For the perpetual securities and preference shareholders, they get nothing if there’s no plan. They wanted something reasonable so the company will now keep (them) whole on the book and they will not be asked to take a haircut.
David Gerald of SIAS (Emphasis mine)
Given that there’s no white knight on the horizon (David Gerald said so), MayBank deciding to appoint receivers and managers over the assets of Tuaspring (Hyflux: Good Friday cruxification), and the desalination plant set to be taken over by PUB for free in May, what is David Gerald going on about? A credible restructuring plan without a white knight after the last one rode away? Pull the other leg, it’s got bells on it.
Super massive rights issue with pref and perpetual securities allowed to take part? Ownself pay ownself?
Another wannabe stand-up comedian, like Tharman (Tharman talks cock yet again)? Indians like to be comedians it seems?