Announcements & News Releases

Notice Of Annual General Meetings

Apr 15, 2004

NOTICE IS HEREBY GIVEN that the Annual General Meeting of Hyflux Ltd ("the Company") will be held at 40 Changi South Street 1, Singapore 486764 on 30 April 2004 at 9:30 a.m. for the following purposes:


AS ORDINARY BUSINESS


1. To receive and adopt the Directors' Report and the Audited Accounts of the Company for the year ended 31 December 2003 together with the Auditors' Report thereon.

(Resolution 1)



2. To declare a first and final dividend of 0.7 cents per ordinary share less income tax of 20% for the year ended 31 December 2003 (previous year: 0.5 cents per ordinary share).

(Resolution 2)


3. To re-elect the following Directors retiring pursuant to the Company's Articles of Association :

Mr Lee Joo Hai (Retiring under Article 89) (Resolution 3)
Mr S. Iswaran (Retiring under Article 88) (Resolution 4)

Mr Lee Joo Hai will, upon re-election as Director of the Company, remain as a member of the Nominating and Remuneration Committee and Chairman of the Audit Committee respectively. Mr Lee Joo Hai will be considered as independent and Mr S. Iswaran will be considered as non-independent for the purposes of Rule 704(8) of Listing Manual of the Singapore Exchange Securities Trading Limited.


4. To approve the payment of Directors' fees of S$242,500.00 for the year ended 31 December 2003 (previous year: S$180,000.00).

(Resolution 5)



5. To re-appoint Ernst & Young as the Company's Auditors and to authorise the Directors to fix their remuneration.

(Resolution 6)



6. To transact any other ordinary business which may properly be transacted at an Annual General Meeting.




AS SPECIAL BUSINESS

To consider and if thought fit, to pass the following resolutions as Ordinary Resolutions, with or without any modifications:


7. Authority to allot and issue shares up to 50 per centum (50%) of issued capital

That pursuant to Section 161 of the Companies Act, Cap. 50 and Rule 806 of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Directors be empowered to allot and issue shares and convertible securities in the capital of the Company at any time and upon such terms and conditions and for such purposes as the Directors may, in their absolute discretion, deem fit provided that the aggregate number of shares (including shares to be issued in accordance with the terms of convertible securities issued, made or granted pursuant to this Resolution) to be allotted and issued pursuant to this Resolution shall not exceed fifty per centum (50%) of the issued share capital of the Company at the time of the passing of this Resolution, of which the aggregate number of shares and convertible securities to be issued other than on a pro rata basis to all shareholders of the Company shall not exceed twenty per centum (20%) of the issued share capital of the Company and that such authority shall, unless revoked or varied by the Company in general meeting, continue in force (i) until the conclusion of the Company's next Annual General Meeting or the date by which the next Annual General Meeting of the Company is required by law to be held, whichever is earlier or (ii) in the case of shares to be issued in accordance with the terms of convertible securities issued, made or granted pursuant to this Resolution, until the issuance of such shares in accordance with the terms of such convertible securities.
[See Explanatory Note (i)]

(Resolution 7)



8. Authority to allot and issue shares under the Hyflux Employees' Share Option Scheme

That pursuant to Section 161 of the Companies Act, Cap. 50, the Directors be authorised and empowered to allot and issue shares in the capital of the Company to all the holders of options granted by the Company, whether granted during the subsistence of this authority or otherwise, under the Hyflux Employees' Share Option Scheme ("the Scheme") upon the exercise of such options and in accordance with the terms and conditions of the Scheme, provided always that the aggregate number of additional ordinary shares to be allotted and issued pursuant to the Scheme shall not exceed fifteen per centum (15%) of the issued share capital of the Company from time to time.
[See Explanatory Note (ii)]

(Resolution 8)




By Order of the Board



Lim Kim Seng
Secretary
Singapore, 15 April 2004









Explanatory Notes:


(i) The Ordinary Resolution 7 proposed in item [7] above, if passed, will empower the Directors from the date of this Meeting until the date of the next Annual General Meeting, or the date by which the next Annual General Meeting is required by law to be held or when varied or revoked by the Company in general meeting, whichever is the earlier, to allot and issue shares and convertible securities in the Company. The number of shares and convertible securities that the Directors may allot and issue under this resolution would not exceed fifty per centum (50%) of the issued capital of the Company at the time of the passing of this resolution. For issue of shares and convertible securities other than on a pro rata basis to all shareholders, the aggregate number of shares and convertible securities to be issued shall not exceed twenty per centum (20%) of the issued capital of the Company.

For the purpose of this resolution, the percentage of issued capital is based on the Company's issued capital at the time this proposed Ordinary Resolution is passed after adjusting for new shares arising from the conversion or exercise of convertible securities, the exercise of share options or the vesting of share awards outstanding or subsisting at the time when this proposed Ordinary Resolution is passed and any subsequent consolidation or subdivision of shares.


(ii) The Ordinary Resolution 8 proposed in item [8] above, if passed, will empower the Directors of the Company, from the date of this Meeting until the next Annual General Meeting, to allot and issue shares in the Company of up to a number not exceeding in total fifteen per centum (15%) of the issued share capital of the Company from time to time pursuant to the exercise of the options under the Scheme.







Notes:

1. A Member entitled to attend and vote at the Annual General Meeting (the "Meeting") is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a Member of the Company.


2. The instrument appointing a proxy must be deposited at the Registered Office of the Company at 40 Changi South Street 1, Singapore 486764 not less than 48 hours before the time appointed for holding the Meeting.





Submitted by Lim Kim Seng, Secretary on 15/04/ 2004 to the SGX