Lee Joo Hai, a director of Hyflux, divested his shares completely at $2.18 per share in open market sale at own discretion on 15 April 2011. Total: 375,000 shares. As an insider, could he know something that we retail investors don't? Probably.
In my last blog post on the subject, I had mentioned that "the news that Hyflux is issuing preference shares with an annual dividend rate of 6% is somewhat surprising to me. In an environment of low interest rates, isn't paying a 6% interest a bit expensive? It would only make sense to do this if borrowing from a financial institution would be costlier and it would only be costlier if the company and/or its business is perceived to be high risk."
Judging by how well the response is to the placement shares, which were 7x oversubscribed, I expect the ATMs to see long queues ......