Utico grants deadline extension of RA acceptance for Hyflux
The UAE-based firm further reiterates that there are no other offers made available to them.
Hyflux has announced that Utico has extended the deadline for acceptance of its “binding offer” to 5:00PM, 30 August, according to a letter addressed to the embattled water firm.
Utico added that this confirms a “defacto” extension of the restructuring agreement (RA) of 26 November 2019. “Please note that Utico’s binding offer will remain open for acceptance during the period irrespective of whether a judicial manager is appointed or not,” the white-knight said.
The UAE-based firm also said that they noted Securities Investors Association (Singapore)’s (SIAS) press release stating that Hyflux or SIAS does not differentiate any investor and thereby acknowledges that Hyflux has no other binding offers on date but only letters of interest and invitations to offer discounts, Utico stated in the letter.
Also read: SIAS reiterates role in Hyflux deal
Utico further reiterates that there are no other offers made available to the stakeholders, but the firm is implying that neither Hyflux nor SIAS wishes to differentiate a “bonafide offer and those as mere invitations for auction from Pison and Aqua Munda at a 91% discounted value and lower recovery to senior creditors and to preference shares and perpetual securities (P&P) an implied 95% discount being as a subordinate investor.”
In an SGX filing, Hyflux clarifies that Utico is wholly responsible for the content of the said letter. “The Company should not be taken to be endorsing, confirming or agreeing with Utico and/or any part of the letter,” the water firm stated.