Posted by Old90 > 2016-03-15 10:24 | Report Abuse

Guessing no use, you will never ever know what's the shareholder thinking, either vote yes or no, this end of March you will know the answer. Still, I am positive with the QA.

Posted by akhan1717 > 2016-03-15 11:12 | Report Abuse

counter will fly soon...watch my words....

Posted by CLIQmanagement > 2016-03-15 11:17 | Report Abuse

i read your words.. but the facts is quite huge amount of proxy are voting NO to this QA.
I will not vote, leave it to the major shareholders to decide.

Posted by ab55 > 2016-03-15 11:34 | Report Abuse

Hadi know the result in the save side that why he not panic to push or collect the shares to support his side during the dday

Posted by ruslimz > 2016-03-15 11:37 | Report Abuse

how do you know HUGE AMOUNT of proxy say NO ???????????

Posted by jack2 > 2016-03-15 11:53 | Report Abuse

yup, I agree with ab55

surely, Hadi has ready funds and friendly parties to buy big if necessary.

the price now is not high and he can always placed out at higher price 1-3 yrs later with a profit too once the market is better

Posted by coolinvestor > 2016-03-15 11:56 | Report Abuse

This suspense is killing everyone invested in Sona. The fact is. The funds cannot say anything at all in the open market. This is becoz any info regarding the Qa is known will cause stock prices to move. This is known as material non-public information. This info will cause market price to move.

The brokers with inside info will not dare to leak any info because this is illegal. Hadi n the funds cannot say anything at all. ThThey are insiders and are even more subjected to sc laws.

Brokers dare to leak info tough luck. We will just have to see how it goes n look forward to the egm

Posted by CLIQmanagement > 2016-03-15 12:41 | Report Abuse

sorry. i dont have to "show" you how i got it. You can just ignore my comment.

Posted by T1T4N > 2016-03-15 13:15 | Report Abuse

"but the facts is quite huge amount of proxy are voting NO to this QA."
THE FACT? Voting not started you got the fact, your crystal ball very geng. LOL

Posted by CLIQmanagement > 2016-03-15 14:00 | Report Abuse

Cheers im just talking crap. just ignore me.

Posted by stockmanmy > 2016-03-15 14:54 | Report Abuse

Sona w....Very interesting.

Bot some.

If yes, I double
If no, I lose every thing.

Since absentee is considered yes.....I bet yes.....also hope they can do some last minute promotions.

They really need to promote themselves.

Posted by coolinvestor > 2016-03-15 15:39 | Report Abuse

34mil warrants traded today. Wow

Posted by ruslimz > 2016-03-15 16:10 | Report Abuse

if it is not a ' fact " dont say fact lah .....better say I feel..or I think...

Posted by jack2 > 2016-03-15 16:31 | Report Abuse

yes, teacher

Posted by coolinvestor > 2016-03-15 16:54 | Report Abuse

Some ppl are definitely collecting lots of warrants at 6.5sen wow

Crazy

Posted by ab55 > 2016-03-15 18:22 | Report Abuse

Jangan panik, after 30/3/16 Hadian still GM to drive sona petroleum forward, InsyaAllah

Posted by sonasona > 2016-03-15 22:59 | Report Abuse

This is from Sona website

4. Qualifying acquisition

......
The resolution on the QA must be approved by a majority in number of shareholders representing at least 75% of the total value of shares held by all shareholders present and voting either in person or by proxy at an EGM. Where the QA comprises more than one (1) acquisition, each acquisition must be approved by the shareholders of the SPAC in the same manner......

So please understand this, if you don't attend or you don't submit your proxy form, your share is not counted in the voting. If you wanted to sail thru with the company on this venture, do attend and vote in favour or if you cant attend, do sent in your proxy form.

As a small investor, I believe it is a good asset and this is the best time to buy the asset when the oil price is low. What is the possibility of the oil price to drop further? I think it is very low possibility but only God know. When the oil price goes up, you will get your rewards.

Posted by sonapetroleum > 2016-03-15 23:05 | Report Abuse

Thank you for your comments. Sona would like to provide all with more information in relation to our proposed acquisition of Stag oilfield:

Snapshot of our proposed acquisition – Stag oilfield

1. Stag oilfield is a currently-producing asset in a proven oil basin where many international oil companies are operating and investing.

2. Asset location in shallow waters 50km off the Western Australia coast. Stable and transparent regulatory environment with high standards of governance and protection for investors. Simple and straightforward petroleum arrangement with higher contractor net take than surrounding countries.

