Date: October 13, 2020
SIAS refers to the latest announcement by Hyflux regarding the expression of interest (EOI) by Strategic Growth Investments LLC (SGI). The EOI provides for a total of $32m in cash for PnPs and a 10% equity stake in the form of warrants, post restructuring.
SGI’s EOI is not binding, subject to due diligence and internal approvals, and there are questions for SGI, like how SGI has determined the value of its Value Creation Plan and the terms of the warrants. Nevertheless, it is worth noting the proposal provides a holistic approach to the Hyflux restructuring and solution to the PnP Holders, and SIAS is prepared to commit time to engage with SGI with a view to developing its EOI into a concrete and binding restructuring plan.
David Gerald
Founder, President & CEO
SIAS
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