Date: November 27, 2019
SIAS refers to the announcement by Miclyn Express Offshore Pte Ltd (MEO), on 20 November 2019, that it has improved the Early Bird Bonus terms as referred to in its Townhall Presentation dated 20 September 2019, after discussions with its senior secured lender, DBS Bank and SIAS.
MEO intends to offer an “Early Bird Bonus” based on the following improved parameters to Noteholders who vote in favour the scheme of arrangement proposed by MEO:
(a) 5% of the face value of the Notes held by the Noteholder who is eligible for the “Early Bird Bonus”, capped at US$10,000,
(b) the amount in (a) is to be paid out over 3 equal annual instalments after the sanction of the scheme of arrangement proposed by the Company,
(c) if the aggregate amount in (a) for all Noteholders who are eligible for the “Early Bird Bonus” exceeds US$1,600,000, then the sum of US$1,600,000 shall be divided equally among the Noteholders who are eligible for the “Early Bird Bonus”.
SIAS is pleased by the positive developments which provides an opportunity for MEO’s Bondholders to obtain improved returns and the efforts of MEO and DBS.
Given that there is no other better proposal on the table, SIAS is of the view that Noteholders may wish to give serious consideration of MEO’s scheme of arrangement.
Founder, President & CEO
Securities Investors Association (Singapore)