SINGAPORE: Troubled water treatment company Hyflux will give its stakeholders two more weeks to file their proofs of claim ahead of scheme meetings.
This was revealed in a filing to the Singapore Exchange (SGX) late on Monday (Feb 11) night, following the company’s case management conference held in court earlier in the day.
Security holders were originally required to file their proofs of claim by 5pm on Feb 15. However, this call by Hyflux made on Feb 1 stirred up confusion and angst among some retail investors who were not sure if they needed to make a claim.
Some investors also lamented about the “very short” time given as the filing period coincided with the Chinese New Year holidays, and asked why they weren’t informed earlier.
In Monday’s filing, Hyflux said it has extended the deadline for all parties filing proofs of claim to 5pm on Mar 1.
Holders of the company’s medium-term notes, perpetual securities and preference shares who do not file a proof “will be deemed to have authorised the company to file a proof on their behalf” based on their holdings as recorded by the Central Depository (CDP), noted the company's filing.
In this case, all amounts reflected in the CDP records of these parties will be admitted by the “proposed chairman … for the purpose of the scheme meetings”, it added.
Stakeholders can access the relevant forms to make their proofs of claim here. Investors who have queries about the process may contact firstname.lastname@example.org or email@example.com, or call the company’s support hotline at (+65) 3157 7999 on weekdays from 9am to 5pm.
Hyflux’s group executive vice president Cheong Aik Hock said in an affidavit filed to the High Court on Feb 8 that the company's call for proofs “is intended to be administratively efficient, and allow for the restructuring agreement to be effected”.
“I stress that the Hyflux Group has no intention whatsoever to hinder or prevent any of its stakeholders from voting on the scheme of arrangement to be proposed," he added in the affidavit.
READ: Hyflux says it remains committed to ‘fair’ restructuring plan as worries among retail investors grow
PREPARING RESPONSES TO SIAS’ LETTER: HYFLUX
In another SGX filing on Monday afternoon, Hyflux said that it has received a letter with a slew of queries from the Securities Investors Association Singapore (SIAS), and is currently preparing responses that will be published on its corporate website “as soon as possible”.
In the latest sign of mounting concerns among the company’s shareholders, the letter from the investor advocacy group raised questions ranging from chief executive Olivia Lum’s “significant salary, benefits and bonuses” to the company’s finances over the years and “faults and defects” in main assets .
President David Gerald said SIAS is “seriously concerned” that many questions regarding the operations, valuation and accountability of the company’s board of directors have not been addressed.
In response to that, Hyflux said: “The Board and Ms Olivia Lum appreciate the opportunity to communicate to the stakeholders with regard to their queries. In the meantime, some of the queries have been answered during the informal second townhall meeting held on Jan 18.”