It would seem like the yield investors may have voted no and expected other shareholders to get the QA approved so that they can get the returns as soon as possible. But they probably didn't seem to factor in that other similar yield investors are also voting no & also expecting the other remaining shareholders to get the QA approved . With this snowballing, its no wonder that the final result is that 77.4% shares held by yield shareholders are expecting the other remaining shareholders holding 22.6% shares to somehow miraculously get the QA to be approved. So when the QA was finally rejected, it would seem that most of shareholders don't really get what they originally expected. I find this ironic yet amusing.
This shows the lack of experience of the management. 3months is too short a time to do anything except wait to bring the curtain down....2down. And 2 to go..
during the egm also..someone ask why santos want sell at cheap price... chairman said bcoz stag is consider small field for santos..and they need some cash to finance their loan
As I said, the management have spent almost RM50million for this deal. (Year 2012 to 2016, check bursa financial statment) Spending includes their SALARY AND OPERATING EXPENSES.
Their COST is 1 sen (with free warrants), and they used RM50million shareholder money for this 77% VOTE NO deal.
You think they will risk a sen for the sake of glory? fat hope.
*Management is holding 20% shares, if their holdings go more than 33% will trigger MGO. SC will block.
AND If they can FIND A FAT INVESTOR to buy, why do they need a SPAC at the first place? Just find the fat investor and buy up stag field, and earn agent middleman commision. Why do they need SPAC as middle person?
@rohank71 I am sure they want to close shop to hide their embarrass face, however the SC papers clearly stated is until 31 July 2016 only can liquidate.
I hope they don't use our money and go travel around the world.
Noted on comment by Rohank71 as believe SONA has plan B with this QA purchase. Somebody has bought a lot of warrants it seems. Secondary or option soon to be announced. This time hope gain support
Actually I have not good feeling when chairman open speech like taking pil kuda..not exciting. .not interesting. .the voice very slow...not like I attend egm puncak - rozali 100% sure get approval.
Few sen penny stocks are all over bursa, but you want to invest in a Voted 77% fail stock which expire in 3 months time. I am speechless and good luck to you.
fact : it clearly stated tht if qa fail, co will liquidated after 31 july..so shareholder act sold all warrant even at cheap price.
fact : if qa fail, mgt also will lose some money..so do you think they go back n sleep.. after 3 month loss million ringgit? if I at their seat..I will use wht ever choice..use all bullet to make sure I will not loss money.. ths happen to mgt in cliq.
fact : if qa fail, mother will get cash back n warrant will zero value... surprisingly. .. all sell q clear at afew minutes. .someone act different from fact...... hemmm ..got something ....
Quite Natural for people to GO INTO DENIAL when they lose something....That does not exclude SONA Management. They think it is just a bad dream and when they wake up everything will be fine!
Listen Fellers everything IS NOT FINE... FACE REALITY...Give back Investors their money! After all people keep saying Heads Investors win, Tails Investors also win. Only management Loses for being incompetent...
Sona management, just file for liquidation and pay us back NOW! You can than get a big private investor and buy the stag using private money. Just let us shareholders get our money back asap. Tq
ALl the money i.e. Your and my money, spent taking the journalists to see the STAG oilfield and also have a jolly worth absolutely zero. 77 pct vote no. Malu betul. If any pride, just close up now and liquidate. Immediately cut all salaries. You have FAILED.
Really shameful. Not only defeated but defeated badly! All the money spent went to the drain. Return the money now! No need to wait 3 months! Have some pride and step down Sona management
If i am the Management, why should i liquidate now that the stocks still have 3 months before maturity. By closing it now will do injustice to others...........all the yields investor are the one that brought down the company and deprive the company and the Management from listed the company at the first place.
If you guys can bought freely from the market the stocks, then just sell in the open markets or else wait for the terms to expired.
This is not a rented company where you can just close it before the terms expired.
The Management is right, the next QA (although quite tight) in 3 months if presented......will just go ahead without shareholders approval. Why should shareholders decided in company survival when the Management is the one managing it.
Go ahead Sona Management with the next one at the fastest rate and made sure the QA is quality one similar to Stag.
Battle is not yet done until the last drop of blood.
Laughing stock, literally.... The requirement from SC is you need shareholders approval for QA. Now QA fail does not mean you can bend the rules of SC. SC will not even allowed the SPAC to list without the guidelines. 3 months for another QA and no need shareholders approval? Come on! We are not kids
fr the edge.. they will go the qa without shareholders approval. . can.or not?? the message is clear. .. 77% want the money back.... but It must wait after 31 july.....
U are wrong to think Sona management lost money when QA fail. REMEMBER 10% of money raised during Sona IPO is for management use. I wont be surprised if each director bought a Porsche or Ferrari already after IPO. Sona management are still launghing
SC guideline is very clear. You need shareholders approval! unless they have plans to get rid or buy out all the yield investors.? I don't think so. That option should and could have been done long time agi
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....
WarenBufet
22 posts
Posted by WarenBufet > 2016-04-26 20:58 | Report Abuse
It would seem like the yield investors may have voted no and expected other shareholders to get the QA approved so that they can get the returns as soon as possible. But they probably didn't seem to factor in that other similar yield investors are also voting no & also expecting the other remaining shareholders to get the QA approved .
With this snowballing, its no wonder that the final result is that 77.4% shares held by yield shareholders are expecting the other remaining shareholders holding 22.6% shares to somehow miraculously get the QA to be approved.
So when the QA was finally rejected, it would seem that most of shareholders don't really get what they originally expected. I find this ironic yet amusing.