shore up support for the restructuring. Back then, Deutsche Bank explained that they are acting on their own behalf being an investment bank and their tender offer was on the news but never publicly announced on SGX like AM's offer for Hyflux. Yet, Hyflux's management actively communicated this to the stakeholders when it is not their responsibility and biased to do so. SIAS went on to create the false impression that retail investors are also keen to be in discussion.

5. In actual fact, AM's offer is considered a private-treaty agreement because Hyflux's bonds are suspended from trading. If you agree to AM's offer, you are still the rightful bondholder until trading suspension is over. AM is only acting on your behalf during voting and they will only be the bondholder in CDP's records after trading resumes. Rightfully, AM should place advertisements on media and Hyflux's management should not be biased on help AM because this is not a general offer prospectus under MAS codes. Legally, CDP or Hyflux should also not leak contact information to AM to send offer information to individual notesholders. Otherwise, anyone of us can simply make a 0.01% offer on Hyflux's debt with the intention of getting the full list of stakeholders for class action. Clearly, there's some underlying purposes or conflict of interests, for these to happen.

Excellent points. Looks like our regulators supports whoever is able to silence us.
 
The longer Hyflux drags, the more pain that 50000 investors will suffer. My parents are retirees who believed in the importance of water and got betrayed. Not only our country don't help and went on to confiscate Tuaspring for free.

Can't wait for the next elections
 
i am not familiar with bond but i find it quite unbelievable that a bond can fail, bond market is so much bigger than equity market.

speaks volume that hyflux is under extremely bad management.
 
As a result of the high profile bankruptcy of the water treatment firm Hyflux, the Singapore Exchange Regulation (SGX RegCo) is considering to enforce more stringent regulations for listed retail bonds, which will entail tighter admission criteria for companies. The holdings of almost 50,000 retail investors have suffered due to Hyflux’s financial collapse, among which are bondholders and shareholders. Billions have been invested into the company, which was once a model Singapore company that is the national pride of the country.
https://www.theonlinecitizen.com/20...tricter-regulations-following-hyfluxs-default


Communicate our plight to your MPs or grassroots leaders when they visit your place or during Meet-The-MP sessions and rally support from your family and friends to make ourselves heard.
 
As of the end of 2019, Oxley is sitting on about 1000 unsold units in their existing projects, eg. Affinity, Riverfront, Mayfair, KR Hill, etc, straining cashflow and financing costs.
 
i am not familiar with bond but i find it quite unbelievable that a bond can fail, bond market is so much bigger than equity market.

speaks volume that hyflux is under extremely bad management.

It is clearly fraud and false-accountings involved in the valuation of assets in the past few years.
 
where got proof?

Read the first few pages of this thread lor. Fake asset valuation in books like Enron, secretive LNG contracts and non-disclosures to cover ass of NEA when there is no defense security issues, getting a new batch of retail investors to finance the redemption of the 5.75% and 4.8% perpetual bonds that DBS placed to AI clients...................
 
Read the first few pages of this thread lor. Fake asset valuation in books like Enron, secretive LNG contracts and non-disclosures to cover ass of NEA when there is no defense security issues, getting a new batch of retail investors to finance the redemption of the 5.75% and 4.8% perpetual bonds that DBS placed to AI clients...................

thxs for the info.
 
Read the first few pages of this thread lor. Fake asset valuation in books like Enron, secretive LNG contracts and non-disclosures to cover ass of NEA when there is no defense security issues, getting a new batch of retail investors to finance the redemption of the 5.75% and 4.8% perpetual bonds that DBS placed to AI clients...................

It is a state cover-up and I thought that when Tuaspring was taken over by NEA, it will be used to make good to us and cover the mess. In the end, I was so wrong; the state was just to loot from our misfortunes.
 
Ya now I also realized that Hyflux so enthusiastic to help agua munda make those announcements. Very fishy. Making those announcement is not their duty.
 
Weekend Leak (Confirmed) - when those high up do not set a good example, the subordinates cannot be expected to behave well

Olivia happily plotted Hyflux to pay for Hyflux's ELO advertising & sponsorships two years ago and made herself the queen of HyfluxShop just before Hyflux went bust.

Now, HyfluxShop is autonomous for one complete financial year after the collapse of Hyflux. The first audit flagged that many Hyflux ELO, DEW and Filtration sets (retail for over $1300 per set or a few hundred dollars (per) filter went unaccounted for.

Further investigations revealed that this have been going on for AT LEAST THREE YEARS (before Hyflux went bust). It is apparent that middle-management of Hyflux have been siphoning Hyflux's retail inventory and wrote-off within the company as defects. The sales quantity did not tally with the closing inventory since three years ago within Hyflux group. One can only speculate that middle-management have been stealing.

When HyfluxShop was part of Hyflux, this was never an issue. Now, given the big headaches in Hyflux, these irregularities were not disclosed and HyfluxShop went on to inherit the CULTure. Such alarming lack of accountability in Hyflux yet nobody is responsible.
 
Anyone got a copy of this week's debtwire article mocking the destruction of value in Hyflux by our restructuring court, NEA, SGX and ACRA's cover-up and rape by restructuring auditors and lawyers?
 
Weekend Leak (Confirmed) - when those high up do not set a good example, the subordinates cannot be expected to behave well

Olivia happily plotted Hyflux to pay for Hyflux's ELO advertising & sponsorships two years ago and made herself the queen of HyfluxShop just before Hyflux went bust.

Now, HyfluxShop is autonomous for one complete financial year after the collapse of Hyflux. The first audit flagged that many Hyflux ELO, DEW and Filtration sets (retail for over $1300 per set or a few hundred dollars (per) filter went unaccounted for.

Further investigations revealed that this have been going on for AT LEAST THREE YEARS (before Hyflux went bust). It is apparent that middle-management of Hyflux have been siphoning Hyflux's retail inventory and wrote-off within the company as defects. The sales quantity did not tally with the closing inventory since three years ago within Hyflux group. One can only speculate that middle-management have been stealing.

When HyfluxShop was part of Hyflux, this was never an issue. Now, given the big headaches in Hyflux, these irregularities were not disclosed and HyfluxShop went on to inherit the CULTure. Such alarming lack of accountability in Hyflux yet nobody is responsible.

How do you get to know this? You from Hyflux?
 
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