FAQs on Proof of Claim

S/N Question Answer
1. Why am I being asked to a proof of claim? Hyflux Ltd (“Hyflux”) and three of its subsidiaries (Hydrochem (S) Pte Ltd, Hyflux Engineering Pte Ltd and Hyflux Membrane Manufacturing (S) Pte Ltd) (the “Scheme Companies”) intend to propose a scheme of arrangement (a document setting out its financial restructuring proposal) as part of the Hyflux Group’s ongoing court-supervised reorganization process.

 

The filing of proofs is a legislative requirement. Parties with claims against the Scheme Companies are required to file a proof to vote at the scheme meeting.

 

The chairman of the scheme meeting will assess the claim based on the proof, the supporting documents and the records of the company, and decide whether to admit the claim (in part or in full). Parties will be notified of the outcome of this assessment before the scheme meeting is held.

2. Who has to file a proof of claim? What happens if I do not? Any person who has a claim against / is owed an obligation by the Scheme Companies (e.g. bank lenders, trade creditors) are required to file a proof of claim.

 

IF YOU ARE A HOLDER OF NOTES, PREFERENCE SHARES AND/OR PERPETUAL SECURITIES, YOU ARE NOT REQUIRED TO FILE A PROOF OF CLAIM.

Hyflux will seek leave of court to file a proof on your behalf, based on the holdings reflected in the CDP records. The chairman of the scheme meeting will admit all amounts reflected in the CDP records.

 

Ordinary shareholders do not need to file a proof of claim. The scheme of arrangement will not be including ordinary shareholders.

3. I filed a proof of claim for the previous SMI scheme. Do I have to file one again? Yes, you are required to file a proof of claim again to be able to vote at the scheme meeting. This is a legislative requirement.

 

If you wish to rely on the proof of claim you had filed previously, please indicate so with a tick (ü) in the box at paragraph 1 of the proof of claim form. The particulars in your previously filed proof will be re-submitted, and you will not be required to fill in paragraph 2 of the proof of claim form.

4. I have additional claims to file which I did not file in my previous proof of claim. For claims that have been filed previously, do I indicate with a tick in the box at paragraph 1 on the proof of claim form to rely on my previous proof of claim filed, and fill in details of the additional claims in paragraph 2? If you have additional claims to file which have not been included in your previous proof of claim, please tick the box in paragraph 1, and include the details of the additional claims in paragraph 2. Please clearly indicate that the claims in paragraph 2 are additional to the claims included in your previously filed proof of claim.

 

Do note that only claims arising prior to or on 22 May 2018 are to be listed in the proof of claim.

5. Who and where do I send the proof of claim form to? What documents are required to be enclosed with the form? Completed proof of claim forms should be submitted by 5.00pm on Wednesday, 5 February 2020 by either email to proofofclaim@hyflux.com or by post to Hyflux Ltd, 80 Bendemeer Road, Singapore 339949.

 

If you are not relying on the proof of claim form you had filed previously, you should include all relevant supporting documents in your proof of claim such as invoices, contracts and agreements, or proof of your holdings.

6. I would like to rely on my previous proof of claim filed. Do I have to provide supporting documents that I have filed my claims previously? If you had filed your proof of claim previously and wish to rely on it, you may indicate your choice on the proof of claim form without additional supporting documents.
7. I am a TuasOne trade claimant. Do I have to file a proof of claim if I have signed the deed of novation with Hydrochem and Mitsubishi Heavy Industries (MHI)? This would depend on the terms of your novation agreement. If you wish to make a claim against any of the Scheme Companies, please file a proof of claim.
8. When must I file my proof of claim by? What if I miss the deadline? Completed proof of claim forms should be submitted by 5.00pm on Wednesday, 5 February 2020.

 

HOLDERS OF NOTES, PREFERENCE SHARES AND/OR PERPETUAL SECURITIES ARE NOT REQUIRED TO FILE A PROOF OF CLAIM

Hyflux will file a proof of claim on your behalf, based on the holdings reflected in the CDP records.

 

IF YOU ARE A TRADE CREDITOR, BANK LENDER, OR ANY OTHER PARTY WITH A CLAIM AGAINST ANY OF THE SCHEME COMPANIES

If you miss the deadline, you will (subject to the discretion of the chairman of the scheme meeting(s)) not be entitled to vote at the scheme meeting(s), and may not be entitled to any payments or distributions made pursuant to the restructuring plan that will be voted upon at the scheme meeting(s).

 

In such event, all your claims against the Scheme Companies as well as all obligations the Scheme Companies have towards you will be forever varied, waived, released, discharged and/or extinguished in accordance with the terms of the scheme once the scheme is sanctioned by the Singapore High Court.

9. How do I know if my proof of claim has been received, and is being processed? If you send your completed proof of claim form by email (to proofofclaim@hyflux.com), you will receive an acknowledgment of your email having been received.

 

All received proofs will be processed. You will be notified at a later date on whether all or part of your claim has been admitted.