Consolidated Questions For Hyflux Townhall Meeting on 19 and 20 July 2018 - Hyflux

Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don't wish to be assumed to be one. I make losses frequently.

Below are a list of questions that members of the Telegram Group raised.
If i missed out any of your questions, do forgive me. I have submitted the questions to Hyflux.

1	What is the breakeven USEP? On what basis is Hyflux so confident that the USEP will rise? What's the plan if USEP doesn't rise or Tuaspring is not divested? How much the retail investors can get back if Tuaspring is sold at book value, below book value and above book value?
2	There was a consent solicitation exercise on Jan 2015 which was completed in Feb 2015. Would Hyflux have been in breach of any financial convenants to the bondholders, without this consent solicitation exercise?
3	Hyflux announced on 10 May 2018 of a coupon payment to BTWZ. The ex-dividend is on 27 Maly 2018. Dividends were given to the ordinary shareholders on Feb 2018. Hyflux has broken a convenant. We do not want to waive the right of default. If we are asked to waive our right to hold Hyflux to a default, why should we do it since it will not harm the cashflow or operations of Hyflux?
4	The unrestricted cash position is only SGD18.6 million in June 2018. Did Hyflux notice its cash position when declaring coupon for BTWZ in May? Where did Hyflux planned to get the cash for BTWZ coupon originally?
5	In 2017,part of the issuance of btwz was used to redeem 2 tranches of wholesale perpetuals  which were issued in 2014, while N2H was issued in 2011.  We would like retail investors to be treated fairly and equally on par with non retail investors. Accredited/wholesale investors may be thought of as those fully aware and capable to stomach all risks. Why were the N2H not redeemed instead since it was issued earlier than the wholesale perpetuals? What is the detailed plan to redeem the retail preference shares (N2H) and perpetuals (BTWZ)? What are the milestones that must be reached before the redemption occurs?
6	The management of other companies facing similar fate to Hyflux has shown a willingness to take responsibility. Ezion CEO took a pay cut of 19% in 2015, 42% in 2016 and another 38% in 2017. Total pay cut of 71% , comparing 2014 to 2017. Why isn’t Hyflux management not taking such paycuts early on and deferred bonuses?
7	The wholesale bondholders generally consists of more sophisticated investors who have the capacity and resources to take on more risk or losses. The retail investors are less sophisticated with many of them retirees who could have used the CPF funds which are meant for retirement purposes.  Are there any new terms given to the wholesale bondholders? Can you share with us how these new terms will disadvantage the retail investors? Can you share us whether Hyflux took into consideration the different investor profile of the whole investors and the retail investors to determine the new terms?
8	We noticed that the remuneration in stock options for the Chairwoman/CEO/Founder reduced along the years, while the cash component of her salary increased. Hyflux is currently facing cashflow issues.             Can you explain the rationale for increasing the cash component of salary? Going forward, can we have a higher percentage in stock options instead of cash to show alignment of interest?
9	When comparing salary( cash) with Hyflux industry peers, Chairwoman/Founder/CEO seems to have the largest salary in cash, despite making losses, while her peers are still profitable. Peers are Darco, Citic Environtech, Moya Holdings, China Everbright.             What is the rationale for this?
10	When comparing with Hyflux’s industry peers, Hyflux seems to have directors, as a percentage, who have served the longest on the board? Peers are Darco, Citic Environtech, Moya Holdings, China Everbright.             What is the rationale for this?
11	When comparing with Hyflux’s industry peers, other than Darco, Hyflux is the only other company with Chairwoman and CEO position under the same person Peers are Darco, Citic Environtech, Moya Holdings, China Everbright.             What is the rationale for this?
12	We noted that Hyflux has never done a placement or rights issue as a form of fund raising. In comparison, her peers have actively done a mixture of rights and placement, in addition to borrowing and bond issuance. Peers include Citic Envirotech, Darco, China Everbright, SIIC Enviroment holdings and Moya Holdings Asia Why were there no rights or placement shares in the history of Hyflux? Are there any current investors looking to invest through placement and will you be open to dilution? Would you prefer to borrow or do a placement in this current situation?
13	Hyflux has conducted massive sharebuybacks across the years from 2011 to 2015. During this period, Hyflux has also borrowed money from retail investors and wholesale investors. The cashflow of Hyflux is poor. What is the rationale for conducting such massive sharebuybacks?
14	Hyflux bidded $0.45 per cubic metre with PUB for 1st year while TP-STM bidded $0.91 per cubic metre in 2017.  Why did Hyflux bid so low? Will the price with PUB increase after first year and will this help in the cashflow of Hyflux? Is the loss of TS contributed partly by the low price to PUB?
15	Besides TS, are there any other projects that are facing loss?
16	Hyflux has stated that the loss was mainly attributed to Tuaspring and there is currently an oversupplied electricity market. Current supply and demand can be easily calculated. Tuaspring is also one of the largest investments by Hyflux . The electricity market is also a new venture to Hyflux. During planning of Tuaspring, did Hyflux forsee the oversupply of electricity?  Regarding the forecasted electricity demand, where did Hyflux get this information from and how different is the forecasted demand compared with the current demand? Was there some incentives given to Hyflux such that Hyflux made such a fatal bet on this market?
17	Hyfluxshop issued SGD20 million worth of preference shares to Hyflux. Hyflux currently is facing cashflow issues itself and should not be in the position to lend fund. Why didn’t HyfluxShop issue the preference shares to Olivia or find other investor/source of funds instead?
18	Is Hyflux seeking any government assistance?
19	There is a recent hike of electricity tariffs of 6.9% in 3rd quarter of 2018. How much does Tuaspring benefit from this hike?
20	There is a recent hike of water tariffs of 30% in July 2018. How much does Tuaspring benefit from this hike?
21	The revenue of generators consist of those sold in the wholesale market ( USEP price ) and those sold to SP Group ( vesting price) What is the percentage of Hyflux revenue dependent on vesting price and USEP price? What is the percentage of Hyflux electricity taken up by the vesting contracts? Does Hyflux have visibility on the amount of vesting contracts it will be entitled to when planning for Tuaspring?
22	Hyflux has stated that she is trying to sell Tianjing Dagang and Tuaspring. Tianjing Dagang is an asset in China, while Tuaspring is an asset in Singapore and we know that Singapore is facing an oversupply of electricity. Both have taken a longer than expected time to sell. Are there any inherent issues with Tianjing Dagang that it is taking such a long time to sell?
23	TuasOne is coming online in end 2018 or 2019. This will add to the supply of electricity. Will TuasOne be another Tuaspring?
24	Hyflux built Tuaspring in 2012. Hyflux must have based the investment on demand and supply considerations. Did Hyflux take into account electricity sources from other embedded generation and renewables such as solar generation to determine the supply? Were such information readily available for Hyflux then?

