DK66Sona is a company with limited lifetime. The time has expired and the company has not applied for extension. Hence, the company is no longer a going concern entity and is unable to generate income. What good is it to the creditor to prevent the winding up ? It would only be meaningful if the company could generate future income. In fact, it is against the interests of the creditors to drag on as expenses will drain whatever is left in the company.
TheContrarianThe judge should throw out the objection and grant the approval for winding up.
KareemabduljabbarSONA Independent Directors better look at the other SPAC AGM and take note. Your Director's Fees not safe anymore. Quickly reclassify as Allowances. If for whatever reason SONA still listed and NOT under liquidator by June 2017 we have another AGM and your Fees may be claimed back. Inshallah a quick liquidation.
TheContrarianSona's situation is different from Cliq. Sona directors all want the Company liquidated.
KareemabduljabbarI was told that even if the Court decides on the Liquidation order on 15 Sept, that this can be appealed by the Creditor and they can also file a stay on the Liquidation. Anyone who is a lawyer and / or Liquidator, can you please advice ?
callme777Yes you are right. Appeal to two higher courts. Can drag another year
KareemabduljabbarOMG if drag on another year the shareholders may decide to not approve the Directors Fees at next AGM like what happened to the other spac. Better selesai with the Singapore Indian Super Maniam. Small number only lah for Super Maniam and also the actual creditor.
2016vif the amount disputed is small, might as well pay or settle out of court and get yr money back this year than 1 year later.
administration cost and salaries incurred already more than amount disputed
Ae DohSPAC had proven be one of the platform that cheat people like us through their respective board of directors, as of now only Hibiscus Petroleum that has been 'successful' in geeting out to do some stupid oil assets acquisition that resulted in poor performance before and after crude oil price crisis! Thrust and honest are hard to come buy anymore these days when money is becoming personal objective. Thank you
Tawan Wannapaereewhen and how much per share for us suppose to pay us. Who know well pls.tell us. Thanks
callme777Case apparently postpone. Delay again. Maybe june next year
2016vdirectors and those few employees can shake legs and get their salary until liquidation - nothing much to do, can clock in at noon & clock out at 1pm
office rented still spacious and at KLCC? legal fees clocking up over the time.
DK66Why the results of the court hearing not announced ? It should announce the results promptly for the benefit of everyone not just the few who has knowledge. Share price crawling up...... should be good news.
TheContrarianAround 47.89 sen representing 97% of the trust money will be distributed by November. Balance 3% after deduction of tax and direct distribution expenses will be distributed after tax clearance.
2016vdon't make sense why the balance 3% is paid within 2 yrs, within 6 months is more reasonable or within July next year, a year from tko date
TheContrarianBecause our Inland Revenue is very slow in giving tax clearance.
MuttonCurryGot 1 week left to make decision b4 kedai tutup 4 good.
ktsk88the 97% refund works out to 0.4938 sen and based on today 0.47sen.......can make money too.
Balance 3% after tax clearance..
ktsk88The creditor Law Asia already retracts their claims and no further claims can be filed against Sona in the future so case is close for good.
The 97% payout amounting to 0.4938 sen with remaining 3% later.
So anyone buying is still making money consider now only 0.47sen..............or 5% returns in less than a year better than FD rate.
jasonori sold my few lots of sona few months ago at 0.465, been holding since ipo. was hopping tht the QA will be approved because oil at a very low price. few years later when oil rise back sona will gain big. but big shareholders decides to vote no to QA. what can a bilis investor like me do?
seanchinSona so-called leader and management team: Andreas, Msc in Mech. Eng; Hadian, B. Chem. Eng; Maznah, MBA (Finance); Myo, B. Elec. Eng.; Anton, M. Mech. Eng & M. Edu in Buss. & Acc.; Mohamed Sabri, B. Petroleum Eng.; Mohamed Khadar, ???; Akbar Tajudin, M. Petroleum Eng.; Saw, BSc. Chemistry; Andria, BSc. Geology; Tan, PhD. Petroleum Eng.; Sakthi Kumar, MBA (Corp Fin.). http://www.sonapetroleum.com/our-people.html
2016vall SPACs will fail in low oil price environment, whatever the qualification & experience make nice wallpapers
2016vStag Field sold to Canadian oil co for USD10 million. LOL
faizklMy stock broker informed that the company will pay RM0.4938. Why haven't the share price rise to RM0.49? Or they are waiting last minute to buy?
speakupSONA will always have a special place in my heart. speakup made a big RM40k profit from SONA.
ruslimzme too.....I am one of those it's IPO investors......I got a big MITI allocations when not many people intrested with it's IPO. I made the biggest ever profit out of this sona since I started playing saham more than 30 years ago. SONA will be always in my mind.....adios......
lse2016tax clearance just means that the authorities must verify that sona has paid all their taxes right? in other words, sona has paid all their taxes and there are no more taxes to pay....is this right?
omega7055I didn't sell off my SONA shares, what happens now ?
T1T4NThe Liquidators wish to inform shareholders that pursuant to the order of the High Court of Malaya at Kuala Lumpur (Commercial Division) (“High Court”) granted on 10 October 2016, the Liquidators will be making an interim distribution of 97% of the monies held in cash trust account, to eligible shareholders (“Interim Distribution”).
Details of the Interim Distribution are as follows:
(a) Date of Interim Distribution: 31 October 2016;
(b) Eligible shareholders: Based on the record of depositors at Bursa Malaysia Depository Sdn Bhd as at the entitlement date of 29 September 2016 as confirmed by the High Court on 10 October 2016; and
(c) Amount to be distributed: Cash equivalent of RM0.47988 for every one (1) ordinary share of RM0.01 each held in the Company.