Phystech's manifold and testing facility at the oilfield at the Karazhanbas Northern Field in Kazakhstan.
KUALA LUMPUR: Cliq Energy Bhd, which has been named a respondent along with the Securities Commission (SC) in the judicial review application filed recently by Best Oracle Sdn Bhd, will not oppose the review. It will, however, proceed with the liquidation and dissolution process.
The special purpose acquisition company told Bursa Malaysia on Friday that its board (represented by the directors who are not conflicted to decide on behalf of the company) took the view that it was not cost-effective for Cliq to intervene in the judicial review.
Best Oracle, which holds a 20% stake in Cliq and whose shareholders are the five members of Cliq’s management team, applied to the High Court for a judicial review recently in order to, among others, cancel or retract the SC’s request to Cliq in January for updated technical and market valuation reports on its proposed purchase of a 51% stake in a special-purpose vehicle that would host two producing oil fields in Kazakhstan.
Cliq subsequently announced (on Feb 24) that it would move towards liquidation, noting that the SC had returned its application for the proposed purchase and did not give a time extension.
In Friday’s announcement, Cliq said its board was fully aware of the expectation of the entitled shareholders to receive monies from the trust account arising from the inability of the company to secure the qualifying acquisition asset.
“The company has been actively engaging with the regulators since middle of February 2016 to discuss, amongst others, the various processes and procedures in relation to this unprecedented liquidation of a special purpose acquisition company,” it said.
Cliq noted that the High Court had not granted an injunction order against the company from proceeding with the liquidation and dissolution process. Therefore, “in accordance with the laws and requirements, the company is working very hard towards being able to officially appoint the liquidators via one of the three liquidation methods, and thereafter commence the liquidation process,” it said.
The three methods of liquidation being examined are members voluntary liquidation, creditors voluntary liquidation and winding-up by court order. Cliq added that at present, the documentation for all three winding-up methods were being considered and/or prepared.
Cliq said it would make an announcement on the progress of the liquidation process after filing the liquidation documents.
Cliq shares closed unchanged on Friday at 68 sen, with 2.478 million shares traded.
* See also Siva Kumar emerges as Cliq Energy’s top three shareholder
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