Further reading

1) Considerations about Hyflux

2) The fate of Hyflux

3)Will Hyflux recover? The billion dollar question

4) Hyflux-Treatmeat of perpetual share holders- Ezion

5) Hyflux - loans and borrowings - Pacific Radiance

6)A happy ending for retail perpertual securities holders - Tiger Air and Hyflux

7) The Very Curious Case of Sharebuybacks- Hyflux

8)What did the founder/Chairwoman/CEO do to help hyflux throughout the years

9) Moving forwards at the Townhall meetings with Hyflux - Part 1

10) Moving forward at the Townhall meeting with Hyflux - Part 2

11)The Lucky Accredited Investors of Hyflux's Perpetual Securities - Part 3

12) The Peculiar Case of HyfluxShop - Question 12 

13)Uncovering the Real Motivations Behind the HyfluxShop 

14) High Level Staff Movement Indication of Red Flags -Hyflux

15)An industry comparison of Hyflux compared with its peers - Question 15

16)What other Water Companies did that Hyflux didn't - Question 16

17) Why a debt to equity option for retail investors is not right

Why a debt to equity option for retail investors is not right - Hyflux

Approaching a pretty banker, he muttered in a husky voice " Hi, my friend told me about a 18% pa product that he bought from the bank. Something like I-U-ME-Later...." he asked eagerly. "
Oh, pls complete this form.
"Sorry, your risk profile is very low and your knowledge of investing is practically nil. I think a one-year fixed deposit is most suitable for you."She said.
Ok, i think we are not fated, guess i will go to somewhere else to grow my money then...." he muttered softly..

