Posted by ruslimz > 2016-04-27 19:22 | Report Abuse

not every fat guy like listed company....

Posted by Wong Heam Kiew > 2016-04-27 19:22 | Report Abuse

Yes, santos has an agreement with sona, but there must be an expiry date, and I believe it is quite soon.

Posted by ruslimz > 2016-04-27 19:24 | Report Abuse

please read para 10....the star posted by TLTAN....

Posted by sudahkena > 2016-04-27 19:34 | Report Abuse

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..

Posted by T1T4N > 2016-04-27 20:08 | Report Abuse

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.

Posted by T1T4N > 2016-04-27 20:10 | Report Abuse

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.

Posted by sudahkena > 2016-04-27 20:21 | Report Abuse

someone said b4 egm... they call another egm... it already know the result... tht why 600mill share vote no

Posted by luckyoldman > 2016-04-27 20:36 | Report Abuse

As time is running out for Sona to complete the QA or get delisted, maybe Sona can explore the following options together with their earlier proposal of capital refund.

1) To persuade the Vendor Quadrant NorthWest and Santos to use part of the proceeds from the sale to buy up 100M shares belonging to yield investors. Maybe similar amount free warrant can be issued to them upon completion of the sale and approval obtained from Authority
2) The promoter to come up with their own money to take up another 100M shares belonging to the yield investors.
3) Invite prospective investors to buy up another 100M shares from yield investors
4) With Vendor becoming Sona Shareholder and further financial commitment from the Promoter, I believe majority of the shareholders who voted NO during the EGM will change their mind. They will have more confident in the asset to be purchased and long term prospect of Sona.

Posted by JN88 > 2016-04-27 21:08 | Report Abuse

We refer to the Company’s announcement dated 26 April 2016 in relation to the outcome of the Adjourned EGM on Proposed Acquisition.

On behalf of Sona Petroleum, we wish to announce that further to the outcome of the Adjourned EGM on 26 April 2016, the Company is considering the next steps and options with regards to its proposed qualifying acquisition. Accordingly, the Company will make an announcement in due course once these matters have been deliberated.

Posted by Trader66 > 2016-04-27 21:32 | Report Abuse

Thanks Ruslimz for clarification

Posted by Wong Heam Kiew > 2016-04-27 21:51 | Report Abuse

Why not ask the 23% YES to buy from the 77% NO?

Posted by ivan9511 > 2016-04-27 22:31 | Report Abuse

maybe we requset giving back 0.45 per share, sona got cash ?

Posted by hpcp > 2016-04-27 22:31 | Report Abuse

luckyoldman, why complicated? Just buy and push the share price above cash value will do

Posted by ruslimz > 2016-04-27 22:45 | Report Abuse

ayyaaaa....manyak sinang cakap, buy and push.....ka...ka...ka...

Posted by ruslimz > 2016-04-27 22:54 | Report Abuse

considering next steps and options.......may be sona will follow steps taken by cliq........go to court...if cliq sued SC...this time sona will sue the share holders who reject the QA......kah....kah...kah....

Posted by cashflow > 2016-04-27 23:42 | Report Abuse

F***ing Sona management knew this earlier and bet on stakeholders money. Now only miracle can save us. I can only imagine so many angry investors b***ching the Chairman for being stupid and worthless. His experience means nothing now, can't manage a good opportunity. Not everyone can become like Tony, AK or Robert K.

Posted by cashflow > 2016-04-28 00:40 | Report Abuse

What's worse is PAG and Credit Suisse decision for voting No. Their gain on the stocks merely offsets the USDMYR exchange rate. I would assume they lose after factoring forex rate.

Posted by dragonfruits > 2016-04-28 02:18 | Report Abuse

Crude oil price bullish, QA fail, wrong decision

Posted by JN88 > 2016-04-28 06:44 | Report Abuse

Jack Ma said already ,investors number 3 because all idiots. Hahaha...if now aquasition of STAG , timing ,how we know next year oil become 100USD.

