Separately, potential white knight Utico on Wednesday issued a press statement reiterating that it “will consider” paying holders of Hyflux's perpetual securities and preference shares a certain amount, referred to as a “soft landing”, even if the Emirati utility firm lists after two years from Hyflux’s restructuring.
At the Jan 20 town hall for PnP investors, Utico had told attendees that even if its initial public offering occurs after the two-year period, it will still consider providing the soft landing option for PnP investors. SIAS had thus sought confirmation that Utico now agrees to provide this option, and how much the amount will be.
“However, this can be assessed only after the PnP holders vote for option one or two as offered by Utico for the past seven to eight months,” it added. Utico emphasised that it will consider PnP holdings only on a per-account basis. It had stated during the town hall that if a PnP investor holds securities through more than one account, the investor will receive up to S$1,500 per account. This means that an investor with PnP holdings through three banks will stand to receive S$4,500, for instance.
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