BELEAGUERED water-treatment firm Hyflux said that it continues to be in discussions with Utico, following the potential white knight’s decision to revoke the cash component of its rescue deal.
In a bourse filing on Friday, Hyflux said that it is “considering the contents” of Utico’s May 26 letter, in which the Middle Eastern utility provider said that all cash considerations it had earlier offered will be substituted for stock in Utico and Hyflux. This means that holders of Hyflux's Perpetual securities and Preference shares will receive shares comprising 5 per cent of Utico and 12.5 per cent of Hyflux as payment, but with no cash component. Meanwhile, senior unsecured creditors will have to accept 17 per cent of Utico and 12.5 per cent of Hyflux as payment.Hyflux said it is concurrently pursuing other options, including those with regard to other potential white knights, namely Aqua Munda, Longview and FCC Aqualia.
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