As what I have commented previously that with Brent oil prices are strengthening, Sona's QA would have allowed ALL shareholders to ride the upward trend and to be able to exit at whatever price they expected & probably get the returns in a much shorter period than current circumstances.
Now all we can only do is hold, wait and see what happens in 3 months time or more.
How to buy or sell? If buy more shares, we still have to wait another >3 months to get the higher than FD returns and even worse if we sell our existing shares, what +ve returns can we get?
What an outcome ... we are now ALL stuck..

Since we all stuck playing the waiting game, probably the only thing that we can probably look forward to, in the near term, is the "options" that the management is considering or exploring.
Although I am not that bullish about the prospects of whatever options they are considering but it will be interesting to see what they can come up.

It would seem like the yield investors may have voted no and expected other shareholders to get the QA approved so that they can get the returns as soon as possible. But they probably didn't seem to factor in that other similar yield investors are also voting no & also expecting the other remaining shareholders to get the QA approved .
With this snowballing, its no wonder that the final result is that 77.4% shares held by yield shareholders are expecting the other remaining shareholders holding 22.6% shares to somehow miraculously get the QA to be approved.
So when the QA was finally rejected, it would seem that most of shareholders don't really get what they originally expected. I find this ironic yet amusing.

Buyers of Sona-WA may be up to something. The queue for 0.005 is almost the same as the total queue 0.01 to 0.02. And the volume transacted at 0.005 is huge. Moreover they are also buying at 0.01. The buyer must have a deep pocket and they are buying Sona-WA at rock bottom price.
Is there something brewing as to what the directors say about exploring options available to them within the next 3 months?

From my earlier comments, the 75% of shares to APPROVE is determined from other than Sona's management shareholders who are present at the EGM today at 10am Grand Hyatt KL..So it does not matter that Sona's management is not eligible to vote

The APPROVAL of the QA will allow every investor the opportunity to apply their respective investment strategies with positive results.

Therefore, the Best outcome of tomorrow's EGM is for the APPROVAL of the QA, as it will be a WIN-WIN situation for all shareholders (Institutional, Corporate & Retail).

To ensure that the QA is APPROVED, according to Sona's circular:
"The proposed QA is subject to prior approval by a majority in the number of shareholders representing at least 75% of the total value of the issued shares held by those present and voting at the extraordinary general meeting."

Based on independent research houses' findings that in the event of Sona's QA is APPROVED, Sona share price should potentially increase towards their respective target prices which are much higher than the 90% cashback
Therefore, it would indeed be in the common interest of every shareholder (with their respective strategies) to vote to ensure that the QA is APPROVED at tomorrow's EGM

If they are indeed selling Sona so that they have cash to buy Sona-WA, the implications is huge. Nevertheless, its an observation which I hope will be positive for tomorrow's EGM, which reinforces my intention to vote to APPROVE for the Stag QA.

It is observed that there are people who sold Sona at 43sen (-1sen) but Sona-WA is sometimes -0.005 or even with high vol.
I wonder whether they selling Sona so that they can buy Sona-WA??

The research houses' finding on the valuations of Sona shares when Sona's Stag QA is approved, further support my change of strategy from short-term yield investor to long-term growth & yield investor (better known as Value Investing).

The 90% cashback, to a Value Investor, was a Margin of Safety to have when investing in Sona, especially in the proposed Salamander QA period when oil prices were >US$100 and then started to drop in 2014/2015. The 90% cashback back then was a valuable tool

For the Stag,QA, with the consensus opined that Brent oil prices having bottomed out in 2016, long term growth investors of Sona can take the opportunity to ride on the strengthening of Brent + Stag premium prices, fundamentally Buy-Low Sell-High

Value investors will be able to benefit from Sona's cash flow allocated for the "3rd basket", namely the expected yield from regular dividends which a norm of upstream O&G co.

Value investors welcome the sweetened capital repayment, as we get to lower our Sona entry price. From a corp governance perspective, the return of excess cash to shareholders (excl management) is positively viewed by Value investors.