Posted by Brutus121 > 2016-04-28 07:56 | Report Abuse

Now Everyone Talk Merapu....
STOP Beating the Dead Horse. Just ask for your money back!!

Posted by JN88 > 2016-04-28 08:39 | Report Abuse

HIBISCUS too early acquired the asset, so lose a lot of money, will start turn good when oil price up, SONA have best chance to meet the recovering period. hahahaha I think Reach energy will be final winner.

Posted by JN88 > 2016-04-28 08:41 | Report Abuse

You all hv to thanks the management team if the acquisition of any asset completed last few years you all Holland ady.

Posted by sudahkena > 2016-04-28 08:48 | Report Abuse

oil recovery. . but 600 mill vote no

Posted by JN88 > 2016-04-28 08:58 | Report Abuse

The turning point will come when fat investors look at the chance and sapu the shares from that two big angmo sharks.

Posted by ruslimz > 2016-04-28 09:03 | Report Abuse

yes...... stop crying over a dead horse.....@Sudahkena..you have to move forward lah....menangis air mata darah pun....you could not reverse the vote.......dulu gua sudah cakap .....lu tak mau dengar.....

Posted by Edwin2288 > 2016-04-28 09:05 | Report Abuse

Time to buy when others are running away.

Posted by Leong Cheong Fatt > 2016-04-28 09:05 | Report Abuse

Sona considers options after shareholders' blocking of QA
Sona Petroleum is considering the next steps and options after its shareholders rejected its proposed qualifying acquisition (QA) yesterday (April 26). The company told Bursa Malaysia in a filing that it would make an announcement in due course, once the matters have been deliberated. At an extraordinary general meeting yesterday, more than three quarters of Sona’s shareholders voted against the acquisition of Australian Stag Oilfield at a reduced rate of USD25m. Sona said 77.39% of cast votes were against the QA, while 22.61% were for it. The company has until July 30 to submit a fresh proposal for its QA or risk being delisted. (StarBiz)

Posted by JN88 > 2016-04-28 09:17 | Report Abuse

Who is keep buying the toilet paper?

Posted by DON_JUAN > 2016-04-28 09:22 | Report Abuse

those buy toilet paper can sell to old newspaper man worrr

Posted by laricepat > 2016-04-28 09:23 | Report Abuse

buy buyyyyyy

Posted by 3iii > 2016-04-28 09:26 | Report Abuse

Who are the big losers in Sona today?

Posted by ab55 > 2016-04-28 09:29 | Report Abuse

Last/final option coming soon........

Posted by ktsk88 > 2016-04-28 09:33 | Report Abuse

Hope the Management can arrange some big investor to buy over stakes from CS/PAG and some of those that voted NO......so that they can exits the company with the 48 sen.

Then re-propose the Stag QA buy at a new EGM.

At the meantime, Mgmt mopping all the warrants at 0.005sen and later distribute this free to all the shareholders for their support.

Posted by T1T4N > 2016-04-28 09:45 | Report Abuse

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

Posted by Brutus121 > 2016-04-28 09:48 | Report Abuse

SC should be alert now that SONA Management is deseprate to grab any rubbish offered to them in the next three months....

Posted by ab55 > 2016-04-28 09:50 | Report Abuse

........ a few big yield investors will be removed and replaced by new coperate figures...... Toilet paper jadi gold bar!!!

Posted by Wong Heam Kiew > 2016-04-28 09:55 | Report Abuse

I think the root cause of the problem is the difference of NTA per share. i.e. 48 sen if QA failed but only 35 sen if QA passed.

What I can suggest to SONA is to refund 30 sen cash instead of 8 sen to the shareholder except the management/promoters.

Shareholders would feel better as the free goodies for the management/promoters is now very much less than the 20% free ownership.

Then after that, carry out a right issue to raise fund for STAG subsequent project financing, this exercise is not really in very hurry as the STAG purchase price is not the major part of the project budget, it is the subsequent project activities that cost much more money.

