Hyflux preference shares (up to $200 million) will be offered to the public at $100 per share giving 6% pa yield.
The dividends will be payable semi-annually when, as and if declared by the Hyflux Board, in arrears on 25 April and 25 October of each year.
As the Hyflux preference shares are cumulative in nature, any dividends not paid will be accrued and owed to the investor.
The minimum subscription is 100 shares ($10,000) and subsequent multiple of 10 shares ($1000).
The application period is from 14 April 2011 at 9.00 a.m. to 20 April 2011 at 12.00 noon and the preference shares are expected to be listed and traded on the Main Board of the SGX-ST from 26 April 2011.
Application can be made through electronic applications via automated teller machines (ATMs) of the participating banks, namely, DBS Bank (including POSB), Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited and its subsidiary, Far Eastern Bank Limited (together with the United Overseas Bank Limited, the “UOB Group”) or the internet banking websites of DBS Bank as well as the UOB Group.
Investors who are CPF members may use up to 35% of their investible savings (comprising the balance in a CPF Ordinary Account plus the net amounts (if any) withdrawn for education and investment) to apply for the Hyflux preference shares under Public Offer.
If the preference shares are not redeemed by Hyflux on or after 25 April 2018, the dividend rate will step up to 8% per annum.
You can download the Hyflux preference shares offer information statement below: (risk factors are spelt out on page 44 to 53)