3. Purchase price of USD25million is the lowest psychological level of the O & G industry. Price is 50% less than originally agreed and significantly lower than the ‘Fair’ value recommendation by independent consultant, GCA.

4. Stag crude is higher quality and historically attracts a premium (USD1.50 currently) to the Brent. And we will invest to increase production.

We are confident this acquisition is in the best interest of our share and warrant holders.

Don’t hesitate to contact us on this platform. More than happy to clarify if there are questions. Constructive critics welcomed too.

Posted by sonapetroleum > 2016-03-15 23:07 | Report Abuse

Sona wants to provide clarity to some key concerns by investors:

First profit contribution and internal rate of return (IRR):

1. Ongoing production (currently 4,000 b/d) to provide immediate and continuing revenue and cash flows.

2. The effective date for Sona to assume revenue and risks is at June 2015, so we are already enjoying revenues.

3. The equity IRR of more than 15% from the assets to be acquired far exceed the yield that the current cash yield that shareholders are getting if they argued on the short returns they could get based on at today's market price.

Sentiment on Oil & Gas sector – would it be more beneficial if Sona’s share price is above its cash value?

1. The figures bandied around on cash value of 48.5 sen per share could be less if we were to take into account the cost of liquidation or cost of purchase/holding on the shares. It could be about 47 sen.

2. The warrant holders who do not own the mother shares will be the most hurt as the value is '0' if the QA is rejected. The warrant is in the money.

3. If a shareholder owns the mother share and warrant today the value equates to (46.5 + 7.0) 53.5 sen. The value still exceed the value of 50 sen at IPO.

4. Sona management is very experienced and is committed on a long term success on this deal as demonstrated by the moratorium imposed on the shares held until the later part of 2018.

Ask us more, we want to clarify!

Posted by sonapetroleum > 2016-03-15 23:09 | Report Abuse

More information on our proposed acquisition for all. Please do not hesitate to contact us in this platform should you have any questions. Thank you!

Providing shareholders the best possible returns:

1. We must focus on the real opportunity in front of us, i.e. the future, not current O&G sentiment.

2. Current production around 4,000 b/d.

3. The infill development (~US$110m) to be implemented 2016 – 2018 to increase 2P reserves and total production by over 35%.

4. Asset valuation at current low oil price and operating cost environment with potential for upside in oil price and reduction in operating cost (current ~US$30/bbl but target to reduce by 10 – 20%).

5. Sona has no borrowings to do this deal. Our cost of production of USD30 have a reasonable margin below the Brent crude price of USD40 even before pricing in the premium over Brent of about USD1.50 currently contracted. There are efforts to reduce on absolute cost basis or once the production increases after further infill drilling is done.

6. Measure us in 2017 when we have fully deployed our plans to increase production level and taken full control on the operation.

7. If some shareholders are persuaded by short-term yield returns, it will not benefit all shareholders who could potentially have to wait 6 to 9 months to see the return on the money they have invested. So the risk to all shareholders will be at the hands of less than 25% shareholders who feel they can get back their money if the deal received say just over 25 % of shareholders' rejection.

Posted by YC_Ma > 2016-03-15 23:18 | Report Abuse

Nice shown sona

Posted by YC_Ma > 2016-03-15 23:25 | Report Abuse

Tomorrow continue

Posted by T1T4N > 2016-03-16 00:37 | Report Abuse

@sonapetroleum
What if a shareholder ignore the EGM and does not submit any feedback.
Is this a default VOTE YES FOR ALL?

Posted by stockmanmy > 2016-03-16 00:59 | Report Abuse

Dear Sona.

please do more promotions in newspapers, with analysts and radio

Posted by Na Zhou > 2016-03-16 01:25 | Report Abuse

then may i know ,now how many percent the QA will be apporve,acording with info now...

Posted by callme777 > 2016-03-16 01:36 | Report Abuse

0.495 than I will vote yes

Posted by Na Zhou > 2016-03-16 01:51 | Report Abuse

then i just can vote yes...and tomorrow still buy
in the sona wa...

Posted by Na Zhou > 2016-03-16 01:51 | Report Abuse

then i just can vote yes only

Posted by Kareemabduljabbar > 2016-03-16 07:50 | Report Abuse

Good job sona. Finally you being market friendly and proactive. Hopefully today share price go up. Insha Allah you succeed.

