there are contracts secured these 2 years that will drive revenue moving forwards.
These contracts will lead profits for the coming few years but i think the current share price is still considered ok (neither over price nor cheap).

2. intangible asset is my concern as well. There is no further clarification on that.

3. I think we should look at the current contracts secured. To me, the acquisition of the NEATA is the right decision as VIVOCOM Enterprise(subsidiary of NEATA) earns the money for INSTACOM.

did you know that yesterday the edge news was from CIMB report? the wording is exactly the same in the CIMB report

http://www.theedgemarkets.com/my/article/sona-shareholders-say-no-qa

"He did not elaborate, but only indicated that the QA was a complicated issue amid a lack of support from shareholders.

As such, Mohamed Khadar said Sona might opt not to seek shareholders' consent on other potential asset buys."

fishy

weird, who is the buyer?

buy the damn cheap asset ourselves :D

other option: let the company liquidated and then form a new company and acquire the asset themselves.
They are the one who familiar with the asset. if the asset is attractive, why not?

since management thinks the deal is good, possible management teams buy the assets themselves since it costs 25 millions only and they get the fund through bank loan.


and we will the enjoy the short term small earning through liquidation refund. this Seems a win win situation to both mother shareholder and management team.

everyone looks for liquidation, never think they could play trick in the liquidation. they can drag it for long long time since there is no really good regulations on the liquidation

i think SC should not allow SPAC anymore, since there is no benefit to the small fish investor like us except the initial investor. it doesnt benefit the country economy.

when sona-wa still remains the price, that means no decision come out yet...

So fiamma20, please stop ur spamming

the forum is to help each other to get the latest info but not spreading the false news.
we have brain, we can think...how could a director confesses for a failure before the vote.

obviously fiamma is the fear creator

very funny, jstockman.
the 75% is based on the attendees and the proxy form...not every shareholder.

BFM interviewed Datuk Seri Saw Choo Boon, VP of Business Development this morning.
http://www.bfm.my/bg-datuk-seri-saw-choo-boon-sona-petroleum-finding-quality-assets.html

the price drop has benefited the private placement owner(I think instacom would prefer higher private placement price for getting more money)...

based on CIMB report, the STAR has retracted the article on the CRCC partnership with Fajar. i think some1 purposely spread the fake news around as well as in this forum.

Another award was received has indicated CIMB analysis is on track.

instacom has not secured any contract until today, 29millions to be completed within 7 months.
In addition,

Neata secures RM478 juta contract(378mil is remaining) + 40mil and there are another 90million posible contract...

http://www.bernama.com/bernama/v8/bm/bu/newsbusiness.php?id=1188982

some notes for SONA:
Purchasing cost: 50mil USD (3.08 USD per barrel)
initial capex: 80 mil USD
production cost: ~26 USD per barrel
production volume: 4.6k barrel (expected to ramp up by > 20%)

with these costs considered, 4.6k x120%x (assume 40USD per barrel - 30 USD per barrel) = 55.2K per day = 20mil revenue per year, positive earning is expected.

seems like something is brewing...crossing fingers

if you read carefully about SPAC rule:- 80% of trust account, it does mention fair market price, not purchasing price. So you cannot consider "50mil" has violated the rule.
It was already mentioned in the announcement that SONA has considered on this rule, the fair market value of oil field should align to to this >80% rule.