JTC's treatment of Jurong Country Club notes grossly unfair, devoid of reason

I REFER to "JTC makes early-buyback offer for Jurong Country Club notes" (BT, Aug 26).

The Debenture Note Working Committee's (DNWC) view is that JTC's offer to repurchase the Noteholders Debenture Note (DN) of S$120,000 at only S$84,200 is grossly unfair and devoid of reason.

Following the acquisition of the land on which Jurong Country Club (JCC) is situated, the club operations and memberships will be terminated by this year-end. It should also trigger the immediate redemption (at par or S$120,000 for each DN) of the DN as both the memberships and DN are legally bundled together, had always been traded together and now must be handled/terminated concurrently.