Posted by hpcp > 2016-04-06 14:29 | Report Abuse

betting QA pass. Another insane guy

Posted by xiongyan > 2016-04-06 14:31 | Report Abuse

Got sell sure got buy.....who is insane guy, buyer or seller?? Say now maybe more early...bro

Posted by Vjean > 2016-04-06 14:34 | Report Abuse

finally some positive view have come out, as for Sona wa, i think people are exciting to collect it at 0.035 now, a very attractive opportunity to make big money, for those who think the QA sure fail, just sell out, dont need to give your negative comment without any assurance to panic people only.

Posted by coolinvestor > 2016-04-06 14:36 | Report Abuse

dun worry pasar malam ppl will only just shout out like pasar malam ppl...no sense of anything and just shout for fun like trouble makers...

Posted by investing101 > 2016-04-06 14:41 | Report Abuse

I hope the QA goes through. Then I won't have to wait 6-12 months.

Posted by hpcp > 2016-04-06 14:56 | Report Abuse

xiongyan, you hope you still can recognise way home after EGM outcome

Posted by luckyoldman > 2016-04-06 16:04 | Report Abuse

I just did a simple calculation and correct me if I am wrong

Total Issued shares of Sona Petroluem 1,410M shares
Less Promoter Shares 282M
Total Shares eligible for voting 1,128M
25% shares 282M

Yield Investors (from announcement)
PAG 210M
Credit Suisse 180M
Total shares 390M

390M shares is far exceeding 282M shares that are required to block the QA deal .

so if PAG and CS are different entities and their answer is no to even capital refund, the whole deal is gone .

In order for the deal to go through, Sona shares must be traded above 48 sen before EGM to allow the yield investors to sell down

282M x 48 sen =RM135M

So far, the management has not bought any shares from the market to support the deal.( since there is no announcement.)

It makes me wonder whether the deal is really good for shareholders?

Posted by coolinvestor > 2016-04-06 16:21 | Report Abuse

yes luckyoldman, you are right in your calculations.

i believe the management again already knows this and maybe working out a nice strategy n plan to offset this.

if they cant..well no need to say already.

that is also why we need to monitor this n see what do they propose.

perhaps they have a nice sweetener...

Posted by sudahkena > 2016-04-06 16:40 | Report Abuse

if condifent the deal on... sona wa ..0.035/0.04..not a big deal..only diff 0.005....

Posted by xiongyan > 2016-04-06 18:53 | Report Abuse

Hpcp thank ,i know my way....... i just want know are u foresee? Or tarot master?

Posted by xiongyan > 2016-04-06 18:58 | Report Abuse

Confident...but also got people confident qa fail.... half sen not a big deal... if me confident qa fail, 3 sen i also sell all..... still want wait the rise?

Posted by Mr8888 > 2016-04-06 19:45 | Report Abuse

If the share price goes up above 0.50, i think those who voted against QA will sell their share in open market (including me, even my average price is more than 0.50) & let the yes investor to vote for QA. I'm felt that i lost my confidence with the management team & this may change my vote from yes to against. Really hope the management team make a good plan to convince all the investor here. A lot of suggestions given in i3 forum. Pls wake up.

Posted by 3iii > 2016-04-06 20:03 | Report Abuse

>>>Directors don't have to do GO. Just approach CS to offer them privately. Once you kau tim CS then sure will go through<<<

Maybe there is already intense negotiation between the directors and the 2 major yield investors.

Posted by investing101 > 2016-04-06 22:41 | Report Abuse

Mr8888...I think if you vote against QA and submit pink form, you can't sell in open market anymore.

Posted by xiongyan > 2016-04-06 22:46 | Report Abuse

No maybe, now really in negotiation
..

..

Posted by tyran > 2016-04-06 22:57 | Report Abuse

Still no news on the re-voting procedures?

Posted by ruslimz > 2016-04-06 23:33 | Report Abuse

this is a forum.....for all the ideas....you listen to all and make your own judgement......

Posted by Mohd Fahmi Bin Jaes > 2016-04-06 23:35 | Report Abuse

free forum free post

Posted by stockraider > 2016-04-07 00:12 | Report Abuse

Saturday, 2 April 2016
SPAC-tacular no more
BY INTAN FARHANA ZAINUL

Maiden purchase: Sona’s proposed QA in the form of the Stag Oilfield offshore western Australia which costs US25mil.

