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Singapore’s International Healthway delays 6%, 7% noteholder meetings
By Angela McDaniels
Tacoma, Wash., Feb. 25 – International Healthway Corp. Ltd. has postponed the meetings of the holders of its S$50 million 6% notes due 2018 and S$50 million 7% notes due 2017, according to a company announcement.
As previously reported, the company began consent solicitations for the notes on Jan. 27. The noteholders were scheduled to vote at meetings on March 2.
The date of the new meetings is currently expected to fall three months from Feb. 26. The exact date is to be determined.
Noteholders wishing to attend and/or vote at a postponed meeting will have to submit new voting instruction forms.
The company is seeking approval to remove the change of shareholding event provision.
Strategic investors Ching Chiat Kwong and Low See Ching have acquired 19.7% and 7.11% stakes, respectively, in the company. Given the entry of these two investors, Fan Kow Hin, Aathar Ah Kong Andrew and Jong Hee Sen, as a group, are no longer representative of the key shareholders of the company. Accordingly, the company said the change of shareholding event provision is no longer relevant.
Noteholders who deliver consents by the early consent deadline, originally 4 a.m. ET on Feb. 17, will receive a consent fee of 0.2%, or S$500 per S$250,000 principal amount of notes. Noteholders who deliver consents after the early deadline will receive a consent fee of 0.1%, or S$250 per S$250,000 principal amount of notes.
Voting instruction forms are due 48 hours before the meeting.
For each series of notes, the proposal needs to be passed by a majority of at least 75% of the votes. The necessary quorum for a meeting is two or more people holding or representing more than 50% of a series of notes.
The principal paying agent is Deutsche Bank AG, Singapore Branch (65 6423 5982/4091/8232).
The health-care services and facilities provider is based in Singapore.
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