Thu, Mar 12, 2020 - 7:44 PM SECURITIES Investors Association Singapore (SIAS) has hit back at Hyflux's potential white knight Utico, saying that
Thu, Mar 12, 2020 – 7:44 PM
SECURITIES Investors Association Singapore (SIAS) has hit back at Hyflux’s potential white knight Utico, saying that its advisers will not accept higher fees in exchange for encouraging preference and preferential (PnP) holders to accept the Utico deal.
David Gerald, the association’s founder, president and chief executive, said in a press statement on Thursday that the association and its advisers from Drew & Napier (D&N) and PricewaterhouseCoopers Advisory Services (PwC) have been clarifying areas of concern for PnP holders ahead of a proposed scheme meeting.
This follows the signing of a restructuring agreement for Hyflux with Utico.
On Sunday, the Middle Eastern utility provider proposed raising the pool for advisers’ fees from S$40 million to S$50 million if all the advisers, including the SIAS advisers, support the Utico deal.
However, SIAS has flat out rejected this suggestion.
“The SIAS advisers, specifically D&N and PwC, have unequivocally informed SIAS that regardless of whether they are current on their fees, and whether they are…