THE sagas unravelling at Sona Petroleum Bhd and CLIQ Energy Bhd tell a story of a seemingly unsurmountable challenge facing the management and boards of these special purpose acquisition companies (SPACs).

At the heart of the matter are the cash-back option that SPAC investors are entitled to and the rule that requires such companies to secure at least 75% of shareholder votes for their maiden acquisitions. What this has meant, at least in Sona’s case, is that there is a long list of shareholders who are not only opting for their cash-back but also in a position to stop any acquisition deal, no matter how attractive it may seem.

RAIDER COMMENT; WITH THE FALL OIL PRICE FROM USD 100 PER BARREL TO USD 30 TO 40 PER BARREL....THE OIL BUSINESS ALREADY UGLY MAH...!!
THUS FUNDAMENTAL NOT THAT VIABLE LOH....BUT MANAGEMENT OF SPAC TRY TO PAINT A NICE PICTURE MAH...!!

And in CLIQ’s case, another shortcoming of the SPAC universe is revealed: no one knows when the shareholders are going to get their money back, despite the company having announced that it would return the money to them, after failing to get its qualifying acquisition (QA) deal passed by the regulator. OF COURSE U DON KNOW, WHEN U GET BACK UR MONIES...BCOS LIQUIDATION TAKES TIME & SUBJECTIVE LOH...!!

Posted by stockraider > 2016-04-07 00:13 |

Post removed.Why?

Posted by stockraider > 2016-04-07 00:14 |

Post removed.Why?

Posted by stockraider > 2016-04-07 00:16 | Report Abuse

Hibiscus had the support of some deep pocket investors, including Tan Sri Arumugam who is one of the richest man in Malaysia holding up to 8.8% stake in the company in March 2012.
In Sona’s case, it also has a large share base of 1.1 billion shares, compared with Hibiscus’ 313 million shares at the point of its QA voting.
A glance at Sona’s shareholder list shows that aside from the management who holds around 20% of the company, the next two largest shareholders of the company are believed to be yield-seekers – Credit Suisse Securities Europe with a 12.82% stake, followed by Pacific Alliance Asia Opp Fund which owns 10.58% stake, based on Bloomberg data.

These funds have been actively accumulating shares in Sona in the past two weeks.
On the flip side, the yield-seekers came about when Sona’s share price had been low.
Sona’s share price dipped to a low of 39.5 sen in early December 2014, indicating a lack of interest.
That could also have resulted from the overall crash in the oil and gas (O&G) industry, following the oil price collapse that began in June 2014. And it is that low price of Sona’s shares, coupled with the cash-back option that presented the yield-seekers with the opportunity to buy into the company resulting in the current dilemma it faces.
It is likely that the presence of the yield-seekers has supported the share price of Sona and possibly other SPACs to the levels they are today.

When will CLIQ distribute cash?
As for CLIQ, the issue is when will its shareholders get their money back through the share repurchase scheme. The SPAC guidelines have largely been silent on this matter, saying that upon a decision of returning money to shareholders, the Malaysian laws of liquidation will kick in. Another concern is when the shares of CLIQ will be suspended from trading – another blow to investors.

“It does seem as if the SPAC rules did not go through any significant stress testing to examine how things will transpire when the QA fails and money needs to be distributed,” one SPAC investor says.
CLIQ, which has yet to reply to queries from StarBizWeek, had said on March 7 that it would be shortlisting a liquidator for the purpose of distributing the cash. That was the last official pronouncement on the matter.
Sources say that CLIQ has yet to provide a statement of solvency, which in turn is having an impact on its liquidation process (see sidebar).
This is causing its investors to be anxious, considering that their projected returns are calculated based on how soon they will get paid.

As for Sona, the next 30 days will be crucial. The company is making serious attempts at drumming up the attractiveness of the asset being acquired.
But that will only go so far with the yield-seekers, who by definition, are not interested in the long-term prospects of Sona’s O&G ventures when they can lock in visible returns now. NOT TRUE LOH...IT JUST THAT THE YIELD SEEKER IS NOT HAPPY THEY BEAR THE BRUNT IN ORDER TO MAKE THE QA SUCCESSFUL..!!

In reality, what would need to happen is for Sona’s management to figure out a way of buying out large chunks of shares belonging to the yield-seekers, to ensure that it gets the 75% approval for its QA.
This will probably be going on within these next 30 days. IF THIS HAPPEN SONA PRICE NEED TO GO ABOVE RM 0.48...IN ORDER TO BE SUCCESSFUL LOH...!!

