Posted by JN88 > 2016-04-27 13:39 | Report Abuse

I saw the management's team members face very disappointed ooo...true?

Posted by MrPauper > 2016-04-27 13:43 | Report Abuse

rohank71, if what you mentioned about the management's positivity based on discussion in this forum is true, then I might as well say that the management is real NAIVE. Or is it you who is naive to trust what the management has got to say? Hahaha !

Posted by T1T4N > 2016-04-27 13:43 | Report Abuse

Yes,should be bullish on motherstock,48.5sen guaranteed.

Warrant wise, good luck to you if you can sleep well everyday.

Posted by JN88 > 2016-04-27 13:58 | Report Abuse

Then can get back all the director's fee within this 3 years?ask them muntah all come out?

Posted by Brutus121 > 2016-04-27 14:10 | Report Abuse

Wonder how much they have to Pay Deposit to Santos on the Stag Acquisition Deal....
Could have been a substantial sum. Less that and amount used up to pay for the Hefty Director salaries and Poshe, is there enough money to pay up 0.48 sen? Maybe have to sell the Poshes.

Posted by JN88 > 2016-04-27 14:19 | Report Abuse

why sell poshes?? hahaha declear bankrupt better..... i think they hv to think seriously whether they can get bad the money. anyone know CLIQ share holders get back their money ady??

Posted by Trader66 > 2016-04-27 14:43 | Report Abuse

Yup, believe we are all losers & fooled by major shareholders credit Suisse & PAC with their intention to buy low sell high with their share collections from 40 cents till now.

Sad to say that we were fooled by some of us who thought to kill us in this forum ending with lose-lose situation. These major shareholders are foreigners whom are not care about you & me.

Really hope plan B if any for materialise of existence of SONA with its continuation. Otherwise, we may end up like Cliq with no ending time to get its refund

Posted by harta999 > 2016-04-27 14:54 | Report Abuse

how much they will get refund if no qa acquire?

Posted by T1T4N > 2016-04-27 14:54 | Report Abuse

Buy mothershare now, get 10% back guaranteed in least than one year time.

Liquidation will be very fast.
Sona has NO physical ASSET to liquidate, their only ASSET (accounting terms) is CASH.
The cash is hold by Deustche bank Trustee.

p/s: The management has used RM50Million on paying their SALARY and EXPENSES for these 3 years.
http://klse.i3investor.com/servlets/stk/fin/5241.jsp

So I don't think they will drag.

Posted by Wong Heam Kiew > 2016-04-27 15:08 | Report Abuse

I tot they can not touch the money in the custodian account before a sucessful QA, so the 527.5m as at 31/12/2015 should be intact, plus any bank interest from then until liquidation date.

Posted by harta999 > 2016-04-27 15:11 | Report Abuse

rm527.5m / 1410m share = ? ..

Posted by T1T4N > 2016-04-27 15:16 | Report Abuse

@wong, 10% of it is for expenses, meaning RM52 million for their salary and expenses.
Source:

http://www.sonapetroleum.com/key-criteria.html
3. IPO proceeds

A SPAC must place at least 90% of the gross proceeds from its initial public offering in a trust account immediately upon receipt of all proceeds. The monies in the trust account may only be released by the custodian of the trust account upon termination of the trust account.

The proceeds in the trust account may be invested in permitted investments. Any interest generated by the funds held in the trust account, including interest/dividend income derived from the permitted investments, must accrue to the trust account.

The balance of the proceeds from the initial public offering, being 10% of the proceeds, may be utilised to defray expenses related to the initial public offering and for working capital purposes including but not limited to operating costs, fund the search for a target company or asset and completing the qualifying acquisition.

Posted by T1T4N > 2016-04-27 15:17 | Report Abuse

They already used RM50million to search for QA and fail, left RM2mil and 3 months.
CAN THEY DO A MIRACLE?
Or just pocket the RM2mil as salary to call it a day?

Posted by Wong Heam Kiew > 2016-04-27 15:28 | Report Abuse

I think the IPO money was 550m, take out 55m for operations/expenses, 495m kept in the custodian account, accumulating interest and the balance as on 31/12/2015 was 527.5m, so per share = 527.5/1100m = 48 sen.

Posted by T1T4N > 2016-04-27 15:34 | Report Abuse

That's why I say, this QA fail equals game over.

