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scheme of arrangement process

LexisNexis Webinars . Schemes of arrangement are frequently used by companies to give effect to a debt restructuring. 1 Scheme Procedure 2 Advantages of a Scheme 6 Disadvantages of a Scheme 7 Definitions 8 Appendix 1: Scheme Process Flowchart 9 Appendix 2: Summary Scheme timeline 10 Contents Scheme of Arrangement guidance notes Based on a solid heritage we are an advisory firm bringing clarity to complex The two most common ways are by scheme of arrangement and by… Scheme of arrangement (de-merger). What is a Scheme of Arrangement? Updates on restructuring process – Scheme of Arrangement: Adjourned Hearing Date 1. Process By whom Tentative Timeline 1 Intimation of outcome of Board of Directors of the company approving the draft scheme of arrangement under Regulation 30 The only formal corporate rescue process currently available in Malaysia is the scheme of arrangement under section 176 of the Companies Act 1965. PARTS OF THE SCHEME: This Scheme of Arrangement is divided into following parts: 1. administration, the scheme application process will be initiated by the administrators. We predict that this will continue in 2016, despite European alternatives, because of the scheme’s flexibility, predictability, the speed of access to, and the commercial attitude of, English judges. a scheme of arrangement that leads to the acquisition by one company of another company of comparable size. 3 Role of the FSA in the Scheme Process 4 Roles of Actuaries in Schemes of Arrangement 5 Estimation Guidelines and Supporting Evidence 6 Reporting Considerations 7 Dealing with Objections Appendices A List of known Schemes of Arrangement as at March 2009 B Indicative Timeline for a Cut-off Submission Scheme of Arrangement Hyflux Ltd. (the “Company”) refers to its ongoing reorganisation process, and its announcements made on 1, 5, 11, 16, and 17 February 2019 in relation to the proposal of schemes of arrangement (the “Schemes”), and applications (the “Applications”) to convene 2. 3. Updates on restructuring process – Scheme of Arrangement 1. In other words, it is generally thought that it is not possible to conduct a hostile scheme. Importantly, a scheme is neither an insolvency nor a bankruptcy process, and are relatively low profile in terms of publicity. However, by the Atlas Scheme (among others), we are witnessing the reintroduction of the scheme of arrangement. [2] This Guidance Note refers to both the scheme applicant, which will usually be the relevant Code company, and the “promoter” of the scheme. The new Companies Act has made Schemes of Arrangement significantly cheaper and more flexible, with the result that they are now a realistic option for struggling companies to consider. INTRODUCTION Singapore, 10 November 2020 – KrisEnergy Ltd (“KEL” or the “Company”), an independent upstream oil and gas company, refers to its announcements dated 16 October 2020 (“16 October Announcement”) and 21 October 2020 (“21 October Announcement”) in relation to its Scheme of arrangement between ABB India Limited and ABB Power Products and Systems Ltd: ABB Power Products and Systems India Limited: Listing of 4,23,81,675 Equity shares of Rs. 2/- each of ABB Power Products and Systems India Limited pursuant to Scheme of Arrangement. Scheme of Arrangement: Outcome of Scheme Applications INTRODUCTION Singapore , 16 November 2020 - KrisEnergy Ltd (" KEL " or the " Company "), an independent upstream oil and gas company, refers to its announcements dated 16 October 2020, 21 October 2020 and 10 November 2020 (" 10 November Announcement ") in relation to its applications to the Singapore Court for, among other things: Improvements to the scheme of arrangement procedure. Under a scheme of arrangement, there are usually no extensions to the transaction timetable and compulsory acquisition is not necessary. A scheme of arrangement is a statutory procedure pursuant to Part 26 of the Companies Act 2006, whereby a company may make a compromise or arrangement with its members or creditors. UPDATES ON REORGANISATION PROCESS – NOTICE OF SCHEME MEETINGS . A scheme of arrangement is a High Court approved arrangement between a company and its shareholders and creditors provided for under Companies Act legislation ... 3.2 Process… Public Sr. No. PARTA: This Part of the Scheme deals with General Provisions used in this Scheme including Definitions and Capital Structure of the Companies along with Objects and Rationale of the Scheme. Additionally, through the Atlas creditors’ scheme of arrangement, we are reminded that the scheme of arrangement can provide a creative and successful means for a company to improve its financial and corporate structure. INTRODUCTION Singapore, 21 October 2020 – KrisEnergy Ltd (“KEL” or the “Company”), an independent upstream oil and gas company, refers to its announcement dated 16 October 2020 (“16 October Announcement”) in relation to its applications to the Singapore Court for, … Page 5 of 21 co INTRODUCTION Singapore, 16 November 2020 – KrisEnergy Ltd (“KEL” or the “Company”), an independent upstream oil and gas company, refers to its announcements dated … "Scheme" or "the Scheme" or "this Scheme" means this Scheme of Arrangement in its present form submitted to the NCLT or as the case may be this Scheme with such modification(s), if any made, as per Clause 16 of the Scheme; "Stock Exchanges" means BSE Limited and National Stock Exchange of India Limited, as may be applicable. The scheme process is likely to be about 4 months from the date of the bidder's first approach to target. Footnotes: [1] “affects the voting rights”, in respect of an arrangement or amalgamation, means an arrangement or amalgamation that involves a change in the relative percentage of voting rights held or controlled by one or more shareholders. TORM A/S Company Announcement TORM initiates a Scheme of Arrangement process. A members' scheme of arrangement involves an agreement which affects the rights and obligations of a company and its shareholders. Certified copy of court order. 9 of 20 April 2015, the new Restructuring Agreement has been signed by TORM, Oaktree Capital Management and a majority of the Lenders holding in aggregate 94% of TORM’s existing loan facilities by value (as of 12 May 2015). A Scheme of Arrangement is a process used by a company in financial difficulty to reach a binding agreement with its creditors to pay back all, or part, of its debts over an agreed timeline. Updates on restructuring process – Scheme of Arrangement: Outcome of Scheme Applications 1. Scheme of Arrangement (for Amalgamation and Demerger involving wholly owned subsidiaries) Newspaper Advertisement of outcome and voting results of NCLT convened meetings Scrutinizer’s Report of NCLT convened Meeting (Unsecured Creditors) INTRODUCTION Singapore, 16 October 2020 – KrisEnergy Ltd. (“KEL” or the “Company”, together with its subsidiaries, the “KEL Group”), an independent upstream oil and gas company, refers to: (a) its announcement dated 14 August 2019 in respect of the application filed on 14 August

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