Posted by tyran > 2016-03-21 11:16 | Report Abuse

everyone is entitled to their opinion - i'm one of the initial investor since the ipo 3 years ago and i'm choosing to take the calculated risk of staying in as the entry point for a producing o&g asset is so low now.

even if the majority don't feel like i do and vote to collapse the deal, i'll still get my money back anyway (may take a while but with interest, downside is minimal to negligible)

Posted by Old90 > 2016-03-21 12:06 | Report Abuse

I will definitely Vote YES for the coming QA.

Posted by jack2 > 2016-03-21 12:08 | Report Abuse

look at the warrant, 26M done and buyer piling another 17M to BUY

I think 5 cts is lowest it can go and investors are collecting at that price

Posted by jack2 > 2016-03-21 12:18 | Report Abuse

my group of friends are all voting YES

Posted by jack2 > 2016-03-21 12:19 | Report Abuse

IF WE ARE SO AFRAID, WE SHUD NOT BE INVESTING IN THE FIRST PLACE


Sir John Templeton said: “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.”

http://www.thestar.com.my/business/business-news/2016/03/19/bulls-making-a-comeback/

Posted by akhan1717 > 2016-03-21 12:21 | Report Abuse

..it will be a win-win situation for all investors for a YES vote..this will be the best oil n gas counter as far as a spac is concern..the returns will be mind bogling for the investors.

Posted by jack2 > 2016-03-21 12:29 | Report Abuse

I am not an oil man but looking at the oil field, reserve, productions and pricing, this STAG is definitely the best oil field among all those oil fields ever mentioned

we are also riding on recovery of oil price

definitely a good calculated risk & investment

Posted by ktsk88 > 2016-03-21 13:37 | Report Abuse

I have submitted mine and voted YES on the proxy form.

Good assets at last after almost 3 years .

Posted by pvd_investor > 2016-03-21 13:47 | Report Abuse

It is better for Frustrated and Negative people to keep quiet than to be throw their negative views. It is much better to remain positive and loose than to be negative and loose.

Posted by Yunus > 2016-03-21 13:48 | Report Abuse

Agree pvd_investor!

Posted by callme777 > 2016-03-21 14:09 | Report Abuse

I will definitely vote no

Posted by Wong Heam Kiew > 2016-03-21 14:59 | Report Abuse

Australia is not a 3rd world country where you might be able to get a cheap bargain by connection or bribery.

STAG was opened to many bidders and the highest bidder got it, so the deal couldn't be a very good one, the most is a bit cheaper than fair price.

So there would not be any quick and big gain immediately after the purchase.

As for future earning, that depend very much on how good the management handle the project and also luck, i.e. oil price.

I was working in oil and gas as for 18 years, but because I was just an engineer, dont really have clear picture on project profitability.

Good luck to all.

Note: Re-post again as the previous one typo error.

Posted by Dogwithabone > 2016-03-21 16:39 | Report Abuse

I have sent in my proxy with a YES vote. I might as well ride with the QA, and see where it goes. If the vote fails, I will sell at 44/45c and move on, not going to bloody wait 2 years to get 48c, forget that!! It's a good trade where the upside is great and the downside limited.

Posted by callme777 > 2016-03-21 16:40 | Report Abuse

Wait two years???

Posted by Rehan > 2016-03-21 17:00 | Report Abuse

please let me know the details of QA? when does it start , end , result time .....

Posted by tyran > 2016-03-21 17:04 | Report Abuse

refunding of funds from a failed spac is still a big grey area, that is why you see many speculative comments saying 1 year la, 2 year la etc etc. You can see CLIQ investors facing that right now

Hopefully SONA needn't bother about that fact if the deal is a YES

Otherwise yea we probably have to wait some time for the refund (I doubt it will take years, but who knows eh?) All I can say is the mgmt committed to refunding - costs + interest

Posted by Desa20201956 > 2016-03-21 17:19 | Report Abuse

refunding of funds from a failed spac is still a big grey area


no precedent.

the circular is clear about dissenting shareholders......not clear about a Yes vote being defeated/.....I think those arbitragers and yield investors will have to wait 2 years if the Yes vote is defeated.

