Apparently, there has been financial (due to lack of money) and operation defaults going on at Tuaspring desalination plant for some time. PUB has indicated that they will be taking over Tuaspring (water component) for $0 if the defaults are not rectified. I think the takeover is mostly a done deal as PUB has been very active on the ground at Tuaspring for the past few weeks. Hyflux also does not seem to have the financial means to rectify the faults in such a short period of time.

Salim has indicated that they are not happy with the current developments and it is looking highly likely that they will walk away. SMI has given a few reasons why the agreement that was earlier agreed on cannot hold. According to the information released by Hyflux, we can gather that this was the real reason why the earlier scheduled townhall was cancelled (SMI did not want to attend). If Salim abandons the deal without going for voting, he might have to forfeit his deposit.

For now, Hyflux is insisting on going ahead with the voting on 5th April as originally planned (take note that the location has been changed to Star Vista). The scheme documents have also been updated. If Salim is insistent on walking away, Hyflux will not be restructured even if the voting outcome is a “yes” (and SMI does not want to pump in any money).

One Hyflux investor has gotten a permit for a Hyflux event (gathering, protest, meeting, call it whatever you want) on 30 March (Saturday) from 3-4pm at Hong Lim Park. If we want PUB to change their mind about taking over for free (no matter how remote the chance), please show up to support wearing a black top. We have arguments based on MOF PPP guidelines that the takeover price should at least be fair (e.g. construction cost). The public entity contracting the PPP project also has a big part to play to ensure it is financially sustainable and does not fail.

As things are pretty dynamic, please keep a lookout for latest updates here:

https://www.hyflux.com/financial-reorganisation-exercise/scheme-meetings/

https://www2.sgx.com/securities/company-announcements?value=HYFLUX%20LTD&type=company

We are entering the final lap and I expect more twists to come.

To leave your comments, please go to : Hyflux Updates – PUB, Salim and Hong Lim Park (30 Mar 2019)

Date : 13 March 2019 (Wednesday)
Time : 7pm
Venue : Hyflux Innovation Centre, MPH, 80 Bendemeer Road, Singapore 339949

To attend, please register here by 12pm on Friday, 8 March 2019:

https://www.hyflux.com/financial-reorganisation-exercise/shareholders-and-holders-of-securities

A holder of Securities who holds such Securities through nominees (including, if such holder is a corporation, its appointed representative) must present its proof of holdings or letter of verification in order to gain entry to the Third Round of Town Hall Meetings.

Separately SIAS is holding a series of briefings for investors this week. The sessions for the Preference Shares and Perpetual Securities are already full booked so I will just post details of the sessions for the Notes holders.

Venue: FTI Consulting, 8 Shenton Way, #32-03, AXA Tower, Singapore 068811

Date: 5 March 2019 (Tuesday)
Time: 12pm to 2pm

Register here.

Date: 5 March 2019 (Tuesday)
Time: 630pm to 830pm

Register here.

Date: 6 March 2019 (Wednesday)
Time: 12pm to 2pm

Register here.

Petition to Singapore Government to Save Hyflux’s Investors

Click here to view and sign the petition

Contacting other Hyflux Investors

if you are an investor of Hyflux who wish to connect with other investors, there are two options listed below. Most of the people in these groups are preference shares, perpetual securities or note holders. The equity investors are mostly quiet for now.

1) Telegram chat group : https://t.me/hyflux_retail

2) Email mailing list currently maintained by me. This serves as an notification of Hyflux news as well as discussion among the members (ie all members can broadcast to the list). If you want to join the group, please fill in the form below and you will be added within 24 hours:

To leave your comments, please go to : Hyflux Townhall Meeting and SIAS Briefing

There are many ways that this petition (drafted by a team) could have been written and it is impossible to come up with one that can please thousands of people.

But I want to draw attention to this simple fact again: what is one of the reasons that contributed to Hyflux’s collapse today?

The non-sale of Tuaspring and it’s heavy losses.

