HYFLUX white knight Utico will raise the pot for adviser fees to S$50 million if it receives the support from all advisers for the Hyflux scheme and restructuring agreement at a court hearing set to take place on Jan 29, it said in a letter dated Jan 28 to the water treatment firm.
On the other hand, the pot would decline from S$40 million to S$30 million if the advisers fail to support the scheme at the hearing. Utico's own adviser fees are separate and do not come from the S$50 million pot, it clarified. Middle Eastern utility provider Utico is offering a S$400 million rescue package to the beleaguered firm.
It added:"Securities Investors Association advisers will be treated in a special manner if their work and effort result in P&P votes as and when necessary, considering they are a Junior Group and has Utico's special separate efforts."The proposition around the adviser pot hinges on completing the scheme by April this year with the support of all advisers, Utico said in the letter.