Posted by speakup > 2016-03-21 17:32 | Report Abuse

If management is dead serious about the QA, they would've push up the mother share above the net cash value of 49sen.
If u vote NO, u are assured of getting back about 49sen (probably several months after voting NO).
If u vote YES, and IF oil price drop back to US$30..... SONA share price will drop like a rock as there will be no more net cash value cushion to hold up the price.

To me the downside is greater if u vote Yes.
Your money, your choice.

Posted by sonapetroleum > 2016-03-21 17:41 | Report Abuse

Dear all, please find below our answers to your questions as at 12noon today. Thank you so much for your support and please do not hesitate to contact us if you've any questions.

1. If I would like to reject the QA , I don't have to do anything or attend EGM?

If you are voting against the Proposed Acquisition and would like to participate in the Share Repurchase (as defined in the Circular), you must complete and sign the Request Form enclosed with the Circular. Further,:

(i) If you are attending the EGM in person, you must lodge the completed and signed Request Form with our share registrar together with the voting slip at our forthcoming EGM;

(ii) If you are appointing a proxy to vote at our forthcoming EGM (with your instructions on the Form of Proxy to vote AGAINST), your proxy must lodge the duly completed and signed Request Form with our share registrar together with the voting slip at our EGM; or

(iii) If you are appointing the Chairman as your proxy to vote at our forthcoming EGM (with or without your instructions on the Form of Proxy) , you must deposit BOTH the completed and signed Form of Proxy (with your instruction to vote AGAINST ALL the resolutions) and the Request Form at our registered office at least by 48 hours before the EGM (i.e by 10.00am, 28 March 2016).

Please note that to be eligible for the Share Repurchase, you must fully comply with the instructions set out in Section 12 of the Circular.

2. Can SONA warrant be converted to shares if they voted against the QA in this coming EGM?

All Sona warrants can only be exercised into Sona shares after the Proposed Acquisition is completed. If the Proposed Acquisition is not completed within the permitted timeframe (i.e. by end July 2016), the warrants will expire.

3. Why does it take 12 month for Sona to return the money back if investor vote "No"? i thought they need to return it to them prior to completing the QA which means before July 2016. Unless of course the QA will not be approved by the majority of shareholders. Then, they will need to liquidate the assets which takes 1 - 2 years. If majority of shareholders approved the QA, then Sona will need to pay those who vote "No" before July 16. Correct me if i'm wrong.

In accordance with the M&A of the Company, our Company will effect the payment to Dissenting Shareholders within seven (7) market days after all conditions precedent set out in the SPA have been fulfilled. This is PROVIDED THAT the Proposed Acquisition is approved by a majority in number of the holders of the Sona Petroleum Shares representing at least 75% of the total value of issued Sona Petroleum Shares held by all holders of Sona Petroleum Shares present and voting either in person or by proxy at our forthcoming EGM and PROVIDED FURTHER THAT that the Initial Investors shall be permitted to vote but members of the Management Team and persons connected to them (as defined in the Equity Guidelines) (including but not limited to Platinum Autumn Sdn Bhd) shall not be permitted to vote.

If the Proposed Acquisition is not completed within the permitted timeframe, our company will be dissolved, wound up or liquidated under the Companies Act. In accordance with our M&A, we will commence such liquidation process as soon as practicable within 60 days after the expiry of the permitted timeframe.

4. Do dissenting shareholders gets the accrued interest income as well? or just 45sen?

The consideration for Shares Repurchase shall be equivalent to a pro-rata portion of the amount then held in the Cash Trust Account (including interest, but net of any taxes payable and expenses related to the Share Repurchase). Please refer to section 12.3 of the Circular for further information.

5. Can I fill up proxy to vote NO, and meanwhile within this EGM period, I see a good price and sell off my shares?

Firstly, to be eligible for Share Repurchase, you must complete and sign the Request Form and fully comply with the instructions in section 12 of the Circular (please refer to Question 1 above).

