‘Perpetual Subordinated Capital Securities’ (PSCS); posted to 2 websites by 'gurus':
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[MartinLee@SG] Genting Bonds for Retail Investors
Me thinks that regarding all this distribution stuff. Although someone put it the other way around at Genting Singapore perpetual subordinated capital securities 5.125% i.e.: Bond --> Preference Share --> This current issue of perpetual securities --> Ordinary shares.
I still think that this current Genting perpetual securities issue SHOULD be senior to preference shares (and in consequence, ordinary share holders) since as I understand, preference share holders can attend AGMs and KPKB etc should they not receive the preceding year's dividend.
As such, in exchange for the fact that Genting 'perpetual subordinated capital securities' holders can only 'suck thumb' if Genting decides to defer the 'distribution' payouts. me thinks that other than Genting 'bondholders' (if such exists and other secured creditors) NOBODY else down the gravy chain ought get ANY payouts if 'perpetual subordinated capital securities' do not get their 'distributions'- am I right to say this?
[investmentmoats.com] Comment by B. C. on April 17, 2012 @ 4:44 pm
Hi Drizzt,
Pref Share (PS) holders ARE allowed to attend AGM (IIRC) in so far as they were NOT paid in full the previous year’s dividends- this hasn’t been tested in SG I believe because NO COMPANY would want to endure the embarrassment of having such PS holders go KPKB at their AGMs. These ‘Perpetual Subordinated Capital Securities’ (PSCS) however do not seem to have the right to KPKB in the event that their ‘distributions’ have been deferred thus my insistence that until and unless the PSCS distributions are fully paid, no preference share holder NOR Ordinary share holder ought even dream of receiving a dividend/ distribution and that the law should attest to that. What do you think- logical?
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17Apr2012: Genting Singapore perpetual subordinated capital securities 5.125%
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