admin November 17, 2020

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This comes after NY-based fund manager SGI unveiled a new rescue offer.
The Securities Investors Association (Singapore) or SIAS said it is prepared to work with any and all investors to support water treatment Hyflux’s preference shares and perpetual (P&P) holders.
In a press release, SIAS president and CEO David Gerald said that they will work with all parties to provide information to P&P holders, as well as to help facilitate a restructuring once a binding and unconditional offer is made.
The announcement comes days after the embattled Hyflux received a new rescue offer from New York-based fund manager Strategic Growth Investments (SGI).
On 13 November, SGI issued a non-binding and conditional term-sheet proposing various terms for Hyflux’s creditors. In the term-sheet, P&P holders are offered a cash consideration of $41m, representing a 4% recovery, noted SIAS.
Holders are also offered 10% of newly issued convertible securities (CS) in Hyflux. The CS are zero par, zero liquidation value, and zero dividend. The CS converts into Class B common equity, which is non-voting, upon performance hurdle based on a liquidity event.
However, one notable term set by SGI in its offer is that it will not continue with the restructuring proposal should Hyflux be placed under judicial management.
In response to the term-sheet, Gerald noted that although it is non-binding and conditional, it contains “a proposal to resolve the debts due to all stakeholder groups, including the P&P holders.”
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Revenue dipped 1% despite the pandemic’s different effects on each division. Boustead Singapore reported a 76% jump in H1 net profit to $21.8m for FY2021, on the back of better gross margins, cost-cutting measures, lower financial expenses and grants received from the Jobs Support Scheme (JSS), according to an announcement. Revenue dipped 1% to $289.7m from $292.1m in H1 FY2020 due to the pandemic’s impact on overall revenue performance despite…