• Under the current scheme terms, PnP holders who choose the second option will receive the cash equivalent of a 4 per cent stake in Utico if the Middle Eastern firm lists within two years of the completion of Hyflux’s restructuring. At the town hall, Utico said that even if such listing takes place after the two-year period, it will still consider paying PnP holders a certain amount, also referred to as a “soft landing”.
• At the town hall, Utico also said it is willing to include the cash equivalent of 4 per cent of Hyflux shares in the additional cash amount under the second option. SIAS is seeking confirmation that this is on the table, so that the scheme terms can be amended accordingly. Meanwhile, SIAS also requested a copy of all financial information on Utico and the investment special purpose vehicle, which had earlier been provided to the advisers of the senior unsecured creditors.
Hyflux owes S$900 million in PnP principal value to about 34,000 retail investors, one-third of whom are smallholders who own S$5,000 and less, according to Utico’s chief executive Richard Menezes.
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