Vantris Energy Bhd · MYX:VANTNRG
Vantris Energy Bhd — Sapura Energy — Corporate Update (April 2022)
16 slides from Vantris Energy Bhd's corporate update, Apr 5, 2022
Slide 1: Vendor Virtual Briefing
Vendor Virtual Briefing 5 April 2022
Slide 2: Thank you for your partnership and support
Thank you for your partnership and support 2
Slide 3: Necessary steps taken to turnaround Sapura Energy
Necessary steps taken to turnaround Sapura Energy 1 Cash position in 2019 3 Intervention 2 0 23 Cas h-st FY 2 rap s Plan ped s U npr Bu sine 6 Recovery ofit 5 able “Bid Right; Execute with Discipline” 4 Scheme • Strengthen risks • Unsustainable debt of Arrangement management at bidding • High Accoun
Slide 4: We took action to resolve outstanding debts
We took action to resolve outstanding debts The High Court of Malaya granted Sapura Energy & 22 subsidiaries two Orders: Restraining Order (RO) § an order to stay all legal proceedings against SEB + 22 subsidiaries for three months while we negotiate a proposed Scheme of Arrangement (SOA) with credi
Slide 5: Why this is the best long-term solution, under the circumstances
Why this is the best long-term solution, under the circumstances § A court-sanctioned process that reduces uncertainty of payment, helps us resolve our debts in an orderly manner § Averts risk of liquidation, providing better terms for vendors, and the right to negotiate and vote on the outcome § We
Slide 6: A Reset for Sapura Energy
A Reset for Sapura Energy § Strategic divestment plan, aligned to future business direction § Review business direction - bids focused on areas where we are most competitive § Asia Pacific and Atlantic § Project portfolio shift: short- medium term towards transportation and installation, Orderbook R
Slide 7: Overview of SOA Process
Overview of SOA Process Orders granted Negotiate SOA Vote & sanction High Court of Malaya Kick-off briefing session with Court-convened meeting for grants two Orders – creditors creditors to approve SOA § restraining order § nod for proposed SOA Proof of debt process Court sanctions SOA, negotiation
Slide 8: Indicative Timeline (subject to change)
Indicative Timeline (subject to change) Objective Win-Win Situation March April May June July August September Phase 1 - RO Granted Phase 2 - Proof of Debt (“POD”) Phase 3 - Scheme of Arrangement Key Events: 7 March Submission of POD Application for RO Issuance of Explanatory Statement Verification
Slide 9: Proof of Debt (POD) (1/3)
Proof of Debt (“POD”) (1/3) Objective and importance of POD exercise § Each creditor included in the SOA will be required to submit POD for its claim up to the Cut-off date to the respective Scheme Company. § Upon the claim being verified and admitted, the creditor will be entitled to vote on the Sc
Slide 10: Proof of Debt (POD) (2/3)
Proof of Debt (“POD”) (2/3) Commencement of POD exercise § Tentatively in April 2022 § Look out for an email communication from us in April 2022 containing the POD Form and guidelines on the POD submission Key ingredients for POD § POD Form setting out your claim, to be attested by a Commissioner fo
Slide 11: Proof of Debt (POD) (3/3)
Proof of Debt (“POD”) (3/3) April May June July 1 Submission of POD by creditors 2 Verification of POD by Scheme Companies Admission/ 3 rejection of POD POD claim (i) supported by complete documentation; Yes Reconciled/ and (ii) consistent with supporting doc Accept claims Scheme Companies’ Reconcil
Slide 12: After POD, what's next?
After POD, what’s next? The last milestone § A final list of claims and the Scheme will be drawn up upon completion of the POD exercise. § An explanatory statement setting out details of the SOA will be issued to all scheme creditors. § Tentative virtual briefing with creditors to explain the detail
Slide 13: Our Resolve
Our Resolve What we need to do Our Commitment to You FY23 – regain stable platform Keep you updated of progress Reset Sapura Energy for future growth Help you make informed decisions Work with you towards agreeable solution A successful Reset requires time and the collaborative effort between our te
Slide 14: What to expect after this Townhall?
What to expect after this Townhall? § The next milestone will be the commencement of POD Exercise § Please expect to receive an email communication from us soon which will contain guidelines to submit POD, and the relevant POD forms § In the meantime, should you have any queries, please let us know
Slide 15: Getting in touch with us…
Scan QR Code Getting in touch with us… Have a question? Support Hotline Submit here § +603 8659 8338 § Available from Mon - Fri, 1000 - 1600 GMT+8 Helpdesk email Scan QR Code § helpdesk@sapuraenergy.com Did you find this helpful? Let us know Or go to menti.com and use code 53 24 38 54 15
Slide 16: We thank you for your support during these challenging times
We thank you for your support during these challenging times 20