Posted by jack2 > 2016-03-16 08:05 | Report Abuse

Thanks Sona Management for your clarification
You have my vote as I am looking at investing for 1-3 yrs period

Pls keep us posted in this forum on your analysis on IRR, costing & production. Hope the production cost can be further reduced in view of the lower oil price

Posted by jack2 > 2016-03-16 08:12 | Report Abuse

T1T4N - not attending or submit proxy form to support is equally to ZERO. Pls read Sona comments-

So please understand this, if you don't attend or you don't submit your proxy form, your share is not counted in the voting. If you wanted to sail thru with the company on this venture, do attend and vote in favour or if you cant attend, do sent in your proxy form.

Posted by T1T4N > Mar 16, 2016 12:37 AM | Report Abuse

@sonapetroleum
What if a shareholder ignore the EGM and does not submit any feedback.
Is this a default VOTE YES FOR ALL?

Posted by callme777 > 2016-03-16 08:34 | Report Abuse

Vote against the QA at this price

Posted by ab55 > 2016-03-16 08:34 | Report Abuse

@sonapetroleum
What if a shareholder ignore the EGM and does not submit any feedback.
Is this a default VOTE YES FOR ALL?

Pls read the last 2 para pg 48 CIRCULAR TO SHAREHOLDER
The answer is YES

Posted by jack2 > 2016-03-16 08:47 | Report Abuse

yeah, last 2 para pg 48 said YES. I think shud be right, if you don't attend and vote, considered YES la
but why the contradiction in comments?

Posted by stockmanmy > 2016-03-16 08:49 | Report Abuse

bot some warrants based on your comments. Just to let you know.



jack2 > Mar 16, 2016 08:47 AM | Report Abuse

yeah, last 2 para pg 48 said YES. I think shud be right, if you don't attend and vote, considered YES la
but why the contradiction in comments?

Posted by jack2 > 2016-03-16 08:55 | Report Abuse

TO - SONA MANAGEMENT

Just my friendly advise to Sona Management is to buy out those shareholders OPPOSING THE QA to ensure you garner at least 75% votes.

You can always placed out the shares at higher price (with good profit) once market sentiment improved and oil price recovered.

Who knows the business better than you & you are in the driving seat too.

Cheers Sona

Posted by callme777 > 2016-03-16 09:00 | Report Abuse

Yes Sona management buy me out at 0.48 or else I will vote no

Posted by speakup > 2016-03-16 09:06 | Report Abuse

the way SPAC rules are structures, there is a higher chance SPACS will fail (and I am refering to all SPACS, not just Sona)

Posted by CLIQmanagement > 2016-03-16 10:20 | Report Abuse

today heavy selling. And huge block is blocking at 0.465.

Posted by sonapetroleum > 2016-03-16 11:16 | Report Abuse

Thank you for all your support and comments - we will be responding to queries / concerns later today. The Sona management team is currently meeting with analysts and will provide further updates following our discussion.

In the meantime, sharing more information from our media engagements - The Star has today published an article (in print and online) and a recording of our interview with them yesterday: http://www.thestar.com.my/business/business-news/2016/03/16/sonas-acid-test/

Posted by Old90 > 2016-03-16 11:19 | Report Abuse

Pacific Alliance ups stake in Sona Petroleum
KUALA LUMPUR: Pacific Alliance Asia Opportunity Fund L.P. has raised its stake in special purpose acquisition company (SPAC) Sona Petroleum Bhd to 9.73%.

A filing with Bursa Malaysia on Tuesday showed the Cayman Islands registered fund had acquired 7.03 million Sona shares from March 9 to 11 from the open market.

Pacific Alliance bought 1.48 million shares on March 9 and 3.70 million units the next day. It bought 1.85 million shares on March11.

After the recent purchases, its shareholding was raised to 137.32 million shares.

Sona has proposed to acquire a 100% stake in Stag Oilfield assets in Western Australia for US$50mil.

After independent valuers deemed the price tag too high, Sona managed to cut the purchase price by half to US$25mil(RM103.2mil).

At US$25mil, this is just about a quarter of the RM529.2mil sitting in its trust account as at Feb 15, 2016.

However, RM115.1mil of the trust account will be used for working capital and other adjustments.

Posted by jack2 > 2016-03-16 11:39 | Report Abuse

yeah, both Credit Suisse and Pacific kept accumulating the shares for whole of last week.

Posted by akhan1717 > 2016-03-16 12:26 | Report Abuse

keep on buying guys...u will never regret..best ever counter of the year..

Posted by coolinvestor > 2016-03-16 13:09 | Report Abuse

sona management needs to put out more news and convince more ppl to vote for them. remember you are the face of the company. take for example who does sp setia represents? the ex ceo tan sri liew kee sin.

he is the face and indirectly main marketer or sp setia company. image counts. this is called investor relations and i have a friend who used to work in samling group and tropicana. image counts.

all the best!!!

