Hyflux just put out a notice today asking for their creditors to file a proof setting out their claim to the company. This includes their trade creditors as well as investors of their notes, preference shares and perpetual securities. This does not apply to Hyflux shareholders.
You can download a copy of the notice here: Hyflux Notice To File Proof Of Claim In Connection With Scheme Meeting
The various claim forms can be downloaded from here:
https://www.hyflux.com/financial-reorganisation-exercise/proof-of-claims/
The submission has to be done by 15th February 2019 at 5pm (either by mail or email to [email protected]) and is for the purpose of the scheme meetings.
Holders of the Notes, the Perpetual Securities, and the Preference Shares (collectively, the “Securities”) are to note the following:
a. If no Proof is filed by the holder of any of the Securities, the Proposed Chairman will admit for the purpose of the Scheme Meeting(s), all amounts in respect of the holdings of that party reflected in the records of the Central Depository Pte Ltd (“CDP”).
b. Only a person who has opened and maintains a securities account or securities sub-account in which the Securities are credited with CDP and who is shown in the records of CDP as a holder of such Securities (“Direct Participant”) may file a Proof.
c. Beneficial owners of Securities held, directly or indirectly, by a Direct Participant (“Beneficial Owners”) who wish to file a Proof must contact such Direct Participant and instruct such Direct Participant to file a Proof on its behalf. In all cases, Beneficial Owners should be aware that other earlier deadlines may be imposed by such Direct Participant.
d. The records of CDP shall constitute conclusive and binding evidence for all purposes (including, without limitation, for the purposes of assessing the holding of each person claiming to be entitled to participate in the Scheme Meeting(s) in their capacity as a holder of the Securities which will be admitted by the Company and Proposed Chairman of the Scheme Meeting(s)).
Any party who is required to and does not file their proof of claim by the deadline will (subject to the Proposed Chairman’s discretion) not be entitled to vote at the Scheme Meeting(s), and may not be entitled to any payments or distributions made pursuant to the compromise or arrangement that will be voted upon at the Scheme Meeting(s). In such event, all their claims against the Scheme Companies as well as all obligations the Scheme Companies have towards them will be forever varied, waived, released, discharged and/or extinguished in accordance with the terms of the said compromise or arrangement.
I have written to SIAS to seek legal advice on the notice of claim so this post might be updated again once I hear from them.
In the meantime, this is my layman interpretation:
If your holdings are held directly in CDP (it appears inside your own CDP statements), you need not file a claim.
However, if your holdings are in CPF, SRS or held via a custodian bank or broker, you will need to instruct them to file on your behalf (At the point of writing, the contacted banks do not know what to do yet. I supposed have to let their corporate actions team send out the relevant communications to their beneficial owners).
Added 4th Feb 2019 :
Added 6th Feb 2019 :
Refer to Hyflux FAQ on filing of claims
SM deal is not beneficial to creditors. If TuasSpring (through acquisition of Hyflux) is gonna fall into the hand of an Indonesian company, why does G object to a foreign company bidding for it in the first place?
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