Details of Offer for Perps and Pref Shareholders

To summarise, Hyflux has offered to exchange the $900 million in value for Perpetuals and Preference shareholders into 10.26% of the restructured company + a $27 million cash repayment.

Based on Salim action of injecting $400 million to obtain 60% of the restructured company, it can be seen that 10.26% of the company, worth roughly $67 million, was given to perpetual and preference shareholders. This means Preference and perpetuals holders will get about $94 million back for their $900 million

While the CEO and board of directors has made a goodwill gesture by giving their shares to retail holders, I think the current deal is not good to the current group of perpetual and preference holders and should be voted against. 

Voting "No" to the restructuring may result