IPO price for warrants = 0 SENS. GIVEN FREE.
CONDITION = NO QA CANNOT CONVERT BACK TO ZERO.

GO READ THE IPO PROSPECTUS!

NO QA, GONE CASE.

Wow, big brother PAG collecting more SONA mother.
10% yield guarantee!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5085065

Accumulating mode

Nothing to do with liquidation.
Sona has no physical asset to liquidate.

The only asset (accounting terms) is cash.
Which is hold by deustche bank in trust,
No QA 31/7/2016 will trigger disbursement,
Estimate 1-3months get our money.
6 days to disburse to all shareholders after all condition cleared.

Your sue or court order on management wont affect the trust account money

Please read IPO documents.

No extension.
i,ii,iii all not satisfied.

Deal OFF.

Warrant tmr GG

We refer to the announcements dated 31 March 2016 and 27 April 2016 in relation to the Proposed Acquisition.

On behalf of Sona Petroleum, we wish to announce that the cut-off date to satisfy or waive the Conditions Precedent as stipulated in the SPA occurred on 30 April 2016. Conditions Precedent to the SPA that remained outstanding as at 30 April 2016 were:

(i) the approval of the shareholders of Sona Petroleum to the Proposed Acquisition;

(ii) the execution of the Transitional Services Agreement; and

(iii) the execution of the Dampier Spirit FSO Assignment and Assumption Document.

Sona Australia has notified the Sellers that the outstanding Conditions Precedent to the SPA have not been satisfied by 30 April 2016. The Company will make the appropriate announcements in due course on any material development on the Proposed Acquisition.

10% guaranteed yield better than 100% loss risk.
Too bad for believers of warrants.

Wow, all those big mother shareholder with zero warrant sabotage the deal!!

Already proven again, when your mother share price lower than guaranteed, big players can kill you easily with a guaranteed yield some more.

Gone case.

So fast declare AGM date?
Looks like no EGM before 21/6/2016.
Good luck

Good effort on the writeup @office janitor.
In essence, with such nice timing but management fail to convince 77% shareholders.

3 more months can change any thing? I doubt strongly

It is not impossible to get a new QA, but it is super slim chance.

This is why the warrant bid is 0.5sen and 1sen.

When it is impossible, u would only see 0sen and delisted.

A lot of warrant supporters doesnt know.
They thought expiring 2018.

In fact it is expiring july 2016 if no QA.
And the new qa chance is slimmer than a hairline.
We talk on facts,

Sona spent 3 years rm50mil,outcome big fail 77% no.
Left 3 months and rm2mil.
Sona is empty shell company,no asset, only cash and the failed big time managers.
Majority shareholder expecting to yield 48.5sen.

Last but not least, Stag offer valid until 30/april/2016.

I expect big warrant sell down on friday.
Good luck

Will they EXTEND again for a 77% VOTED NO deal?
You will know very very soon on 3/5/2016 whether the reserved deal call off.
That time, don't cry if your warrants become 0.

STAG offer only reserved until 31/April/2016 (was extended from 31/3/2016)
And then STAG will proceed to sell to other potential buyers

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5045949

On behalf of Sona Petroleum, we wish to announce that in view of the adjournment of the Company’s EGM and other pending Conditions Precedent, namely the execution of the Transitional Services Agreement and the Dampier Spirit FSO Assignment and Assumption Document, Sona Australia has agreed with the Sellers to extend the cut-off date to satisfy or waive the Conditions Precedent as stipulated in the SPA from 31 March 2016 to 30 April 2016.

Ruslimz. Sona is an empty shell company,no asset. Only cash.
If the fat investors is so rich,he will direct deal with seller.

Buy cash with cash?

http://www.thestar.com.my/business/business-news/2016/04/27/shareholders-reject-sonas-proposed-qa/

Khadar, who was visibly disappointed with the outcome of the EGM, said the company would not consider “new assets” if the current shareholding of the company remained the same.

“If they changed their minds or if the shareholding changes, it wouldn’t make sense to seek approval for other assets.”

Sona’s main shareholders are Platinum Autumn Sdn Bhd with 20% (made up the management team who are not entitled to vote on the QA), Credit Suisse Group AG (13.15%) and Pacific Alliance Group Ltd (10.98%).

Sona has until July 31 to complete its QA. Failing which, it risks being delisted. Should this happen, the funds given to the company will be returned to its shareholders.

Khadar said Sona would “consider its options” before making a decision.

“We haven’t gone into details on what to do yet. We will run through our options with our lawyers and investment bank. It’s premature to decide now.

kareem, what are you talking about.
The votes are confidential, if you vote yes/no, noone will know.

But seeing 77% voted NO,
means those substantial shareholder all voted NO.

Landslide win, more than 2/3 majority

3 years, RM50mil spent = Results FAIL 77% vote NO.

3 months, Few Mil left = ??????

That's why I say, this QA fail equals game over.

Money no more, time no more.
Votes 77% NO.

Still got hope?

They already used RM50million to search for QA and fail, left RM2mil and 3 months.
CAN THEY DO A MIRACLE?
Or just pocket the RM2mil as salary to call it a day?

@wong, 10% of it is for expenses, meaning RM52 million for their salary and expenses.
Source:

http://www.sonapetroleum.com/key-criteria.html
3. IPO proceeds

A SPAC must place at least 90% of the gross proceeds from its initial public offering in a trust account immediately upon receipt of all proceeds. The monies in the trust account may only be released by the custodian of the trust account upon termination of the trust account.

