Posted by csan > 2019-03-14 19:07 | Report Abuse

taitaumau, here is the latest update i got from the liquidators:

Liquidators have met with the SC and the SC is of the view that the mgmt team should not be able to participate in all the distributions.

but the liquidators are of the view that the liquidation of the company falls under the Companies Act and the mgmt team will be entitled to receive monies from the non-cash trust account.

to settle this, the liquidators will take this matter to court and the court will decide whether the mgmt team is eligible to receive. it will be the duty of the shareholders to fight for their rights when the court case comes up for hearing.

the mgmt team is just sickening....they are not willing to forego the distribution to them and are trying to rob the public's money.

Posted by taitaumau > 2019-03-15 11:34 | Report Abuse

***For Sharing Purpose Only***

My understanding on the so-called non-cash trust account is essentially part of the 8% of the IPO proceeds which is not placed in a custodian account.

(a) By virtue of the Equity Guidelines Para 6.21B, 6.24 & 6.24A, the 8% of the IPO gross proceeds which are not placed in the Trust Account are protected and can only be utilised for "permitted purposes"

May I ask:

- Whether we can consider the 8% proceeds as good as trust monies ?
- If yes, is it that the trust monies can not be placed in a normal bank a/c or held in hand ?

(b) With reference to IPO Prospectus - Para 3.8 Utilisation of Proceeds - Page 22, Indications
of how IPO proceeds not placed in cash trust a/c will be utilised;

- The 8% of the IPO proceeds are raised from the IPO investors. Since QA can't be completed, any un-utilised proceeds should be included in the liquidation amount for distribution to the rightful members holding IPO shares.

(c) Before Rsena can complete a QA, the Management is restricted to lay claim on the 8% IPO proceeds. It is absurd that subsequent liquidation of Rsena would render them a right to participate in the distribution of the un-utilised monies of the 8% IPO proceeds.

The above bases are of my personal views
.
I believe that our liquidators would exercise their power to make liquidation distribution in a fair and equitable manner.

Posted by Kareemabduljabbar > 2019-03-15 13:25 | Report Abuse

Jilat buntut hisap konek

Posted by csan > 2019-06-01 18:15 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6180689

Posted by csan > 2019-06-01 18:15 | Report Abuse

case filed to High Court to decide whether Rsena management team can get the money.

Posted by taitaumau > 2019-10-15 16:30 | Report Abuse

"Congratulation to all the entitled shareholders"

Court decision:
- Raintree is not entitled to participate in the distribution of the balance remaining of the 8% of IPO Proceeds (which is not placed in a custodian a/c)

Posted by aa3339293 > 2019-10-16 18:22 | Report Abuse

Yes

Posted by GreenCapital > 2019-10-20 12:00 | Report Abuse

Anyone knows the expected final payout? Thanks.

Posted by csan > 2019-11-14 13:23 | Report Abuse

Guess what? Raintree is now trying to overturn the court order because they want the IPO money.

Posted by stockraider > 2019-11-14 17:17 | Report Abuse

The common law for trust distribution of SPAC are as follows loh;

1. Trust monies for all shareholders who qualify under the trust loh....!!

2. Non trust monies after payoff all creditors debts....distribute to all shareholders including management shareholder plus existing trust shareholders loh....!!

Posted by stockraider > 2019-11-14 17:37 | Report Abuse

IF THE BELOW IS TREATED AS UNDER TRUST ACCOUNT, BUT THEN THE NEXT QUESTION IS TRUST FOR WHAT & FOR WHOM ??

ANS;

1. FOR WHAT ? TRUST MONEY USE FOR SEARCHING FOR ACQUISITION AND USE FOR THE COST OF DOING DUE DILIGENCE OF TARGET COMPANY LOH...!!

2. FOR WHOM ? FOR ALL THE SHAREHOLDERS INCLUDING THE MANAGEMENT SHAREHOLDERS PLUS THE TRUST SHAREHOLDERS MAH...!!

SINCE THERE ARE REMAINING RESIDUAL SOME THAT MEANS ALL SHAREHOLDERS ARE ENTITLE FOR DISTRIBUTION LOH....!!

May I ask:

- Whether we can consider the 8% proceeds as good as trust monies ?
- If yes, is it that the trust monies can not be placed in a normal bank a/c or held in hand ?

(b) With reference to IPO Prospectus - Para 3.8 Utilisation of Proceeds - Page 22, Indications
of how IPO proceeds not placed in cash trust a/c will be utilised;

- The 8% of the IPO proceeds are raised from the IPO investors. Since QA can't be completed, any un-utilised proceeds should be included in the liquidation amount for distribution to the rightful members holding IPO shares.

(c) Before Rsena can complete a QA, the Management is restricted to lay claim on the 8% IPO proceeds. It is absurd that subsequent liquidation of Rsena would render them a right to participate in the distribution of the un-utilised monies of the 8% IPO proceeds.

Posted by icedvestor > 2019-11-24 01:50 | Report Abuse

I have not been following this matter but isn't it that what belongs to the shareholders (us) should be returned to us and the management has no claim on it?

Posted by icedvestor > 2020-01-16 21:21 | Report Abuse

Anyone received dividend today?

Posted by Hoo SH > 2020-01-29 09:56 | Report Abuse

yes...got it...any distribution in future??

Posted by icedvestor > 2020-06-23 18:17 | Report Abuse

So will the small investors like us be protected and monies return to us in due course?

Posted by icedvestor > 2021-10-08 18:04 | Report Abuse

no news on distribution?

Posted by TheContrarian > 2021-10-08 18:14 | Report Abuse

Huh, this still not resolved?

Posted by icedvestor > 2023-06-15 12:03 | Report Abuse

no status update