Date: April 22, 2019
Ms Olivia Lum, Executive Chairman & Group Chief Executive Officer, Mr Teo Kiang Kok, Lead Independent Director, Mr Gay Chee Cheong, Non-Executive Independent Director, Mr Christopher Murugasu, Non-Executive Independent Director, Mr Lau Wing Tat, Non-Executive Independent Director, Mr Nicky Tan, Advisor, nTan Corporate Advisory and Mr Manoj Pillay Sandrasegara, Partner, WongPartnership met with me at SIAS office this afternoon at my request.
The meeting was called to discuss whether the board has a game plan following the termination of the restructuring agreement with SMI and how it intends to revive the company. I was briefed by the advisors that there is a credible plan where the senior unsecured and Perps & Preps (P&P) will be much better off than in a liquidation that is now being worked out that will have to be submitted to the court first in an affidavit. From my understanding the request by SIAS to avoid any haircut and keep the P&P whole in the books would be accommodated in the new plan. According to the advisors, for the new plan to materialise, the company will need at least 3 months, which SIAS supports in the interest of all retail investors. SIAS calls on all parties, senior and junior creditors to give the company the time to work on the alternative plan to avoid liquidation which will result in a very adverse return to all the creditors and stakeholders.
Founder, President & CEO
Securities Investors Association (Singapore)