There could be another way out, says one observer. If by some means, Sona is able to secure a waiver from the 75% shareholder approval rule, it would be able to get its QA passed. THIS DEFINITELY NOT VIABLE...IT MAY LEAD TO LITIGATION....BCOS OF CHANGING THE RULE....WHICH SC IS TRYING TO PROTECT IN THE 1ST PLACE...!!

However, that is an unlikely scenario, considering that it will be tantamount to changing the SPAC guidelines and clearly disadvantage the position of the yield-seeking investors who have relied on the rules in making their investment decisions.
Whatever the case is, the dilemma being faced by both Sona and CLIQ, could befall the other two listed SPACs namely Reach Energy Bhd and Red Sena Bhd, especially when they are closer to making their QA.

On March 5, Reach Energy announced its potential QA of buying a controlling stake in an onshore oil block in southwest Kazakhstan.
However, at the current price of 68.5 sen, Reach Energy is trading about 12% lower from its cash value of 77.69 sen, indicating that it too, could be the target of yield-seekers.
Reach Energy has one more year to complete its QA and has yet to submit its proposal to the Securities Commission for approval. Time will tell if it too willgo through the challenges faced by Sona or CLIQ.
RAIDER ALSO SEE REACH IS LIKELY TO FAIL TOO...!!

Posted by roflmaocat > 2016-04-07 09:40 | Report Abuse

yes we already seen this tq

Posted by callme777 > 2016-04-07 09:55 | Report Abuse

Sona management, you need the stock price to be 0.485 and above so that you can flush out the short term shareholders and also to give your long term shareholders the confidence. You want to be a successful oil and gas company, you need to manage the stock price as the price tells a lot about the company. If you do not care about the stock price, than DONT list it on the stock market but rather take it private or fund your QA with private funds instead.

Posted by investing101 > 2016-04-07 10:12 | Report Abuse

If the acquisition is really good at USD25m and it is already positive cashflow, if I were the directors, I would not use SONA to buy then. I will raise the money privately and make the acquisition by myself. With the ringgit strengthening now to 3.80, it is even cheaper than one month ago. Surely, the directors would have the financial capacity to raise USD25m. They just have to pledge the cashflow and assets to the bank for the first X years.

On the other hand, if they were to try to buy out some of the dissenting shareholders like CS (at 15%) it would cost them RM80m+ already.

Posted by stockraider > 2016-04-07 10:40 | Report Abuse

Yes...to move up Sona....there is few ways....!!

1. To buyout the share below cash level rm 0.48....that will mean u may need to buyout potential upto 75% of the share...!!

2. Have a good payout or cash repayment for the supporting shareholders.

3. A combination of 1 and 2....!!

Without doing 1 and 2 are just Public Relation talk....difficult to convince the yield investors loh...!!
This bcos the yield investors are financial savvy mah....!!

Posted by callme777 > 2016-04-07 11:01 | Report Abuse

Sona management pls say something.

Posted by 2007caca > 2016-04-07 11:03 | Report Abuse

can,t...all under OSHA...he..he...

Posted by ktsk88 > 2016-04-07 11:07 | Report Abuse

The public spread holding now in PAG/CS - 40% and the remaining 25% holding by retailers. So it is hard to convince PAG/CS with current share price but one thing enticing is the capital repayment that can change their mind but not very 100% proof depending on share price and the oil price.

I hope that the Mgmt could do some private arrangement with PAG/CS to have their 40% support and plus the Mgmt holding of 25% it is more conving to get the deals thru.

Private deals could be the warrant plays........purportedly push down for them to buy and later get the deal thru and they will benefits from the shares sold. At the same time the Mgmt will only push the share up after the cut-off date for summision of proxy voting forms......this again will determine the ex price for the shares after capital repayment adjustment.......hence increasing the return for the warrants holders later.

This is my own opinion.

Posted by investing101 > 2016-04-07 11:09 | Report Abuse

Warrant conversion is 50c.

Posted by ktsk88 > 2016-04-07 11:11 | Report Abuse

warrant conversion is 35 sen

Posted by investing101 > 2016-04-07 11:20 | Report Abuse

Apologies.

Posted by T1T4N > 2016-04-07 12:50 | Report Abuse

"I hope that the Mgmt could do some private arrangement with PAG/CS to have their 40% support and plus the Mgmt holding of 25% it is more conving to get the deals thru. "

Management 20% shareholding is restricted to vote. (CANNOT VOTE)

Capital Repayment is your money, nothing attractive about it. If QA pass through, the guarantee price of 48.5 sen is gone, the price of Mother share might go DOWN.

