SIAS to hold independent briefings to Hyflux P&P holders

Details on the upcoming sessions will commence from 23 March.

Securities Investors Association (Singapore) or SIAS has confirmed that they are preparing to conduct its own independent townhall engagement sessions with retail preference and preferential (P&P) holders to better understand the scheme before they make a vote, an announcement revealed.

Details on the upcoming sessions will commence from 23 March.

SIAS’ president and CEO David Gerald noted that since Hyflux inked a deal with Utico, many of the P&P holders have approached them for clarifications.

The areas of clarification include updates on the latest terms of the scheme proposed, responses from Hyflux and Utico on queries raised by SIAS.

“SIAS echoes the Court’s concern and strongly calls for an establishment of an escrow account to set aside funds for the SIAS Advisors’ fees. Having advisors engaged by SIAS throughout the restructuring process is absolutely necessary to, among other things, assist SIAS in its engagement with the P&P holders, and would also help to progress the restructuring,” Gerald stated.

He also expressed that neither SIAS nor its advisors will accept Utico’s proposal on raising the the pool for advisors’ fees from $40m to $50m if all the advisors, including the SIAS advisors, support the Utico deal.

“The SIAS Advisors, specifically Drew & Napier and PwC, have unequivocally informed SIAS that regardless of whether they are current on their fees, and whether they are assured of their fees, they have and will continue to act independently in assisting SIAS to engage with the P&P holders who will decide for themselves whether or not to accept the Utico deal, and will not under any circumstances accept higher fees in exchange for encouraging the P&P holders to accept the Utico deal,” Gerald said.