Therefore, from all my comments and as a Value investor, I will vote to APPROVE the Sona's Stag QA.

"Be Greedy when Others are Fearful. Be Fearful when Others are Greedy"

From the reports of research houses, they indicate that, in the event of Sona's QA approval, Sona shares have a good upside from current price.
UOB: BUY NPV RM0.54 (> RM0.68 if long-term oil prices > US$90)
MIDF: DCF RM0.53 / PBV RM0.56 (Hart & 2C resources not included in valuation)
RHB: DCF Base RM0.48 / Best RM0.80. (conservative oil price assumptions used)

Selling pressure of Sona-WA well absorbed with buyers continue to nimble.
Looking from the +ve view, if the QA is approved on 26 Apr 2016, the potential returns for these buyers will be tremendous.

From Sona's circular, proxy forms can be submitted the latest by 'not less than 48 hours before the date and time fixed for the Adjourned EGM i.e. before 10.00 a.m. on 24 April 2016' at Sona's registered office Menara Prima Tower B. Unless majority have submitted, Sona's Mgmt will know the proxy's voting by Sun/Mon

RHB Research, the DCF valuation Best case RM0.80 per share, Base case RM0.48 per share
Fig. 7 Sensitivity analysis Crude oil (USD/bbl) DCF
FY16 FY17 Long term TP (MYR)
Best case 50 70 80 0.80
Base case 37.5 45 60 0.48
Worst case 37.5 35 35 0.05
When compared to current Brent + Stag premium, there is a strong case for the DCF Best case 80sen per share valuation

phlau09, you can refer to Sona's bursa announcement dated 13 Apr 2016:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5057813
and it relates to the RoD on 20 Apr 2016 as to who can vote at EGM on 26 Apr 2016.
For other questions, you should refer to Sona or their share registrar.

MIDF Research report, the PBV valuation for Sona is RM0.56/share.
This PBV of 56 sen is arrived by MIDF using the average PBV ratio of 1.8x from the sample of 34 O&G companies world-wide, and includes those with high debts.
If we exclude those with high debts, I trust that the average PBV ratio can be higher than 1.8x. Since Sona is debt free, the PBV valuation for Sona can also be higher than 56sen per share

MIDF Research report, the DCF valuation for Sona is RM0.53/share.
My observation is that I believe the DCF 53sen valuation is arrived after the 8sen capital repayment is made.
Furthermore the current Brent oil price + Stag premium is approaching MIDF's assumption for 2017 oil price of USD50 per barrel.

As an investor that look for emerging trends, and with a reasonably low entry price for Stag oilfield, investing through upstream O&G co like Sona allows me to take advantage of any long-term bullish Brent oil price trends.

Even after the botched Doha meeting and Saudi Arabia, Russia & Iran hinting that they could increase production, the strengthening of Brent crude oil prices is still resilient, as according to TheStar: Oil prices set for one of the biggest weekly rises in 2016 with Brent at USD45 per barrel.
Furthermore, according to Sona circulars, Stag crude fetches a premium to the Brent.

In addition to the strengthening oil prices, the Ringgit has also strengthened vs USD in 2016 as compared to 2015. These key factors greatly benefits investors of Sona in the long run.
The timing is just right as I get to invest into O&G E&P co like Sona, when oil prices has started to move up and also the QA will now be relatively cheaper in RM terms. So investing in Sona will allow me to enjoy the best of both worlds

As oil prices have somewhat bottomed out & supplies tightening going forward, I am switching from short term yield investor to long term growth & yield investor. This switch of strategy fits just fine with my investments in Sona, as I look forward to capital growth as well as yearly yield from dividends, which is norm for upstream O&G cos.

I believe the weak buying of Sona today is because its after the 20 Apr 2016 Record of Depositors for EGM and those who buy today are not eligible to vote at EGM. I think buyers intend to accumulate more Sona shares, so there is no need for them to push to price up now but just wait for sellers to sell shares to them.