After the mini bonds saga in 2010, more protection for retail investors were put in place. The Monetary Authority of Singapore (MAS) required all investment products to be rated for relative complexity and risk. See this link for more details. Retail investors had to take a risk profiling assessment to see if the product offered by the bank is suitable .

Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don't wish to be assumed to be one. I make losses frequently.

Why did the retail investors GULP Hyflux?

In 2011, about 20000 retail investors, mainly mom and pop and retirees, many of whom used their Central Provident Fund bought the preference shares (N2H) of Hyflux. Preference shares were a relatively new concept in Singapore. If i am not wrong, OCBC with their 5.1% NCPS 100 was the first publicly listed company in Singapore to offer this to retail investors in 2008. DBS was next in 2010.  ( I base this on the list of such listed NCPS in SGX and found OCBC to be the earliest)

Given the ultra low interest rates in 2011 due to the financial crisis, to borrow the phrase from Business Times, retail investors "GULPED down " with their CPF monies.
In 2016, given the continuation of the low interest rates, new retail investors and some old ones also, totaling about 20,000 " GULPED down" with their CPF monies for the newly issued perpetual securities (BTWZ). In fact, they "GULPED down" so much, the original $300 million "GULPED down" has to be increased to $500 million to satisfy the lack of investment opportunities to grow their money.

The much hyped fanfare of the opening of Tuaspring," being Singapore's first" , "largest desalination plant in South East Asia" and " one of the world’s largest UF installations in a desalination plant" only added to its allure.

Whoever mentioned about a debt to equity for Hyflux ?

To be clear, i don't think a debt to equity option has been mentioned by Hyflux at this point.
I think what most people expect at this time is a cut in coupon or maybe a temporary stopping of coupon to tide Hyflux over this unfortunate incident.

A debt to equity means converting how much one is owed into shares of the company at a certain price.

However, the following outcomes for other SGX listed companies in trouble, sure doesn't put one at ease that this will be totally ruled out.

Why a debt to equity option for retail investors is not right?

Reason 1- Complexity
Preference shares and perpetual securities are accounted in the financial statements under equity.
However, when you think of it, people ( or at least to the retail investors of the N2H and BTWZ) expect it to be a debt.

It gets so complicated and technical that headline numbers seem to consider it a debt at some time or equity at another time depending on how nice it would make the numbers look.

When it is considered equity that makes the gearing lower

When it is considered debt that makes the NAV per share higher

I am not finance-trained and i do not want to even calculate what is the right gearing and right NAV per share to do a comparison.

To be fair, if retail investors were to read the annual report very very deeply, there will be explanations as to how they define the gearing, or what were used and what were not used in the calculations.

But touch you heart and tell me is this reasonably expected of a retail investor who comprise of mom and pops, retirees or people who were turned away from banks due to their low risk profiling?

Reason 2 - Risk Profile

I think in the recent news about Hyflux, it was mentioned that there were in total 34000 retail investors in N2H and BTWZ and another 16,000 who invested in the ordinary shares. The headline numbers should not be 50,000 retail investors ( as stated by some media) as some 16,000 investors in ordinary shares would have also invested in BTWZ and N2H.

Assuming the unlikely scenario that ALL 16,000 ordinary share investors invested in N2H and BTWZ, that would make about (34,000 - 16,000) 18,000 retail investors in N2H and BTWZ who do not own Hyflux ordinary shares.

Now, this 18,000 retail investors would  likely be those risk-adverse sort who shun shares ( thats why they didn't buy the ordinary shares) and would probably fail the risk profiling from a bank, like the dude in the fist paragraph that tried to buy an accumulator with a husky voice.

If their preference shares and perpetuals are indeed converted into ordinary shares, this would be akin to a risky product shoved down their throat against their risk profiling!

Conclusion

I think it is morally wrong to subject N2H and BTWZ investors to a debt to equity deal. These are retail investors who include retirees, mom and pops who are not financially savvy, unlike those investors who can afford the wholesale bonds of Nam Cheong, Ezion, Noble e.t.c.

Mini bonds saga involved banks, foreign companies and 10,000 investors who were not able to use their CPF to buy the "bonds". This was set against a backdrop of a Global Financial Crisis, where Singapore is a price-taker in the international stage. 

This Hyflux fiasco involves 34000 preference and perpetuals and 16000 ordinary shareholders, against a backdrop of a booming economy, where the company involved is local with a majority of local contracts. 