Please note that as set out in section 12 of the Circular, any request for your Relevant Shares to be repurchased by our Company is irrevocable and, once made, cannot be withdrawn. The lodgement of the Request Form constitutes a valid and binding contract between you and our Company to repurchase your Relevant Shares and you must not subsequently sell or otherwise deal with any of your Relevant Shares, as doing so will constitute a breach of your obligation and our Company reserves the right to claim against you for any loss or damage suffered by our Company as a result of your breach.

Lastly, we would like to share additional details of the proposed acquisition of Stag Oilfield. We trust that this will provide everyone with more clarity:

http://www.sonapetroleum.com/download/sp-march2016.pdf

Posted by speakup > 2016-03-21 17:46 | Report Abuse

NO!

Posted by tyran > 2016-03-21 17:48 | Report Abuse

Desa, i agree with you when u say no precedent. But how do you get the 2 years figure? Need to be careful not to pluck from thin air

speakup, if you vote Yes and QA is on, its true that there is no more cash value cushion to hold up the price. However the company now has assets which they claim will raise the NTA to 0.38/share. It's true that falling oil prices might drop this down further, but it's also true that the immediate oil income can prop things up. This will then be just like any other O&G counter out there, being open to the same risks of the O&G market. I don't know enough financial modelling to do the math accurately la, sorry.

If you vote yes, and yet the QA fails, then the cash value cushion is still there for all those who supported the QA. No difference to how it is right now.


This actually feels like the Prisoners Dilemma (google it) - do you vote no and run with your meagre returns, causing the QA to fail and giving equally meagre returns to those that voted yes? Or do you all vote yes to achieve QA and both enjoy potentially greater returns together.

Your money, your choice indeed bro. But to me, my downside is limited while the upside potential is quite high

Posted by Yunus > 2016-03-21 18:02 | Report Abuse

Thanks SONA for the information contained in the slides, reinforces my YES vote!

Posted by cruise > 2016-03-21 18:30 | Report Abuse

speakup, holding no shares & yet against QA
are you putting your ass for voting? LOL

Posted by cruise > 2016-03-21 18:32 | Report Abuse

i support the QA

Posted by Old90 > 2016-03-21 18:41 | Report Abuse

cruise, you are right..I don't think speakup holding any sona shares, but yet.....no idea what he is thinking. Between, I will vote YES too, the future gain is bright.

Posted by jack2 > 2016-03-21 18:46 | Report Abuse

lol

Posted by cruise > Mar 21, 2016 06:30 PM | Report Abuse

speakup, holding no shares & yet against QA
are you putting your ass for voting? LOL

Posted by jack2 > 2016-03-21 18:47 | Report Abuse

at last there is life in the warrant, i think the lowest is 5ct and there was good accumulation today

Posted by Michael Teng > 2016-03-21 19:43 | Report Abuse

1. CS and PA are yield investors , holding 20% of SONA shares. They will vote "NO" ; they are still buying CLIQ shares till today to secure a fixed, guaranteed returns.

2. Since the Management team with 15% shares and a good portion of retail investors with 10% shares (don't turn up to exercise their vote or appoint a proxy, basically they could be ignorant, staying in Penang to Johor or just plain indifferent) , that accumulated shares value is already worth 25% .

3. Now assuming the rest 75% all turn up to vote in person or via proxy , for an overwhelming "YES", except CS and PA , the resolution will still be defeated since that 20% owned by CS and PA translate into an effective vote of 26% in value.

Posted by Desa20201956 > 2016-03-21 20:02 | Report Abuse

if the YES is defeated, CS and PA are no longer dissenting shareholders, there are the ones who put the Company into liquidation....1 to 2 years wait la.



Michael Teng > Mar 21, 2016 07:43 PM | Report Abuse

1. CS and PA are yield investors , holding 20% of SONA shares

Posted by Michael Teng > 2016-03-21 20:11 | Report Abuse

For those who are keen to learn more about Pacific Alliance Asia Opportunity Fund (PAG), read here http://pax-fund.com/about-us/

Let me highlight their investment strategy : PAX and the Master Fund are opportunistic and dynamic with respect to the strategies they employ and invest across the capital structure. PAX and the Master Fund pursue distressed credit, value, arbitrage and special situations strategies, concentrating on mispricings rather than directional exposure.

