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Regulators Refusing to Act - Hyflux & Noble Group's Decline
- Thread starter JustLikeThis
- Start date
Why waste time with an attention-seeker?
https://www.businesstimes.com.sg/co...ext-week-for-hyflux-pnp-investors-noteholders
MIDDLE Eastern utility firm Utico will convene a townhall next week to address the concerns of investors holding Hyflux's medium-term notes and the perpetual securities and preference shares (PnP). The Securities Investors Association (Singapore) will arrange the event, which will most likely be held on Jan 20, Utico said in a statement emailed to The Business Times on Tuesday.
https://www.businesstimes.com.sg/co...ext-week-for-hyflux-pnp-investors-noteholders
MIDDLE Eastern utility firm Utico will convene a townhall next week to address the concerns of investors holding Hyflux's medium-term notes and the perpetual securities and preference shares (PnP). The Securities Investors Association (Singapore) will arrange the event, which will most likely be held on Jan 20, Utico said in a statement emailed to The Business Times on Tuesday.
SIAS -> 刷存在感
Please don't let them be the moderator for the 20th Jan Townhall.
Please don't let them be the moderator for the 20th Jan Townhall.
The value system preached by the elites leading Singapore don't seem to be correct.
After our founding fathers, we have elites running Singapore. Elites don't communicate policies to the masses; foreign talents are good for Singapore, GST helps the poor and reliable transports means fare-hikes, every school is a good school etc, are just vague statements.
"You need not understand where I am coming from, You Just Need to Trust Me. What do you trust in me - my education background, civil service or military leadership experience. Your future is bright because we use elites to lead the ordinary people", the elites advocated.
Eventually, we drifted apart from these elites. In a way, they lived in their own world, or perhaps, we can no longer catch up with the pace in Singapore. People who are less successful than them ain't lazier than the elites, it is just that we have more baggage and less opportunity in life than them.
What's so arrogant about these elite uncaring faces?
Now, many are simply indifferent and impose a system to enslave us, instead of serving us. They no longer know what we want and what we are thinking. There are feedback channels and how many are actually listening? For nation's glory, we are ever eager to pump millions and billions to other countries, but reluctant to help our own people when we need them.
After our founding fathers, we have elites running Singapore. Elites don't communicate policies to the masses; foreign talents are good for Singapore, GST helps the poor and reliable transports means fare-hikes, every school is a good school etc, are just vague statements.
"You need not understand where I am coming from, You Just Need to Trust Me. What do you trust in me - my education background, civil service or military leadership experience. Your future is bright because we use elites to lead the ordinary people", the elites advocated.
Eventually, we drifted apart from these elites. In a way, they lived in their own world, or perhaps, we can no longer catch up with the pace in Singapore. People who are less successful than them ain't lazier than the elites, it is just that we have more baggage and less opportunity in life than them.
What's so arrogant about these elite uncaring faces?
Now, many are simply indifferent and impose a system to enslave us, instead of serving us. They no longer know what we want and what we are thinking. There are feedback channels and how many are actually listening? For nation's glory, we are ever eager to pump millions and billions to other countries, but reluctant to help our own people when we need them.
Yes you are right, announcement of townhall is out. How did u know she is not attending?
https://sias.org.sg/event/invitation-to-the-utico-fzc-townhall-meeting/
Utico is "willing to walk away" if noteholders or PnP investors vote against the deal, Mr Menezes said. He believes the town halls will help them make an informed decision. In the same statement, Utico also noted that it has "nothing to do with" potential investor Aqua Munda.
https://www.businesstimes.com.sg/companies-markets/utico-to-hold-hyflux-town-halls-on-jan-20
Seriously, notesholders can get more in JM. I understand many not attending.
The Utico townhall is just a requirement by the court.
https://www.businesstimes.com.sg/companies-markets/utico-to-hold-hyflux-town-halls-on-jan-20
Seriously, notesholders can get more in JM. I understand many not attending.
The Utico townhall is just a requirement by the court.
When 5% is considered high. Sinkies are sk sad its not even funny
Last night's message was clear. $1500 per pax, regardless of your exposure in Option 1 is guaranteed. Nobody in the right mind will believe that Option 2 will materialize. Choosing Option 2 is like betting Singapore will win Brazil in football while Utico is an opportunistic bookie.
