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Hyflux gets deadline extensions to announce 2018/19 financial results
HYFLUX has been handed further deadline extensions by the Singapore Exchange to announce its FY2018, first- and second-quarter 2019 financial results, and hold its FY2018 annual general meeting (AGM).
The deadline for announcing its FY2018 results was extended by a further five months while its fiscal 2018 AGM deadline was extended by three months.
The troubled water treatment firm's 2019 first-quarter results announcement was given a further three-and-a-half month extension, while that for its second-quarter results got a three-and-a-half month extension.
The three financial statements and FY2018 AGM must be announced and concluded by Nov 30 or before the lifting of the trading suspension, Hyflux said in its filing to the bourse on Friday afternoon.
The Singapore High Court had earlier in June granted Hyflux a six-month moratorium to stave off creditors and find suitable financing.
The company said it is in the process of negotiating the terms of the reorganisation with potential investors as well as its stakeholders under the court-supervised process with the moratorium in place.
"It is anticipated that the ongoing discussions surrounding the reorganisation will require at least the time for which the moratorium is in force, and the company can only start to prepare the relevant financial statements when it has certainty regarding the terms of the reorganisation and the financing proposals (if any), which is expected to take additional time," said Hyflux.
Potential white knight Utico had extended a deadline for both parties to enter a binding agreement to June 27, after the previous deadline of June 17 expired.
Utico has also requested, if a binding arrangement is reached in that time frame, for a townhall for perpetual securities and preference shareholders to be arranged during the week of July 7.
This was after Hyflux had met key milestones for information submission on June 10 and subsequent discussions and meetings.
With Utico's deadline having passed on Thursday, Hyflux has yet to announce a conclusion to the potential agreement.