Author: SGDividends

An industry comparison of Hyflux compared with its peers – Question 15

Finally, i am upgraded to my bed! All thanks to my toddler that insists on sleeping with Papa on the sofa. My wife’s love for the Son superseded her despise of her Good For Nothing, Penny wise,Pound foolish Husband. She must have logically deduced that she will still be able to keep a distance from me as my son sleeps in the middle. Children are angels to be cherished..truly…… Now back to Hyflux. The much needed 6 months moratorium has been granted, though it could be said to be expected. Courts generally rule on precedents and precedents in the...

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High Level staff Movements Indication of Red Flags – Hyflux – Question 14

For the past few nights, after the fateful confession to my Significant Other and despite it being Father’s day, i have been relegated to my sofa to sleep through the nights. Should have bought a more expensive sofa. Indeed, Hell has no fury like a woman’s. Let’s see the high level staff movements in Hyflux over the years. Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct...

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Uncovering the Real Motivations behind the HyfluxShop – Question 13

In my line of work , uncovering the motivations of individuals and organisations is vital. I can’t possibly micromanage everything that an individual or organisation does. However, if i know that the motivations of the individual or organisation is aligned with mine, i guess i can worry less. “I can calculate the motion of heavenly bodies, but not the motivations of Man.”- Sir Isaac Newton ( modified) Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if...

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The Peculiar Case of HyfluxShop – Question 12

I still don’t understand why the CEO/Chairwoman/ Founder has to venture into HyfluxShop. I mean, isn’t the electricity market, the business in the middle east and being on the board of directors of ST Engineering enough on her plate? Why do : 1) A dividend-in-specie of HyfluxShop, 2) An offer to buy over the HyfluxShop shares and 3)then within 3 months, suspend Hyflux Shop and ask the court for protection? Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let...

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The Lucky Accredited Investors of Hyflux’s Perpetual Securities – Part 3

When i grew up, my mum always reminded me ” Son, impression matters. Not everyone is going to get to know you better but they form a general opinion of you from what you do, say and wear.” I guess i didn’t heed her advice, with all this messy posts with no clear direction and spelling/vocab mistakes. I would therefore like to make it clear that my agenda is purely monetary in terms of the capital invested, that’s all. Nothing else. Like what the bank robber said ,” Give me the money and no one gets hurt” kind of...

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Moving forward at the Townhall meetings with Hyflux – Part 2

Today my son reached out to my hand as i came back home from work. He tugged  at my hand gently and placed his face next to mine. In his sweetest, angelic , softest voice he whispered into my ears ” PaPa, i tell you a secret, I love you….” Sensing the opportunity, i whispered back into his little ears” Son, i decimated your education fund..” knowing full well he wouldn’t understand what i meant, and yet, offloading a heavy burden in my heart by confessing without any repercussions…..now for the Significant Other…Yikes .. Disclaimer: I am not an investment...

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Moving forward at the townhall meetings with Hyflux

The past few days have been a pretty big eye opener from me. I have been sleeping well ( impt to me) ,engaging with some entities, waiting for answers, trying to ‘read’ the vested interests objectively using publicly available information ( links to the sources are referenced in my articles) , reading up on the electricity market and carrying on with my daily life, spending time with my kid and watching him grow up to be such a adorable and more and more lovable person. This makes me wonder! Expensive “tuition” fees have been paid ( probably a slight...

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What did the founder/CEO/Chairwoman do to help Hyflux through the years?

As stated in my previous post, Hyflux sold $400 million preference shares (N2H) in 2011 to unsophisticated retail investors whom among them are retirees who used their CPF or SRS. After which,  Hyflux conducted a series of massive sharebuybacks starting in 2011 all the way to 2015 (except in 2013). In 2016, sold another $500 million perpetual securities (BTWZ) to, again, retail investors. In total, a grand total of about $900 million in such securities. All this done within a capital intensive industry structure. Disclaimer: I am not an investment advisor. Heck, i am not even working in the...

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The Very Curious Case of sharebuybacks – Hyflux

In my previous posts, i wrote what management of other companies proactively did to try to save the sinking ship. Ezion – Proactively issued rights to access capital – A drastic reduction in management compensation and doing more with less people – Usage of family and personal assets as a collateral to gain more funds for the company – Acceptable terms for perpertual securities holders ( Accreditated investors) Tiger Air – Proactively issued rights to access capital – Capital injection by parent company – CEOs who were changed along the way ( ok i didn’t write this in my...

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A happy ending for retail perpertual securities – Tiger Air and Hyflux

What happened to actual retail perpetual securities holder in beleaguered local listed companies? In my previous posts, the perpetual securities holders were not retail ones, but generally accredited ones who traded in the wholesale market. As of now, i can only think of Tiger Air which was delisted in 2016. Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not...

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Hyflux – loans and borrowings – A noob/layman’s interpretation – Pacific Radiance

Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don’t wish to be assumed to be one. I make losses frequently. Actually, i think i learnt a lot during this episode. A person will not have the motivation to read in detail the annual report unless sh**t hits the fan. But without reading in detail, there...

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Hyflux – Treatment of perpetual holders by Ezion

Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don’t wish to be assumed to be one. I make losses frequently. I don’t like to speculate what will happen. I guess it wouldn’t be totally nonsensical to look at what happened to perpetual holders in the case of Ezion. Now, it should be noted that Ezion...

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Will Hyflux recover – the billion dollar question

I believe some investors are still in the state of numbness, while many others still believe that Hyflux is different from Noble  as Hyflux hold hard assets with strategic relevance to Singapore. Many others may not even know their investments are in trouble, especially those retirees. How am i affected?I don’t know frankly because i am still sleeping fairly well, but i am posting pretty fervently and finding out more. Its weird. I don’t understand myself…maybe it hasn’t sunk in. I don’t know. But i certainly hate to lose money. Anyway, is this a cashflow problem for Hyflux that...

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Hyflux – where we stand

I think at this point of time, it would be good to know how much vested interest there is among the key stakeholders in Hyflux to help the preference shareholders ( N2H), perpetual shareholders (BTWZ)  and the ordinary shareholders (600). It would also be good to know as a really rough gauge, how many people are affected. I should make it clear that this number is just a very rough ball park figure because some of the securities( N2H, BTWZ, 600) are held in nominee accounts which can hold for many different shareholders, information is based on public available...

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The fate of Hyflux

Disclaimer: I am writing as a layman who do not work in this industry. What i write is what i read and interpreted. I am a noob. The poster child of Singapore has runned into difficulties. So what led to its fate? It has been stated that Tuaspring is the one that broke Hyflux due to the excess capacity in the local electricity market. Hyflux is unable to sell Tuaspring at book value due to losses, so she is unable to repay creditors, suppliers and other securities. So why is there excess capacity in the local market in first...

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