This is why YIELD investor voted AGAINST at this LOW OIL PRICE event.

Posted by kensen > 2016-04-07 13:49 | Report Abuse

Sona just organised a trip to Stag Oilfield from Wednesday (6 April 2016) to Friday (8 April 2016) for all research analysts and media. All flights, accommodation and meal expenses fully paid by the Company. This can be a big expenses incurred just for investor relation and to garner vote from the shareholders.

Strictly, the 10% is supposed to source the deal and pay for acquisition (i.e. staff cost, professional fees, EGM etc.). Investor relation activities can come later once they they got the QA. Without the QA, what to talk about and in the end the deal is rejected by the shareholders. Sona please clarify on this?

Posted by kensen > 2016-04-07 14:05 | Report Abuse

Hope the Investor Relation of Sona to clarify on this. Rather than spending money to garner votes, why not give the benefits for us?

Posted by speakup > 2016-04-07 15:13 | Report Abuse

TLTAN i give u a like. Spoken like an expert.

Posted by speakup > 2016-04-07 15:15 | Report Abuse

Sona bazir duit je. Nak cuti lagi???? Dont waste that money on trips, just hire a syndicate to goreng up share price about net cash value, then QA guaranteed PASSED! nak ke tak nak?

Posted by Kareemabduljabbar > 2016-04-07 18:48 | Report Abuse

Goreng Pisang boleh lah. Goreng share price mana boleh boss....

Posted by Wong Heam Kiew > 2016-04-07 19:39 | Report Abuse

The promoter/management's 282M shares and also warrants will be zero value if the QA not voted thru, suppose the share price after QA approved is RM0.35, that is RM98.7M.

Why not they take out their own money (or borrow from somewhere), say about RM50 million to buy SONA shares from the open market now before the next EGM, they can get about 100M shares.

Then they would have 100M+282M shares before the next EGM.

1) If the QA go thru, then their shares worth 382M*0.35=RM133.7M, minus the money RM50M they put in before EGM, they still get RM83.7M.

2) If the QA still fail to get thru, they get back 100M*RM0.48=RM48M, only lost RM2M plus some interest.

I cant understand why dont they do so, I believe they are allowed to do buy shares from open market.

Posted by Kareemabduljabbar > 2016-04-07 21:53 | Report Abuse

I posted this a while back. Management have not bought a single share in the company at market prices. As a way of instilling confidence, management should buy shares now. Risk of course is limited as Wong Heam Kiew says above, in fact they make a small profit. It is the classic, what you say is not what you do. Have to lead by example.nthe next step is of course to bring in a key anchor investor like Quek or CMY. I fear with 20 odd days to go, we just flogging the same capital repayment horse which btw is shareholder money anyway and I can get it back by voting no. Best wishes for next few weeks.

Posted by sudahkena > 2016-04-07 22:00 | Report Abuse

or maybe mgt already buy at lowest then hope for failure ... then retire / blk kg with kontena of money

Posted by T1T4N > 2016-04-07 22:54 | Report Abuse

The COST for Directors/Management is only 1 sen for mother share, and FREE WARRANTS.
Go read back the IPO Prospectus. Or this news:
http://www.thestar.com.my/business/business-news/2013/07/20/sizzling-spacs/

And go see financial statement 2015, they already used RM17 Million for operating expenses (salary/wages).

With ONE SEN cost for MOTHER SHARE and FREE WARRANT from day 1. You already winning.
IF QA fail, they get back 48 sen.
If QA pass, the GUARANTEE of 48 sen is gone, the price may fluactuate (even go below 40 sens).

No point for management to sharebuy back an empty shell company.

Posted by T1T4N > 2016-04-07 22:55 | Report Abuse

Btw, Credit Suisse whack another 1,4Mil shares.
Looks like they want to block the deal.

Posted by T1T4N > 2016-04-07 23:00 | Report Abuse

I am not trying to scare all those warrant holders, but you still have a choice.

Look, the Sona-wa expiry date on BURSA is stated 2018.
But if you read the details it actually will die off on July 2016 if no QA,


"Remarks : The maturity date of the Warrants is as follows:

(a) 29 July 2018, being five (5) years from the date of listing if the

qualifying acquisition of Sona Petroleum Berhad (formerly known as Titanium

Windfall Sdn Bhd) (Sona Petroleum) is completed within 36 months after the date

of listing, or

(b) 29 July 2016, being three (3) years from the date of listing if the

qualifying acquisition of Sona Petroleum is not completed within 36 months

after the date of listing."