I urge the stakeholders to exercise " heart" in their decision.

Further reading

1) Considerations about Hyflux
2) The fate of Hyflux
3)Will Hyflux recover? The billion dollar question
4) Hyflux-Treatmeat of perpetual share holders- Ezion
5) Hyflux - loans and borrowings - Pacific Radiance
6)A happy ending for retail perpertual securities holders - Tiger Air and Hyflux
7) The Very Curious Case of Sharebuybacks- Hyflux
8)What did the founder/Chairwoman/CEO do to help hyflux throughout the years
9) Moving forwards at the Townhall meetings with Hyflux - Part 1
10) Moving forward at the Townhall meeting with Hyflux - Part 2
11)The Lucky Accredited Investors of Hyflux's Perpetual Securities - Part 3
12) The Peculiar Case of HyfluxShop - Question 12 
13)Uncovering the Real Motivations Behind the HyfluxShop 
14) High Level Staff Movement Indication of Red Flags -Hyflux
15)An industry comparison of Hyflux compared with its peers - Question 15
16)What other Water Companies did that Hyflux didn't - Question 16

What Other Water Companies Regularly Did But Hyflux Never Did - Hyflux - Question 16

"I took my suppliers out for an event and i spent $XX,000 on my XXX credit card...." says my wife. Discontent immediately filled me and i retorted " Why didn't you use the YYY credit card, i painstakingly labelled the cards for each specific purpose, you have basically lost many krisflyer miles, enough to take a free saver ,return business class to New York!"

"You shut up! You lost many multiples more in Hyflux!...." . With that, i retreated into my Man-Cave.....knowing full well i could never raise my head up high in this household again, unless of course, i got back my money. My ever faithful three-year old wingman followed me behind.

Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don't wish to be assumed to be one. I make losses frequently.

Sources of funds
Companies have many ways to raise fund.
They can:
1) Borrow from bank
2) Issue bonds, preference shares and perpetual securities
3) Director's loan
4) Rights issuance and placement shares
5) "Borrow" from suppliers when they extend their trade payable dates
6) Go Initial Public Offer

Each has it's merits and demerits. Most notably, rights issuance and placement shares are important because they do not impose a heavy burden on the cash flow of the company in the form of interest. They also improve a company's debt ratios.
However, they result in the dilution of existing shareholder's control in the company, unless the existing shareholders have enough funds to subscribe to their rights entitlement or are given a chance to participate in the first place.

Now back to Hyflux. 
Hyflux has NEVER done a rights issuance or placement shares in its history!

Let's take a look at the close ,locally-listed ,competitors of Hyflux.

Notice how everyone of them does rights issuance and placements regularly?
To be clear, they have also embarked on other sources of funds.

But the question is, why does Hyflux choose to omit rights issuance and placement as a source of funding? 
Instead, they love to issue preference and perpetual securities with no voting rights.

Darco 
What They Do:
Darco specialise in designing, fabricating, assembling, installing and commissioning engineered water purification and wastewater treatment systems

Fund Raising:
Feb 2015 - Rights issuance
Feb 2017 - Placement of shares
Nov 2017 - Placement of shares
Feb 2018 - Placement of shares

Citic Environtech
What They Do:
Citic Environtech is a leading membrane-based integrated environmental solutions provider specializing in water and wastewater treatment, water supply and recycling.

Fund Raising:
Feb 2007 - Placement of shares
Oct 2009 - Placement of shares
Mar 2013 - Placement of shares
Nov 2014 - Placement of shares
April 2015 - Placement of shares
Dec 2017 - Placement of shares
Mar 2018 - Placement of shares

China Everbright

What They Do:
China Everbright has six major business sectors, namely environmental energy, environmental water, greentech, envirotech, equipment manufacturing and international busines

Fund Raising:
April 2006 - Placement of shares
Sept 2009 - Placement of shares
Dec 2013- Placement of shares
Aug 2013 - Placement of shares

Moya Holdings Asia
What They Do:
Indonesians need access to clean piped water. Local governments need help. We are building new treatment plants and expanding pipe networks.

Fund Raising:
Nov 2011 - Rights issuance
May 2018 - Right issuance

SIIC Environment Holdings
What They Do:
It is engaged in wastewater treatment, water supply, solid waste management and other environment-related businesses.