When Tuaspring cannot be sold at a good price, there is no cash to pay everyone.  Our job is to state the facts and outline the reasons why the government should intervene.

Being specific does not stop the government from helping in other ways if they see the need to get involved.

Do help to sign and circulate this petition.

Contacting other Hyflux Investors

if you are an investor of Hyflux who wish to connect with other investors, there are two options listed below. Most of the people in these groups are preference shares, perpetual securities or note holders. The equity investors are mostly quiet for now.

1) Telegram chat group : https://t.me/hyflux_retail

2) Email mailing list currently maintained by me. This serves as an notification of Hyflux news as well as discussion among the members (ie all members can broadcast to the list). If you want to join the group, please fill in the form below and you will be added within 24 hours:

To leave your comments, please go to : Hyflux Petition and Contacting Other Hyflux Investors

• S$100,000,000 4.25% notes due 2018
• S$65,000,000 4.6% notes due 2019
• S$100,000,000 4.2% notes due 2019

SIAS and its advisor FTI Consulting & Akin Gump Strauss Hauer & Feld LLP, will be present at this Hyflux Townhall session. Notes holders are welcome to provide feedback on Hyflux’s restructuring plan during the session.

If you are an investor of Hyflux Notes, you are encouraged to attend this Townhall session.

Pre-registration is compulsory and you will be required to upload proof of holdings during registration (not required for those who have verified with SIAS previously).

The details of the events are as follows:

Date: 27th February 2019 Wednesday

Time : 6:30pm-9.00pm

Fees : $10 Per Pax * No refreshments served*

Venue: MND Auditiorium, MND Building, Annex A ,9 maxwell Road 069112

Click here to register.

Petition to Singapore Government to Save Hyflux’s Investors

Click here to view and sign the petition

Contacting other Hyflux Investors

if you are an investor of Hyflux who wish to connect with other investors, there are two options listed below. Most of the people in these groups are preference shares, perpetual securities or note holders. The equity investors are mostly quiet for now.

1) Telegram chat group : https://t.me/hyflux_retail

2) Email mailing list currently maintained by me. This serves as an notification of Hyflux news as well as discussion among the members (ie all members can broadcast to the list). If you want to join the group, please fill in the form below and you will be added within 24 hours:

To leave your comments, please go to : Townhall for Investors of Hyflux Notes

For note holders, separate sessions will be organized.

If you are an investor of Hyflux’s preference shares or perpetual securities, you are encouraged to attend the briefing sessions and/or the Townhall session.

Pre-registration is compulsory and you will be required to upload proof of holdings during registration (not required for those who have verified with SIAS previously).

The details of the events are as follows:

Briefing Sessions

Venue: PricewaterhouseCoopers, 7 Straits View, Marina One East Tower, Level 12, Singapore 018936

Session 1

Date: 20 Feb 2019 (Wednesday)
Time: 7 – 830pm (Registration starts at 630pm)

Click here to register.

Session 2

Date: 21 Feb 2019 (Thursday)
Time: 6 – 730pm (Registration starts at 530pm)

Click here to register. (This event is full at time of writing)

Session 3

Date: 22 Feb 2019 (Friday)
Time: 6 – 730pm (Registration starts at 530pm)

Click here to register.

Townhall

Venue : Nexus Auditorium, 5 Koek Road, Singapore 228796
Date : 25 Feb 2019 (Monday)
Time : 630pm – 9pm (Registration starts at 6pm)
Fee : $10 (Bottled water and bun will be given)

Click here to register.

Note for Hyflux Investors

 
if you are an investor of Hyflux who wish to connect with other investors, there are two options listed below. Most of the people in these groups are preference shares, perpetual securities or note holders. The equity investors are mostly quiet for now.

1) Telegram chat group : https://t.me/hyflux_retail

2) Email mailing list currently maintained by me. This serves as an notification of Hyflux news as well as discussion among the members (ie all members can broadcast to the list). If you want to join the group, please fill in the form below and you will be added within 24 hours:

To leave your comments, please go to : Briefing and Townhall for Hyflux Investors