rohank71, if what you mentioned about the management's positivity based on discussion in this forum is true, then I might as well say that the management is real NAIVE. Or is it you who is naive to trust what the management has got to say? Hahaha !
Wonder how much they have to Pay Deposit to Santos on the Stag Acquisition Deal.... Could have been a substantial sum. Less that and amount used up to pay for the Hefty Director salaries and Poshe, is there enough money to pay up 0.48 sen? Maybe have to sell the Poshes.
why sell poshes?? hahaha declear bankrupt better..... i think they hv to think seriously whether they can get bad the money. anyone know CLIQ share holders get back their money ady??
Yup, believe we are all losers & fooled by major shareholders credit Suisse & PAC with their intention to buy low sell high with their share collections from 40 cents till now.
Sad to say that we were fooled by some of us who thought to kill us in this forum ending with lose-lose situation. These major shareholders are foreigners whom are not care about you & me.
Really hope plan B if any for materialise of existence of SONA with its continuation. Otherwise, we may end up like Cliq with no ending time to get its refund
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.
I tot they can not touch the money in the custodian account before a sucessful QA, so the 527.5m as at 31/12/2015 should be intact, plus any bank interest from then until liquidation date.
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.
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?
I think the IPO money was 550m, take out 55m for operations/expenses, 495m kept in the custodian account, accumulating interest and the balance as on 31/12/2015 was 527.5m, so per share = 527.5/1100m = 48 sen.
dont tell me they didn't spend 1 single sen on luxury car? luxury house? luxury watch? luxury handbag? luxury holiday? all RM50 mil spent on looking for QA?
Have a lawyer working for a consortium approach you to sign a legal document where they are saying that they have more than 25 pct already and unless the stock price is above 50 cts, they will vote NO to any proposal which means any new proposal will fail. Hence they asking management to liquidate early, i.e. Starting now. This is perfectly within their rights and not deemed legal frustration. My broker ask me to sign but I a bit scared. Anyone approach you ?
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.
Last check stag oil at usd 50..... Means nothing to sona anymore. I still stress the point that sona failed due to stock price trading below cash back. Next time spend some money and get operators to maintain or play up your stock la. Good QA, good effort and technical ppl, BUT fail to realized stock price is shareholders confidence. What an expensive lesson for Sona
collect all money from investors> take the salary (makan makan minum minum)> 3 years deadline> fast fast submit report> big sharks coming makan shares (waseh free money ooo)> foreign investor coming(tabao all the money in account) > sayunana.
who make this system? smartest in the world.wakakakakakkaka
santos got agreement with sona.....not easy for other investors to go in direct...furthermore from the statement by sona " Sona would not consider new assets if the current shareholders is the same " ....after the EGM may be that fat investors has approach sona......if they go direct may be cold not get cheap price as sona's negotiated price....
everything late..past is past... sona management never listen to us..just top up a few mill.... now only can wait what plan B... if not... 1 billion unit wa will be toilet paper n effect so many people...
I personally hope u can renegotiate with santos to reduce price little bit... sona mgt..plz work hard ths a few month n you can get 20% stake ..wht a big gain....
to get new oilfield is impossible since it will involve valuation, sc approval and another egm..better adjust current offer....
if you do nothing.... then it same with my first impression when I saw u all at hotel.. not energetic.even sona trade mark your energy partner. . . old man better play with ur cucu..
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.
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Posted by JN88 > 2016-04-27 13:39 | Report Abuse
I saw the management's team members face very disappointed ooo...true?