Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Hyflux postpones townhall meeting over space constraints

The firm did not provide a new date, time or venue on the rescheduled town hall meeting, only to say that it will announce the details ‘as soon as possible'.

Embattled water treatment firm Hyflux has cancelled the scheduled townhall meeting on its restructuring on Wednesday due to space constraints as a larger-than-expected turnout will be attending the meeting.

In an announcement posted on the Singapore Exchange late on Monday night, the firm said it will not be holding the scheduled meeting at the Hyflux Innovation Centre, located at 80 Bendemeer Road.

‘Due to the large number of holders of the securities who have indicated that they wish to attend, the company considers it necessary to arrange for a larger venue to conduct this town hall meeting and will therefore not be holding the town hall meeting on March 13, 2019,’ Hyflux said.

The firm did not provide a new date, time or venue on the rescheduled town hall meeting, only to say that it will announce the details ‘as soon as possible’.

Restructuring scheme

Days ago, Hyflux said it will tweak the restructuring scheme to allow retail perpetual and preference shareholders to benefit more when the firm recapitalizes.

This is after the holders, represented by the Securities Investors Association (Singapore), said that they are not agreeable to the recovery rate of 10.7% on their original investment that Hyflux needs them to accept in its restructuring scheme. The amended scheme plans to give minority stakeholders better recovery rates.

The firm announced in a regulatory filing last Friday it has received proof of claims from 73 parties, amounting to S$3.51 billion.

Of which, owners of Hyflux’s S$500 million 6% perpetual securities have filed claims of S$540.7 million, while owners of the group’s preference shares have filed claims worth S$429.3 million.

The firm said it took a S$916 million (US$676.76 million) impairment charge for the nine months ended September 30th, 2018, to adjust to the fall in carrying value of the Tuaspring water and power plant and other write-downs. The announcement was the first time the embattled firm had revealed any financial numbers since it applied for a moratorium in May to prevent it from being wound up.

Hyflux needs to keep things going as the firm has to get an agreement from the majority of its creditors and another court approval by mid-April on its restructuring plans before the lifeline from SM Investments’ S$530 million restructuring deal expires.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

See your opportunity?

Seize it now. Trade over 17,000 markets on our award-winning platform, with low spreads on indices, shares, commodities and more.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.