Sona Petroleum proposes RM80m capital repayment

In a filing with Bursa Malaysia, Sona said Credit Suisse had acquired the 2.62 million shares on Aug 17. Following the acquisition, Credit Suisse owned 235.9 million Sona shares.

KUALA LUMPUR: Special purpose acquisition company (SPAC) Sona Petroleum Bhd has proposed a capital repayment of RM80mil assuming none of the shareholders blocks its purchase of Stag Oilfield.

It said on Friday the repayment would exclude RM80mil less the amount to be paid for the repurchase of Sona Petroleum shares from those voting against the deal. Hence, the repayment per share would be 7.09 sen.

“Accordingly, the actual distribution amount will vary in accordance with the number dissenting shareholders and the amount that the company has to pay under the share repurchase,” it said.
 
Sona Petroleum said the distribution amount would be from the remaining monies in the company’s cash trust account, after the company’s working capital requirements and the 80% utilisation of the cash trust account to puchase Stag Oilfield. 

It said if the total payment for share repurchase exceeds RM60mil, the proposed capital repayment will not be implemented. 

It added the proposed capital repayment would be done via reducing the share premium account of the company.  As at Sept 30, 2015, the pro forma share premium account after the completion of the proposed acquisition would be RM215.9mil.