During the Townhall, Utico's Menezes was playing with words like a politican when asked if Utico is related Aqua Munda. With due respect, I disagree with some on this clarification on this. Of course, they are not related. He did not explicitly assure the attendance that they are not acting in concert. It's like of course we know HSBC is not related to JP Morgan Chase but they acted in concert eventually regarding Noble Group. This is the same guy who told us earlier that we will get 50% back or full recovery, when he first came into the picture.
Question is, since we lost so much, are we prepared to lose the last $1500?
Option 3 is to vote No and go back to the drawing board. At most, I give up $1500 to punish Olivia Lum, CFO and jail the Board of Directors for their fraud. Cheapest lawsuit to seek justice since regulators refuse to act.
During the Townhall, Utico's Menezes was playing with words like a politican when asked if Utico is related Aqua Munda. With due respect, I disagree with some on this clarification on this. Of course, they are not related. He did not explicitly assure the attendance that they are not acting in concert. It's like of course we know HSBC is not related to JP Morgan Chase but they acted in concert eventually regarding Noble Group. This is the same guy who told us earlier that we will get 50% back or full recovery, when he first came into the picture.
Question is, since we lost so much, are we prepared to lose the last $1500?
Option 3 is to vote No and go back to the drawing board. At most, I give up $1500 to punish Olivia Lum, CFO and jail the Board of Directors for their fraud. Cheapest lawsuit to seek justice since regulators refuse to act.
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My salute to journalists Grace Leong and Aw Cheng Wei for featuring this photo. Thank you
A photo shows a thousand words.
https://www.straitstimes.com/busine...n-up-for-townhall-meetings-by-utico-on-hyflux
Just look at the grey hairs among the attendees, many helpless seniors and retirees got conned. Instead of helping, our government sank us further by covering-up the underlying LNG issues, NEA's policy failures and Hyflux's false accounting practices.
They forgot that two years ago, NEA denied serious bidders from buying Tuaspring at near book value and triggered the meltdown in valuations. SP power makes $10billion in the past decade and cannot even spare 5-10% to save us. There was not even right of first refusal by NEA to match the original bidder's price and instead they happily went on to confiscate Tuaspring for free.
A photo shows a thousand words.
https://www.straitstimes.com/busine...n-up-for-townhall-meetings-by-utico-on-hyflux
Just look at the grey hairs among the attendees, many helpless seniors and retirees got conned. Instead of helping, our government sank us further by covering-up the underlying LNG issues, NEA's policy failures and Hyflux's false accounting practices.
They forgot that two years ago, NEA denied serious bidders from buying Tuaspring at near book value and triggered the meltdown in valuations. SP power makes $10billion in the past decade and cannot even spare 5-10% to save us. There was not even right of first refusal by NEA to match the original bidder's price and instead they happily went on to confiscate Tuaspring for free.
These people think we are dumbfucks.
We did some maths yesterday afternoon. Our legal did speculate that Aqua Munda's offer target the small businesses with exposures to Hyflux and desperate noteholders to get headcounts.
An insider told our us at Sheraton that a local bank (is it DBS?) is in talks with Utico and Aqua Munda to offload Hyflux notes held in their nominee accounts. Many AI investors bought Hyflux's notes with bank leverage. Now, the bank owns many of these notes because many AI couldn't pay up fully when Hyflux defaulted. She said the bank is also trying to get higher considerations for the those unpaid Perpetuals and Preference Shares owned by the AI.
At the same time, the leader from another notes legal group shared with us that their lawyer highlighted that Utico or whoever takes over Hyflux can make quick bucks from contingency claims that does not materialize.
To the Note-holders,
Unlike the SMI situation, this time, our bargaining power is affected by the above situation and those who give in to Aqua Munda. Please don't be stupid and bear in mind, you can get similar returns or higher under Juridical Management. OR just think like Utico, we can make additional money from unsuccessful contingency claims. This is pure Maths. No fancy accounting. Don't let people fool us, do not agree to Utico.
To the PnPs,
There is no incentive for Utico to manage Hyflux's main business path, because clearly they will only make money from any contingency claims that are not successful. Seriously, who will trust Hyflux to manage their infrastructures after all these shit and Hyflux has no cutting-edge technology. Don't be stupid and believe in the second deferred payment option that they will list eventually and issues you shares that will surge a few thousand percent to help you recoup 50%. This is common sense.
