We refer to the Company’s announcements dated 31 July 2015 in relation to the submission of the application for the Proposed Acquisition to the SC and 14 December 2015 in relation to the submission of the revised application for the Proposals to the SC (“Application”).
On behalf of the Company, Maybank IB wishes to announce that the SC had vide its letter dated 29 January 2016 addressed to Maybank IB, returned the Application as the SC is unable to proceed with its review due to required information and documents that have yet to be submitted to the SC relating to several fundamental matters in relation to the Application that have yet to be addressed, in particular:
(i) Supporting data used in the assessment of the volume of oil reserves by the independent technical expert that has yet to be provided to the SC. Without this, the SC is unable to determine if disclosures to shareholders of CLIQ are appropriate;
(ii) An independent expert was appointed to provide a fairness opinion as required under item 4, Part F of Appendix 10B of the Main Market Listing Requirements issued by Bursa Securities (“Fairness Opinion”). However, the independent expert has relied on the asset valuation report prepared by the asset valuation expert, despite not taking a view on the reasonableness of the report and its contents, in arriving at its fairness opinion. This qualification has been specifically stated in its Fairness Opinion. As a result, shareholders of CLIQ would not have the benefit of a fairness opinion that encompasses all aspects that they need to consider to make an informed decision; and
(iii) The technical reports prepared by the independent technical expert and the Fairness Opinion have not been updated to reflect the current oil prices trends. This is not in compliance with paragraph 3.34 of the SC’s Guidelines on Due Diligence Conduct for Corporate Proposals.
Actually luck is not at Qliq's side. First it has the least amount of fund collected among SPAC IPOs resulting in not enough fund for QA. Second is steep drop in oil price . Third is ringgit steep depreciation ........The best brains of directors also I think cannot do anything oledi......pity.....but I still believe the same problems would not be faced by other SPAC because they are having enough money......
incomplete documents either showed incompetency of directors or they were actually bull shitting everyone with the deal when there was no plan to get the QA approved in the first place
the founders are trying hard to get a deal and hang on.... but the writing is on the wall.... come April, all the monies will be returned. Founder shares gets nothing... and put all the directors out of job.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
tunkuabdulrahman
18 posts
Posted by tunkuabdulrahman > 2016-01-29 13:39 |
Post removed.Why?