SINGAPORE (Feb 5): Hyflux’s share price dived as much as 24% in the fortnight after its 3QFY2017 results were released on Nov 9. The stock has recovered to 38.5 cents and is now just 21% lower. Still, the stock is back at levels unseen since 2003, when prices were below 40 cents.

Surprisingly, Hyflux’s 6% perpetual capital securities have fallen as much as 25.9% since Nov 9, touching a low of 70.6 cents on Jan 18. The so-called “perps” have now recovered to 79 cents. The 6% cumulative preference shares, which were issued in 2011, fell 6.8% since the 3Q results, and are now down just 5%. An important date is coming up for preference shareholders: April 25, when Hyflux can choose to exercise the option to redeem these shares or pay a higher coupon rate of 8%.

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