We did some maths yesterday afternoon. Our legal did speculate that Aqua Munda's offer target the small businesses with exposures to Hyflux and desperate noteholders to get headcounts.
An insider told our us at Sheraton that a local bank (is it DBS?) is in talks with Utico and Aqua Munda to offload Hyflux notes held in their nominee accounts. Many AI investors bought Hyflux's notes with bank leverage. Now, the bank owns many of these notes because many AI couldn't pay up fully when Hyflux defaulted. She said the bank is also trying to get higher considerations for the those unpaid Perpetuals and Preference Shares owned by the AI.
At the same time, the leader from another notes legal group shared with us that their lawyer highlighted that Utico or whoever takes over Hyflux can make quick bucks from contingency claims that does not materialize.
Having said gathered these insights, I HAVE TWO IMPORTANT MESSAGES
To the Note-holders,
Unlike the SMI situation, this time, our bargaining power is affected by the above situation and those who give in to Aqua Munda. Please don't be stupid and bear in mind, you can get similar returns or higher under Juridical Management. OR just think like Utico, we can make additional money from unsuccessful contingency claims. This is pure Maths. No fancy accounting. Don't let people fool us, do not agree to Utico.
To the PnPs,
There is no incentive for Utico to manage Hyflux's main business path, because clearly they will only make money from any contingency claims that are not successful. Seriously, who will trust Hyflux to manage their infrastructures after all these shit and Hyflux has no cutting-edge technology. Don't be stupid and believe in the second deferred payment option that they will list eventually and issues you shares that will surge a few thousand percent to help you recoup 50%. This is common sense.
More photos - 100% seniors
https://www.zaobao.com.sg/zfinance/news/story20200121-1022818
https://www.zaobao.com.sg/zfinance/news/story20200121-1022818
Late night meeting flags Hyflux investors’ struggle to lose less
(Bloomberg) -- Investors in Singapore’s struggling water treatment firm Hyflux Ltd. trickled out of a windowless hall in a downtown convention centre late Monday night.
They’d gathered for a town hall with one of the suitors for Hyflux, which was once a high-flying symbol of Singapore’s entrepreneurial might before a stumble in 2018 made it the city-state’s highest-profile distressed debt case. The fall has left some 34,000 retail investors in the lurch and prompted a rare public protest in Singapore.
One of the investors at the convention center Monday was P.K. Goh, a retiree who said he could likely recover only 3%-6% of his investment if the Utico deal went ahead, but that he saw no viable alternative. “It’s been a tiring and painful process with little hope of a slightly bigger recovery,” he said. “For retirees like me, it wipes out a good fraction of our savings and we have little runway to work to shore up those savings.”
© 2020 Bloomberg L.P.
(Bloomberg) -- Investors in Singapore’s struggling water treatment firm Hyflux Ltd. trickled out of a windowless hall in a downtown convention centre late Monday night.
They’d gathered for a town hall with one of the suitors for Hyflux, which was once a high-flying symbol of Singapore’s entrepreneurial might before a stumble in 2018 made it the city-state’s highest-profile distressed debt case. The fall has left some 34,000 retail investors in the lurch and prompted a rare public protest in Singapore.
One of the investors at the convention center Monday was P.K. Goh, a retiree who said he could likely recover only 3%-6% of his investment if the Utico deal went ahead, but that he saw no viable alternative. “It’s been a tiring and painful process with little hope of a slightly bigger recovery,” he said. “For retirees like me, it wipes out a good fraction of our savings and we have little runway to work to shore up those savings.”
© 2020 Bloomberg L.P.
My parents are exhausted. It makes me feel that if this goes on, only those who support will turn up because they need to sign acceptance. Those who reject have no incentive to turn up to vote no. In the end, the majority on the voting day supports the crazy deal, causing the evil management to push their agenda through.
Amateur investors are making risky bets that could wipe them out
https://www.businesstimes.com.sg/ba...re-making-risky-bets-that-could-wipe-them-out
The dangers of individual investors getting into risky debt can be seen in the grim outlook for people who bought securities of Singapore's Hyflux Ltd. Around 34,000 retail investors in the once high-flying water treatment company now face the possibility of near-total losses.
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