Fund Raising:
April 2008 - Placement of shares
October 2009 - Placement of shares
March 2010 - Rights issuance
October 2013 - Placement of shares
October 2014 - Placement of shares
May 2017 - Placement of shares

Conclusion
Hyflux is a good company with a viable business model, the problem is with the management. Therefore, i would reasonably expect it to be successful without the current management.

However, as Hyflux is in a tight time situation ( 6 months moratorium), i would think it would be quite unlikely to quickly find a replacement who can get up to speed. However, if such a top dog person should appear, i hope the management would humbly give up their throne. I hope the controlling shareholder would also be open to diluting her stake to cede control of her baby to save his life. In the long run when Hyflux survives, the management, please just go relak one corner to not cause any damage. ( 越幫越忙)

Further reading

1) Considerations about Hyflux
2) The fate of Hyflux
3)Will Hyflux recover? The billion dollar question
4) Hyflux-Treatmeat of perpetual share holders- Ezion
5) Hyflux - loans and borrowings - Pacific Radiance
6)A happy ending for retail perpertual securities holders - Tiger Air and Hyflux
7) The Very Curious Case of Sharebuybacks- Hyflux
8)What did the founder/Chairwoman/CEO do to help hyflux throughout the years
9) Moving forwards at the Townhall meetings with Hyflux - Part 1
10) Moving forward at the Townhall meeting with Hyflux - Part 2
11)The Lucky Accredited Investors of Hyflux's Perpetual Securities - Part 3
12) The Peculiar Case of HyfluxShop - Question 12 
13)Uncovering the Real Motivations Behind the HyfluxShop 
14) High Level Staff Movement Indication of Red Flags -Hyflux
15)An industry comparison of Hyflux compared with its peers - Question 15

An industry comparison of Hyflux compared with its peers - Question 15

Finally, i am upgraded to my bed! All thanks to my toddler that insists on sleeping with Papa on the sofa. My wife's love for the Son superseded her despise of her Good For Nothing, Penny wise,Pound foolish Husband. She must have logically deduced that she will still be able to keep a distance from me as my son sleeps in the middle.

Children are angels to be cherished..truly......

Now back to Hyflux.

The much needed 6 months moratorium has been granted, though it could be said to be expected. Courts generally rule on precedents and precedents in the form of Nam Cheong, Pacific Radiance,e t.c having secured 6 months moratorium before, means it isn't too difficult to justify the decision to grant Hyflux the moratorium.  And, Hyflux, as i have said before, is a company that does indeed provide value to society, and so, should be able to squeeze out a profit. The problem is the management...truly..big problem.

Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don't wish to be assumed to be one. I make losses frequently.

How are the management like in other Water companies in Singapore

To make it an apples to apples comparison as much as possible, i used Water companies within Singapore  to further elaborate why i think the issue is the management. Granted there are slight differences, as always, as no 2 companies or 2 persons are identical, i think the reasonable person wouldn't object to the chosen companies.

I have used companies larger and smaller than Hyflux in terms of revenue to try to show objectivity as much as possible.

I have flagged out in red the undesirable attributes ( in my opinion) of Hyflux.
Except for Darco, no other water companies have the same CEO and Chairperson.
Among Hyflux's peers, it has the largest percentage of directors serving more than 10 years on the board.
In terms of remuneration in cash, Olivia's remuneration in cash is roughly in the range of Citic Envirotech's CEO despite Citic's revenue about 3 times of Hyflux and Citic being profitable but Hyflux making a loss.
The funny thing is all of them are making profits and yet Hyflux's Olivia is getting the highest ( same par as Citic) remuneration in cash.

Do you think it is reasonable?

Now for the ....
Question 15

 Olivia and the remuneration committee, can you comment on what is the basis on deciding the amount of remuneration?

