Date: November 20, 2017
SIAS is heartened that, an average of more than 90% of all securityholders, have voted for Ezion’s refinancing proposal, demonstrating not only their understanding of the issues that had affected the Oil & Gas sector but also their confidence in its recovery. Given that the refinancing of the Ezion bonds and securities is the largest and most complex of the many such plans in the industry, thus far, I commend Ezion and its team of professional advisors for their diligence in working the ground over the past few months to win their support. I trust that other stakeholders, including financial institutions and shareholders have and will also provide their support to the company, a home-grown global leader in its core liftboat business.
This approval comes after a series of dialogue sessions with SIAS, bondholders, the company and its advisors. The steering committee, which SIAS also facilitated to set up, was also instrumental in negotiating for better terms for the bondholders in the restructuring proposal. The engagement process should be held as a best practice model for all other issuers and professional advisors to follow in the future.
Founder, President & CEO
Securities Investors Association (Singapore)