Mr Gerald says he made the proposal because a large number of PnP holders are unhappy with the current offer.THE Securities Investors Association is urging the Hyflux board to consider an alternative restructuring plan under which retail perp and pref share holders can recover a bit more of their principal - although this can happen only if senior creditors agree to give up some of their share.
Sias president David Gerald wrote:"The current proposal clearly favours the unsecured claims as they enjoy all the upside from the restructuring, which is clearly unequitable and thereby leaves the success of the restructuring in dire straits." He had another complaint - that no information has been given on the identity of the management payout recipients."This is particularly troubling as the sum allocated to these recipients potentially amounts to approximately S$18.8 million in the event that all the contingent claims do not crystallise.
He said that he had made the proposal because a large number of PnP holders are"unhappy that the current offer is not equitable and they are receiving too little".
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