FIRST came a default notice from the national water agency, followed by an announcement that Hyflux's scheduled townhall meetings with retail investors would be postponed indefinitely.
Then, potential white knight Salim-Medco asserted its right to back out of a crucial rescue deal for Hyflux last week.That's thrown the fate of Hyflux into uncertainty, and retail investors want to know what Salim-Medco is planning, the Securities Investors Association or Sias said on Monday.
He noted that as of now, Hyflux has not said that the scheduled scheme meeting on April 5 is cancelled. But Hyflux must apply to the Singapore High Court first if it wants to delay the vote. Neither has Hyflux issued a revised scheme document to incorporate amendments it agreed to make on March 8 that would allow retail perpetual and preference shareholders to share in more upside in the proposed restructuring.
With a week to go before April 5, there is no certainty that Salim-Medco's S$530 million rescue plan proposed last year is still on the table, and no clarity over what will happen to investors if the deal is dead.A lawyer for Salim-Medco said he was not allowed to talk about the deal when phoned by BT on Monday.
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