SIAS worries over Utico's last-minute changes on Hyflux deal

They hope that the outcome will benefit holders of the perpetual securities and preference shares.

The Securities Investors Association of Singapore (SIAS) has expressed concerns about the lack of finality on Utico’s offer for Hyflux, according to a press release.

SIAS president and CEO David Gerald said that whilst Hyflux and various creditor groups have been working within the timelines the High Court had set, Utico have introduced some last-minute deal changes.

“SIAS hopes that such strategies designed to achieve advantages for one party only would not be allowed to scuttle an outcome which could potentially benefit a great number of stockholders, including the holders of the perpetual securities and preference shares,” Gerald said in a statement.

In addition, Hyflux is set to hold its FY2018 annual general meeting (AGM) by 31 December, an SGX filing revealed. They will also file its 2018 annual return by 31 January 2020.

The 2019 extensions earlier requested by Hyflux was rejected by the Accounting and Corporate Regulatory Authority.

Read more: Hyflux applies to extend debt moratorium for two more months.

On the other hand, the water firm obtained extensions for filing its Q1, Q2, and Q3 FY2019 results by 31 March 2020 and unaudited FY2019 results by 30 April 2020.