Money no more, time no more.
Votes 77% NO.

Still got hope?

Posted by speakup > 2016-04-27 15:42 | Report Abuse

TLTAN is right

Posted by speakup > 2016-04-27 15:44 | Report Abuse

they used RM50 mil already, but really, how much actually went directly to their pockets instead of on looking for QA?

Posted by speakup > 2016-04-27 15:45 | Report Abuse

dont tell me they didn't spend 1 single sen on luxury car? luxury house? luxury watch? luxury handbag? luxury holiday?
all RM50 mil spent on looking for QA?

Posted by sudahkena > 2016-04-27 15:45 | Report Abuse

yup..but 3 month left.... last chance last life if they really want

Posted by CLIQmanagement > 2016-04-27 15:46 | Report Abuse

Just give me back my money fast ! Even if you get an Asset for free, i will still vote NO.

Posted by T1T4N > 2016-04-27 15:51 | Report Abuse

3 years, RM50mil spent = Results FAIL 77% vote NO.

3 months, Few Mil left = ??????

Posted by Old90 > 2016-04-27 15:54 | Report Abuse

Just patience n wait for 3 months.

Posted by Wong Heam Kiew > 2016-04-27 16:11 | Report Abuse

I think the idea of SPAC is not workable.

10% of IPO money to be spent in 3 years duration for looking a QA is a bit too much for me, but still can be accepted.

But the almost free 20% ownership upon successful QA is totally not acceptable to me. What kind of expertise and experience worth that much of money?

To justify that, I as a shareholder would demand that they must get a QA that cheaper than the market value by an amount of that 20% ownership.

If not I would better reject the QA and get back my money.

Posted by sudahkena > 2016-04-27 16:16 | Report Abuse

today..collec mother....

Posted by Kareemabduljabbar > 2016-04-27 16:19 | Report Abuse

Have a lawyer working for a consortium approach you to sign a legal document where they are saying that they have more than 25 pct already and unless the stock price is above 50 cts, they will vote NO to any proposal which means any new proposal will fail. Hence they asking management to liquidate early, i.e. Starting now. This is perfectly within their rights and not deemed legal frustration. My broker ask me to sign but I a bit scared. Anyone approach you ?

Posted by T1T4N > 2016-04-27 16:49 | Report Abuse

kareem, what are you talking about.
The votes are confidential, if you vote yes/no, noone will know.

But seeing 77% voted NO,
means those substantial shareholder all voted NO.

Landslide win, more than 2/3 majority

Posted by JN88 > 2016-04-27 16:52 | Report Abuse

Number of share holders vote yes=561 =189million shares
Number of share holders vote no=367=640 million shares
Sleeping shares= 312+ million shares

Posted by phlau09 > 2016-04-27 16:54 | Report Abuse

so after all the directors tidak rugi. Already consumed some 50 mil, just not happy cannot get the free 20%...hmmm

Posted by speakup > 2016-04-27 16:56 | Report Abuse

phlau09 u r 100% correct.
they already telan rm50mil, they only regret can't telan more.

Posted by JN88 > 2016-04-27 16:57 | Report Abuse

I believe 367 voters is from big sharks.

Posted by jbond > 2016-04-27 17:20 | Report Abuse

Guys, dun cross the line though u r angry. The accused can sue u for defamation just like those political accusations.

Posted by T1T4N > 2016-04-27 17:25 | Report Abuse

http://www.thestar.com.my/business/business-news/2016/04/27/shareholders-reject-sonas-proposed-qa/

Khadar, who was visibly disappointed with the outcome of the EGM, said the company would not consider “new assets” if the current shareholding of the company remained the same.

“If they changed their minds or if the shareholding changes, it wouldn’t make sense to seek approval for other assets.”

Sona’s main shareholders are Platinum Autumn Sdn Bhd with 20% (made up the management team who are not entitled to vote on the QA), Credit Suisse Group AG (13.15%) and Pacific Alliance Group Ltd (10.98%).

Sona has until July 31 to complete its QA. Failing which, it risks being delisted. Should this happen, the funds given to the company will be returned to its shareholders.

Khadar said Sona would “consider its options” before making a decision.

“We haven’t gone into details on what to do yet. We will run through our options with our lawyers and investment bank. It’s premature to decide now.