The proceeds in the trust account may be invested in permitted investments. Any interest generated by the funds held in the trust account, including interest/dividend income derived from the permitted investments, must accrue to the trust account.

The balance of the proceeds from the initial public offering, being 10% of the proceeds, may be utilised to defray expenses related to the initial public offering and for working capital purposes including but not limited to operating costs, fund the search for a target company or asset and completing the qualifying acquisition.

Buy mothershare now, get 10% back guaranteed in least than one year time.

Liquidation will be very fast.
Sona has NO physical ASSET to liquidate, their only ASSET (accounting terms) is CASH.
The cash is hold by Deustche bank Trustee.

p/s: The management has used RM50Million on paying their SALARY and EXPENSES for these 3 years.
http://klse.i3investor.com/servlets/stk/fin/5241.jsp

So I don't think they will drag.

Yes,should be bullish on motherstock,48.5sen guaranteed.

Warrant wise, good luck to you if you can sleep well everyday.

Suddenly this page flooded with warrant extremist.

Half sen stock expiring in 3 months time with 77%fail vote.
Bizzare that still so much promoters.

Since QA fail. I think it is good bargain to buy Sona Mothershare.
10% interest in less than One Year time.

Sona warrant.
No qa = 31 july 2016 expire . Cannot convert to mother share.

This is because warrants r given free during ipo with above condition.
Good luck to those ppl who want to buy

The actual registered angmo chairman was absent yesterday.
They ask an independent director to announce results n press conference.
Already give up la...

Few sen penny stocks are all over bursa,
but you want to invest in a Voted 77% fail stock which expire in 3 months time.
I am speechless and good luck to you.

Let's see what happen tomorrow, when the news finally went to everyone's ears after one beautiful night.

@rohank71
I am sure they want to close shop to hide their embarrass face, however the SC papers clearly stated is until 31 July 2016 only can liquidate.

I hope they don't use our money and go travel around the world.

AND
If they can FIND A FAT INVESTOR to buy, why do they need a SPAC at the first place?
Just find the fat investor and buy up stag field, and earn agent middleman commision. Why do they need SPAC as middle person?

As I said, the management have spent almost RM50million for this deal. (Year 2012 to 2016, check bursa financial statment)
Spending includes their SALARY AND OPERATING EXPENSES.

Their COST is 1 sen (with free warrants), and they used RM50million shareholder money for this 77% VOTE NO deal.

You think they will risk a sen for the sake of glory? fat hope.

*Management is holding 20% shares, if their holdings go more than 33% will trigger MGO. SC will block.

Here's the video on chairman press conference:

https://www.youtube.com/watch?v=8CTy2RG-DzE

Not yet 100% lost in warrant, there r still some buggers buying at 1sen, 0.5sen.

Still have chance to sell

Callme777,
They already have 20%. If buy up to 33% might trigger MGO.

Besides noone would personally come out with their pocket money to fight. They taking millions of salary annually ma.
Why risk?

Directors sure wont buy open market. Their cost only 1sen.
Why should they average up their cost?
Business is cruel.

77% total shareholders. All big n small

For mother shareholders,
Don't simply sell, hold tight or add more.

Our guarantee of 48.5sen is coming.

Due to all the happenings, facts, numbers, share movement,
I have been consistently to ask cautious on warrant holders (Sell half to reduce risk of bust).

You guys keep talking cock on saying goreng, miracle, blablabla...

After today,
Results out, 77% VOTED NO.

Can't believe there r still people shouting miracle coming soon.

Look, if miracally SONA found a superb ASSET in 3 months, first they need SC approval, second they need Shareholder approval.
History tell us:
1) CLIQ fail in SC Approval
2) SONA fail today in shareholder vote, landslide defeat.

Are you going to put your hard earn money here?
I have ask you to JUMP over the fire many times.
Good luck if you want to walk into the fire and get burnt.

Lol u guys should be thankful those ppl want to buy from u.

Whatever director propose will need shareholders approval..the 77% to votd from no to yes.

How much Ringgit value u holding?

Wtf guys, you all holding your decision onto a CFO mumble smile,
instead of looking at FACTS and figures.
Good luck.

ktsk88, what miracle you talking?
77% VOTED NO. They want their 48.5 sen.

Directors won't care warrant holders, because warrants are given FREE during ipo

Kindly be advised that trading in the above Company's securities will be halted with effect from 2.30 p.m., Tuesday, 26 April 2016.

Trading in the securities will resume with effect from 3.30 p.m., Tuesday, 26 April 2016.

Your attention is drawn to the Company's announcement dated 26 April 2016.

This is why you see still holding 2.5sen
3.31pm will only resume trade.

76% voted no.
So I think u better throw, whatever godlike Asset they buy, not enough votes to swing to YES.

Eric. Cannot convert. U can only SELL now

After results announce fail
Meeting call off. Very fast.
Directora don even care to explain.
Only say "we r defeated by mail proxies. Tq and we will keep u all updated"

Those who cut half warrants as I suggested. U need to throw all now unless u think there will be new qa in 3 months time

73% total voted no
26% total voted yes.

Environment sounds peaceful as I think directors has expected

90% mail proxies voted NO.
Killed off.
Big defeat.

Vote results

Fail