The Indonesian group said it was "surprised by the action taken by Hyflux," citing its "purported termination" of the deal.
So here's what happened. proxy votes collected by Boardroom are mostly NO-votes, especially the notesholders and major PnPs investors. According to my sources, I can confirm that these NO-votes include Top-20 Preference Shareholders in the last Annual Report. Logically those who bother to turn up on April 5 voting will likely be NO-votes. This is a crashing defeat for Hyflux's management and regulators.
What are the implications for a NO-votes victory?
Indonesians can get their escrow $38.9m back. This is why SMI will want to proceed with the voting, they never said they will not proceed with the deal. The legal way for them to get their money back is to be rejected on April 5th. Most importantly No-votes victory means that Hyflux will be forced open her books and the Management and Auditors' wrongdoing will be exposed.
Hyflux lied numerous times. As recent as 2-3 weeks' ago, they cancelled the last townhall citing overwhelming RSVPs, when the confirmed attendees was the lower than Townhall 1 & 2 (up to the last weekend before Townhall 3).
Therefore, in the best interests of the Hyflux's management, they are canceling, so that they can continue to helm the company. These people are not stupid. Just a few days ago, Hyflux's director Simon Tay hurled insults at investors, calling them "noises". Such sheer arrogance. It shows the kind of attitude that Hyflux's management has.
Simon Tay might be shitting in his pants after knowing the NO proxy votes. The restructuring contains written clauses that cede all rights to pursue their wrongdoings in the past. The restructuring is not about helping us, it is about getting signatures to grant them immunity, in exchange for a token compensation for retail investors.