*IF NO QA on July 2016, your warrant = 0 ZERO!*
PLEASE BEWARE.



Well, if QA pass, you get good margin of upside.

I am just stating the facts.
Hope can help some bros to see the road clearer than hearing emotional talks in this forum.
The choice is yours.

Posted by 3iii > 2016-04-07 23:33 |

Post removed.Why?

Posted by 3iii > 2016-04-07 23:36 |

Post removed.Why?

Posted by 3iii > 2016-04-07 23:39 | Report Abuse

July 20, 2013, 01:13:49 PM
SONA

Promoters & Initial investors: RM 0.01 per share
IPO investors: RM 0.50 per share


In enlarged company after IPO,
Promoters & Initial investors hold 20% of the company.
IPO investors hold 80% of the company.


Assuming enlarged company after IPO has 100 shares.
Promoters & Initial investors hold 20 shares and paid RM 0.20 for this shareholding.
IPO investors hold 80 shares and paid RM 40 for this shareholding.


Total amount of capital raised from all investors $40.20
AT IPO listing, after deducting for expenses, you can expect, the share price per share to be:
< RM40.20 / 100 = < RM 0.402


Assuming the price at listing is RM 0.40 per share.
The Promoters & Initial Investors have an immediate gain of RM 0.39 or 38x or 3800%.
The IPO investors have an immediate loss of RM 0.10 or 25%.


Now, hopefully you will understand WHY so many will be approaching our Bursa to list their SPACs.

Posted by 3iii > 2016-04-07 23:41 |

Post removed.Why?

Posted by 3iii > 2016-04-07 23:44 | Report Abuse

RISKS RELATING TO IPO OF SONA

THERE CAN BE NO ASSURANCE THAT THE ISSUE PRICE WILL CORRESPOND TO THE PRICE AT WHICH OUR SHARES WILL TRADE ON THE MAIN MARKET OF BURSA SECURITIES UPON OR SUBSEQUENT TO OUR LISTING.

IPO INVESTORS WOULD FACE IMMEDIATE AND SUBSTANTIAL DILUTION IN THE NA PER SHARE AFTER THE IPO.

The Issue Price is higher than the NA per Share before the IPO.
Management Team paid RM 0.01 per share
Initial Investors paid RM0.35 per Share.

BEFORE THE COMPLETION OF QUALIFYING ACQUISTION:
SONA PRO FORMA NA PER SHARE
RM 0.05 PER SHARE
THEREFORE, IPO SHAREHOLDERS WILL EXPERIENCE AN IMMEDIATE DILUTION OF RM 0.45 PER SHARE, AFTER THE IPO AND ADJUSTING FOR THE ESTIMATED LISTING EXPENSES.

AFTER COMPLETION OF QUALIFYING ACQUISITION,
ASSUMING THE MAXIMUM SCENARIO, THE NA PER SHARE WILL BE RM0.38 PER SHARE, AND THE SHAREHOLDER WILL EXPERIENCE DILUTION IN THE PRO FORMA NA PER SHARE OF RM0.12 PER SHARE.
ASSUMING FULL EXERCISE OF THE WARRANTS, THE PRO FORMA NA PER SHARE WILL BE RM 0.37 UNDER THE MAXIMUM SCENARIO, AND YOU WILL EXPERIENCE DILUTION OF RM0.13 PER SHARE.



Initial investors: Investors who have invested in the Company PRIOR TO the IPO under the Subscription by the Initial Investors.

IPO or Public issues: 1,100 million Public issue shares + 1,100 million attached Warrants

IPO investors: Investors who subscribe for the Public Issue Shares

Issue Price: $0.50 per Public Issue Share

Maximum scenario: The scenario whereby an amount of RM 550 million is raised in the IPO.

Permitted timeframe: 36 months after the date of listing



WARRANTS

SALIENT TERMS:
Expiry date:
- 5 years from the date of listing if the Qualifying Acquisition is completed within the Permitted Timeframe or
- 3 years from the date of listing if the Qualifying Acquistion is not completed within the Permitted Timeframe.

Exercise period: anytime
Exercise price: RM 0.35 per Warrant.

Posted by YC_Ma > 2016-04-08 07:05 | Report Abuse

Sure get qa