Further reading

1) Considerations about Hyflux
2) The fate of Hyflux
3)Will Hyflux recover? The billion dollar question
4) Hyflux-Treatmeat of perpetual share holders- Ezion
5) Hyflux - loans and borrowings - Pacific Radiance
6)A happy ending for retail perpertual securities holders - Tiger Air and Hyflux
7) The Very Curious Case of Sharebuybacks- Hyflux
8)What did the founder/Chairwoman/CEO do to help hyflux throughout the years
9) Moving forwards at the Townhall meetings with Hyflux - Part 1
10) Moving forward at the Townhall meeting with Hyflux - Part 2
11)The Lucky Accredited Investors of Hyflux's Perpetual Securities - Part 3
12) The Peculiar Case of HyfluxShop - Question 12 
13)Uncovering the Real Motivations Behind the HyfluxShop 
14) High Level Staff Movement Indication of Red Flags -Hyflux

High Level staff Movements Indication of Red Flags - Hyflux - Question 14

For the past few nights, after the fateful confession to my Significant Other and despite it being Father's day, i have been relegated to my sofa to sleep through the nights.
Should have bought a more expensive sofa.
Indeed, Hell has no fury like a woman's.

Let's see the high level staff movements in Hyflux over the years.

Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don't wish to be assumed to be one. I make losses frequently.

Take note that i did not include employee stock options as part of their vested interest at time of cessation.

2010 
Designation: Non-executive non-independent director
Service:  2 years
Vested interest at time of cessation :Nil

2013
Designation: Group Executive Vice President and Group Chief Financial Officer
Service: 2 years
Vested interest at time of cessation:
Ordinary Shares:
360,000 ordinary shares held in his own name
3,000 ordinary shares held by his spouse.
Preference Shares:
2,000 preference shares held in his own name

2013
Designation: Non-Executive Independent Director. Member of Audit Committee, Remuneration Committee and Investment Committee
Service: about 6 years
Vested interest at time of cessation:
20,000 Hyflux Preference shares ( N2H) at time of cessation

2014
Designation: Group Senior EVP and Group Deputy CEO
Service:  7 months
Vested interest at time of cessation:Nil

2015
Designation: Group Senior Executive Vice President
Service: about 6 years
Vested interest at time of cessation:
Deemed interested in 2,000 ordinary shares and 11,950 Preference Shares of Hyflux Ltd held by her husband.

2017
Designation: Group Executive Vice President
Service: about 1.5 years
Vested interest at time of cessation: Nil

2018
Designation: Group Executive Vice President and Group Chief Operating Officer
Service:  About 3.5 years
Vested interest at time of cessation:
Holds 50 Preference Shares of Hyflux Ltd and is deemed interested in 70 Preference Shares of Hyflux Ltd held by his wife


Tuaspring has been mentioned as the reason for Hyflux's problems.

The spate of staff movements have also been fairly aligned and consistent , during and after Tuaspring's planning and inception.

Due to investor's recency bias and tendency to forget things a long time ago, i felt it was important to put some objectivity and to reduce people's biased opinion that the blame for Hyflux's mess is pinned on the Group Executive Vice President and Group Chief Operating Officer who resigned in 23 May 2018.

In 2014, the Group Senior EVP and Group Deputy CEO, served for only about 7 months,  the shortest tenure in the list above and the only one who had the title deputy CEO.

The tenure is also very short, with a 4 out of 7 of them working for 2 years or less. 2 years being a reasonable time needed to be familiar and really start contributing to the topline of a company.

Does this reflect the working environment of the management at the very top  ?
The emperor's new clothes syndrome perhaps?

If anything is impeding the funding or capitalization of Hyflux or maybe even the sale of Tuaspring to a foreign entity at a reasonable price,  to the detriment of thousands of mom and pop investors funds and CPF money, they must touch their heart and do some reflection. 

Which leads me to ....

Question 14

Can you explain the spate of high level staff movements along the years and also comment on the short tenure of many of them?

Further reading

1) Considerations about Hyflux
2) The fate of Hyflux
3)Will Hyflux recover? The billion dollar question
4) Hyflux-Treatmeat of perpetual share holders- Ezion
5) Hyflux - loans and borrowings - Pacific Radiance
6)A happy ending for retail perpertual securities holders - Tiger Air and Hyflux
7) The Very Curious Case of Sharebuybacks- Hyflux
8)What did the founder/Chairwoman/CEO do to help hyflux throughout the years
9) Moving forwards at the Townhall meetings with Hyflux - Part 1
10) Moving forward at the Townhall meeting with Hyflux - Part 2
11)The Lucky Accredited Investors of Hyflux's Perpetual Securities - Part 3
12) The Peculiar Case of HyfluxShop - Question 12 
13)Uncovering the Real Motivations Behind the HyfluxShop