Posted by Bull13 > 2016-04-27 17:26 | Report Abuse

Between now and july 31 there is no more time to prepare documents and give notice for next egm. As good as goodbye.

Posted by speakup > 2016-04-27 17:27 | Report Abuse

TLTAN is right. Sona is dead!

Posted by callme777 > 2016-04-27 17:34 | Report Abuse

Last check stag oil at usd 50..... Means nothing to sona anymore. I still stress the point that sona failed due to stock price trading below cash back. Next time spend some money and get operators to maintain or play up your stock la. Good QA, good effort and technical ppl, BUT fail to realized stock price is shareholders confidence. What an expensive lesson for Sona

Posted by JN88 > 2016-04-27 18:01 | Report Abuse

callme777: you refund ur cash from CLIQ ady?

Posted by JN88 > 2016-04-27 18:20 | Report Abuse

Hahahaha so how? CLIQ>SONA>REACH

collect all money from investors> take the salary (makan makan minum minum)> 3 years deadline> fast fast submit report> big sharks coming makan shares (waseh free money ooo)> foreign investor coming(tabao all the money in account) > sayunana.

who make this system? smartest in the world.wakakakakakkaka

Posted by DON_JUAN > 2016-04-27 18:42 | Report Abuse

in the US , all SPAC mati @ mamposss
watch out itu , REACH + RED SENA.....sure MATI
( the company actually want their SPAC to be MATI ) !!

Posted by ruslimz > 2016-04-27 18:46 | Report Abuse

new investors will buy all our shares equivalent to capital repayment price and sona will be privatized and delisted.....

Posted by JN88 > 2016-04-27 18:50 | Report Abuse

Pity to those who buy warrant... hopefully miracle happen and save them.

Posted by T1T4N > 2016-04-27 18:50 | Report Abuse

Ruslimz. Sona is an empty shell company,no asset. Only cash.
If the fat investors is so rich,he will direct deal with seller.

Buy cash with cash?

Posted by ruslimz > 2016-04-27 19:02 | Report Abuse

santos got agreement with sona.....not easy for other investors to go in direct...furthermore from the statement by sona " Sona would not consider new assets if the current shareholders is the same " ....after the EGM may be that fat investors has approach sona......if they go direct may be cold not get cheap price as sona's negotiated price....

Posted by ruslimz > 2016-04-27 19:08 | Report Abuse

further more from sona's statement it is clear that it will be difficult to move forwards with the current share holders.....

Posted by ruslimz > 2016-04-27 19:10 | Report Abuse

means what sona needs now is new share holders......

Posted by JN88 > 2016-04-27 19:17 | Report Abuse

Waseh , if Fat investor telan 20-30%, then can pass lo .

Posted by ruslimz > 2016-04-27 19:22 | Report Abuse

not every fat guy like listed company....

Posted by Wong Heam Kiew > 2016-04-27 19:22 | Report Abuse

Yes, santos has an agreement with sona, but there must be an expiry date, and I believe it is quite soon.

Posted by ruslimz > 2016-04-27 19:24 | Report Abuse

please read para 10....the star posted by TLTAN....

Posted by sudahkena > 2016-04-27 19:34 | Report Abuse

everything late..past is past... sona management never listen to us..just top up a few mill.... now only can wait what plan B... if not... 1 billion unit wa will be toilet paper n effect so many people...

I personally hope u can renegotiate with santos to reduce price little bit... sona mgt..plz work hard ths a few month n you can get 20% stake ..wht a big gain....

to get new oilfield is impossible since it will involve valuation, sc approval and another egm..better adjust current offer....

if you do nothing.... then it same with my first impression when I saw u all at hotel.. not energetic.even sona trade mark your energy partner. . . old man better play with ur cucu..

Posted by T1T4N > 2016-04-27 20:08 | Report Abuse

STAG offer only reserved until 31/April/2016 (was extended from 31/3/2016)
And then STAG will proceed to sell to other potential buyers

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5045949

On behalf of Sona Petroleum, we wish to announce that in view of the adjournment of the Company’s EGM and other pending Conditions Precedent, namely the execution of the Transitional Services Agreement and the Dampier Spirit FSO Assignment and Assumption Document, Sona Australia has agreed with the Sellers to extend the cut-off date to satisfy or waive the Conditions Precedent as stipulated in the SPA from 31 March 2016 to 30 April 2016.