The investment strategy focuses primarily on debt, equity and other interests in both public and private companies whose securities are trading at wide discounts to their realizable value. PAX and the Master Fund place a great emphasis on capital preservation and downside protection through a deep value discipline, rigorous due diligence, asymmetric investment construction, and ongoing risk management.

Posted by Ant > 2016-03-21 20:50 | Report Abuse

can any give a speculaion, what sona's price will hit if the QA get approve....

Posted by YC_Ma > 2016-03-21 21:18 | Report Abuse

Rm1.50

Posted by jack2 > 2016-03-21 21:20 | Report Abuse

ASTRO RERUN -LOL


Posted by sonapetroleum > Mar 18, 2016 09:58 AM | Report Abuse

Dear all, thank you for your comments. Regarding questions on CS/ PA, we cannot comment on it as it would be speculative and misleading.

Posted by jack2 > 2016-03-21 21:22 | Report Abuse

once QA approved and oil price recovered, big funds like EPF will just slurpped 10%

Posted by ab55 > 2016-03-21 21:45 | Report Abuse

After the Proposed Acquisition, the Proforma Net Asset per Sona Petroleum share as at 30 Sept 2015 is RM0.38.

After QA approved - April 2016 , I guess about RM0.42.


Posted by Ant > Mar 21, 2016 08:50 PM | Report Abuse

can any give a speculaion, what sona's price will hit if the QA get approve....

Posted by callme777 > 2016-03-21 22:39 | Report Abuse

Just vote against the QA

Posted by jack2 > 2016-03-22 06:02 | Report Abuse

true, if worst case happened, the co got liquidated, you get less refund for additional cost incur to appoint & pay liquidators and others adminstration cost plus refund months later

so be smart rather than stupid for a win win situation

Posted by callme777 > 2016-03-22 07:16 | Report Abuse

I will still be voting no QA

Posted by ruslimz > 2016-03-22 07:53 | Report Abuse

don't worry......YES 100% will win.......

Posted by ab55 > 2016-03-22 08:36 | Report Abuse

Yes 80%....No 20%

Posted by YC_Ma > 2016-03-22 09:34 | Report Abuse

sure up

Posted by Dogwithabone > 2016-03-22 09:35 | Report Abuse

rohank71 & jack2, you guys are absolutely right. callme777 is just emotional and not thinking as a rational investor. Let him be.

Posted by Wong Heam Kiew > 2016-03-22 10:05 | Report Abuse

rohank71 might be right, there might be persons who keep telling people to vote for YES so that they can get back their money much sooner.

Posted by speakup > 2016-03-22 11:23 | Report Abuse

I dont have any Sona shares, so I am just sharing my "independent" viewpoint, no vested interest.
VOTE NO!

Posted by akhan1717 > 2016-03-22 11:24 | Report Abuse

callme777...is a instigator who must be in cahoot with some failures and as i said in my earlier comments...shud be investigated by BURSA n SC..hope that this can be brought up at the EGM.

Posted by Yunus > 2016-03-22 11:34 | Report Abuse

rohank, good advice on why SONA shareholders should vote for a YES. Agree that voting for a YES benefits all, the optimists (me and quite a number here) and the "diehard" NO (one obvious one in the many posts above :-))

Posted by akhan1717 > 2016-03-22 11:34 | Report Abuse

i m a carefull investor and i can see good or bad..this deal in SONA is the best ever a oil/gas spac can secure..a YESS vote is a must..

Posted by coolinvestor > 2016-03-22 11:43 | Report Abuse

Just ignore the troublemakers. Perhaps they like the fact that they thought they have the power to blackmail ppl. Lol

Posted by callme777 > 2016-03-22 13:13 | Report Abuse

Voting NO is call an istigator, trouble maker, stupid, etc..... Lol

Posted by gamer > 2016-03-22 14:32 | Report Abuse

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