JTC must fulfil stated obligation of redeeming JCC-linked notes at par

WE refer to "Jurong Country Club noteholders demand early redemption from JTC" (BT, July 1). We wish to clarify several key points made by JTC regarding the JTC Debenture Notes 2003, as reported in the article.

In the article, JTC said that "the terms and conditions of the Notes allow them to be held independently of Jurong Country Club (JCC) membership". "Hence, the Notes need not be redeemed as a result of the land acquisition."

We assert that the Notes and the JCC memberships are clearly bundled together as stipulated in all the legal documents, which include the JCC prospectus published in 1993, the terms and conditions in the Notes Certificate, the JCC Constitution and the Scheme of Arrangement tabled by JTC in 2003 to the Noteholders. In the Scheme documents filed with the High Court under Originating Summons 737 of 2003/R, clause D:1.1 stated explicitly that "similar to the terms of the JCC Notes, the JTC Notes are bundled with the membership in the new Club".