Posted by sonapetroleum > 2016-03-16 13:19 | Report Abuse

Thanks all. Sharing more recent news coverage for your reference:

The Sun: http://www.thesundaily.my/news/1722209

Bloomberg TV Malaysia: https://www.youtube.com/watch?v=it9RciqTMa8&feature=youtu.be

The Edge: http://www.theedgemarkets.com/my/article/sona-petroleum-rises-109-acquisition-australian-oil-firm

The Edge: http://www.theedgemarkets.com/my/article/sona-seeks-institutional-shareholders-back-qa

The Edge: http://www.theedgemarkets.com/en/node/264210

Posted by sonapetroleum > 2016-03-16 14:39 | Report Abuse

Dear all, thank you so much for your questions. Please find below our responses to your questions (as at 2pm today):

1. Management needs to improve their skills in running a listed company and understanding how stock market works.

Thank you for your feedback. As a listed entity, we make it a point to understand our investors’ perspectives – we will continue to provide as many updates as possible through the media and online channels, within regulatory guidelines.

2. What if a shareholder ignores the EGM and does not submit any feedback. Is this a default vote yes for all?

No, that is not the case. Votes will only be counted based on shareholders present and voting at the EGM.

3. How many percent the QA will be approved, according to the information now.

We do not wish to speculate, but are confident of securing QA approval given the strong business and economic case that the Stag Oilfield presents to Sona and its investors.

4. Advise to Sona to buy out those shareholders opposing the QA to ensure you garner at least 75% votes. You can always place out the shares at higher price once market sentiment improved and oil price recovered. Who knows the business better than you & you are in the driving seat too.

Thank you for your faith in us! Your suggestion makes a lot of sense – however, Sona’s team is prohibited from voting at the EGM to ensure that the decision made is a true and accurate reflection of shareholder sentiment.

5. The way SPAC rules are structure there is a higher change SPACS will fail.

Like any other listed company, a SPAC is exposed to risks beyond its direct control (exchange rate risk, industry / sector risk, political risk, economic risk, etc) – where a SPAC differs is in the increased security measures placed upon it by regulators to protect shareholders. That being said, we see the SPAC structure as protective of shareholders, and as allowing shareholders to “enter at the ground floor” – a domain traditionally reserved for venture capitalists and larger investors.

As always, please do not hesitate to contact us in this platform, should you have any questions. Thanks!

Posted by callme777 > 2016-03-16 15:22 | Report Abuse

Below rm0.485 , just vote against QA. Stock price tells a lot. Don't be fooled by sweets and goodies

Posted by sonapetroleum > 2016-03-16 16:16 | Report Abuse

Hi @callme777,

We are an experienced management team and we are confident that informed and long-term investors understand the potential upsides:

Stag Oilfield cost of production is currently ~US$30/bbl. Apart from the fact that we have plans to reduce this by 10-20%, many industry experts don’t expect oil prices to stay at these levels for long. It already hit historical lows recently and we all know that this is a cyclical industry. It is also important to understand that crude from Stag Oilfield is of a high quality and has historically traded at a premium to Brent (current premium is US$1.50 per barrel – rose to as much as US$6.00 previously).

Stag Oilfield is currently producing (approx. 4,000 barrels a day currently, and we have plans to increase this) – providing us with immediate and continuing revenue and cash flow given that the effective date for us to assume revenue and risks is from June 2015.

Finally, the equity IRR of more than 15% from the assets to be acquired far exceed the yield that the current cash yield that shareholders are getting if they argued on the short returns they could get based on today's market price. Not to mention the fact that liquidation would take many months. For just a few sen, would an investor prefer to wait (an unknown number of) months for a future sum of money that, as any financial person will tell you, is worth less than the equivalent numerical value today?

When you are investing, you are always looking at the future returns. We are buying the assets significantly lower than what the independent valuer considers fair, our cost of production is low (and is already profitable when oil prices are at US$40) and the asset is situated in a proven oil basin and proven reserves with transparent and clear regulatory environment. We are going to increase production by expanding the current producing wells and our crude is a premium product with good demand as feedstock.

We hope the info provided will help investors make an informed decision.

Posted by traderman > 2016-03-16 16:18 | Report Abuse

hahahaa

sonapetroleum

Posted by callme777 > 2016-03-16 16:31 | Report Abuse

Yaya.... You can say what U like and how experience you are. The stock price ain't 0.485 U can be sure I will vote a no QA.