Posted by ktsk88 > 2016-04-28 10:02 | Report Abuse

3 months for new assets is not impossible, they can re propose the STAG oilfield since no rules stated in Bursa approvals........if they can remove those yield investors.

Posted by ktsk88 > 2016-04-28 10:04 | Report Abuse

even come 30th April, the Stag deals expired, the warrants already at the bottom or not significant to warrant holders anymore. So made no difference.......as for Stag offers, they can requested for another extension.......correct me if i am wrong.

Posted by WarenBufet > 2016-04-28 10:06 | Report Abuse

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.

Posted by jetchew > 2016-04-28 10:20 | Report Abuse

well,, when we can take back the refund at 0.48sen?

Posted by JN88 > 2016-04-28 10:21 | Report Abuse

you can ask the holder of cLIQ, but no one answer me...they all kisiao liao ..

Posted by Anson1314 > 2016-04-28 10:22 | Report Abuse

mybe around 0.475sen.
or extend date to buy some oil & G company.

Posted by officejanitor > 2016-04-28 10:25 | Report Abuse

From excitement to bewilderment to kneeled-prayers ( there was a surge in attendance in worship places .. I was told..), and finally frustration with deep emotional outburst from some…sigh.. that was what greed and fear can do to men and women since time immemorial.

Like I said before, the Stag acquisition do look interesting (more so after the discount given by the vendor) but bear in mind of ..current oil price. And current is not current unless it is now. (Go figure).
If oil price had stayed above USD50 since then, it means that the acquisition is palatable but after hitting below 30, even the Arabs had to jump off the camel’s back before it is broken.

Mr. Saw rightly said in his presentation that everyone is an expert on oil prices these days. At 100 bbl, the experts were talking about Hubert’s Peak Oil theory and had everyone jumping into the O&G bandwagon. Juggernaut QLC too went in. But we all know how it all ended. Today with oil hitting below 30 and recently grasping at 40s, the experts reared their new heads proclaiming that the world is awash in oil and for a good number of years to come. How very little do people know.

But why all these stories to bore everyone? What I want to know is – what is going to happen to my Sona and to the more than a billion warrants? With the result of the latest EGM, it was a death knell to the QA and warrants. Or is it?

The smart money has always been in buying Sona for its yield. This happened in the US where several SPACs were defeated by hedge funds when SPACs were trading significantly below cash value. With zero and low interest rate environment, the SPACs were against the returns available. Sona had to compete with not only low opportunity costs but against the brutal volatility of the oil prices.

But the smartest money is to be greedy when others are fearful – IF you know what you are about to get. I won’t bore you with the maths but just to say is that the margin between the supply and demand for oil is an amazing thin figure – around 2% on daily basis – leading to the volatility. The recent IEA report even mentioned that there were storage distortion not captured by their data due to non-OECD voids. In other words, countries like China, who has been continuously buying up oil has not reported their buying. Why should they?

The action of Saudi Arabia in trying to float their oil assets speaks the loudest. They know they can’t be pumping forever.

So what is all these mumbo-jumbo about? Well I think that oil is bottoming out and Sona could have been the cheapest O&G, depending on your choice of investment, that bursa ever had. HAD?? HAD-ain’t ??? (Forgive the pun, I couldn’t resist  ). So is it the end of the journey for Sona? Maybe not so. Next week, if time permits, I shall post what I think the management of Sona might probably and possibly do before the dreaded July 31 deadline looms.

Posted by fzank > 2016-04-28 10:43 | Report Abuse

clap! clap! clap! what a speech !!!! writing like a true authentic orifice janitor ... salute !!!!

Posted by T1T4N > 2016-04-28 10:50 | Report Abuse

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.

Posted by speakup > 2016-04-28 10:51 | Report Abuse

for an office janitor, your england very good :-)

Posted by T1T4N > 2016-04-28 10:54 | Report Abuse

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

Posted by JN88 > 2016-04-28 11:01 | Report Abuse

Magic magic...wakakaka

Posted by akhan1717 > 2016-04-28 11:16 | Report Abuse

just wait n hope for the best...