SIAS sets up informal steering committees for Hyflux noteholders

THE Securities Investors Association (Singapore) has established an informal steering committee for holders of Hyflux's Series 008, 009 and 010 notes which are due this year and next. This is to facilitate the company's engagement with the noteholders during the reorganisation, the beleaguered water treatment firm said in a Singapore Exchange announcement on Wednesday evening. SIAS is also currently setting up an informal steering committee for the holders of S$400 million of 6 per cent preference shares and the holders of S$500 million of 6 per cent perpetual securities. This is to "facilitate the company's engagement" with them during the reorganisation. This follows recent town hall meetings, where Hyflux faced a full house of retail perpetual preference shares and perpetual holders. "The company looks forward to working with SIAS and the informal steering committees during the reorganisation," said Hyflux. The company added that while the reorganisation is ongoing, it will not be making any coupon or interest payments, distribution payments or dividend payments for any obligations that have fallen due or will fall due in relation to any of those securities. It will also not redeem these securities upon maturity or otherwise. The maturity date and next coupon/interest payment for the Series 008 notes falls on Sept 7 this year. The next coupon/interest payment for Series 009 and 010 notes will be due on Sept 23 and Aug 29 respectively and will both mature next year. Meanwhile, the next payment date for the perpetual securities is Nov 27 and that for the preference shares is Oct 25. Hyflux said that it will also make available on its website a copy of the company's unaudited management accounts which will be provided to the High Court of Singapore on Aug 31. Hyflux shares, in which trading has been suspended, last traded at 21 Singapore cents on May 18.