CLIQ's proposed acquisition of 51% in Phystech II Joint Stock Company fell through earlier this year. The photo shows Phystech's manifold and testing facility at the oilfield in Kazakhstan.
KUALA LUMPUR: CLIQ Energy Bhd’s biggest shareholder Best Oracle Sdn Bhd applied on Monday to hold an EGM to stop CLIQ from being liquidated, the same day that the High Court ruled in favour of winding up the special purpose acquisition company.
In a filing with Bursa Malaysia, CLIQ said its board of directors (represented by independent directors) received on Monday morning a requisition letter from Best Oracle, Kandiah Subramaniam and Mohd Adam Mohd Said calling for a general meeting to consider these resolutions:
* CLIQ directors be directed to use all endeavour to seek an extension of time from the Securities Commission to complete a qualifying acquisition (QA), and
* As a result of the above, CLIQ not be dissolved and/or wound up and/or liquidated pending the completion of the QA.
This action was a surprise coming after CLIQ’s announcement last week that Best Oracle had agreed to stop appealing against the company’s application to liquidate itself. This agreement followed the Deputy Registrar’s order that the appeal be discontinued with no order as to cost.
Adding to Best Oracle’s uphill battle was the High Court’s ruling on Monday for CLIQ to be wound up and for Best Oracle to pay cost of RM5,000 to CLIQ.
CLIQ, which disclosed this in its statement to the bourse late on Monday, also said the High Court gave Best Oracle a 48-hour stay in relation to the liquidators to make payment to and/or to take necessary steps to meet the requirements, including making a substantial interim payment to entitled shareholders and payment of all costs and disbursements related to the liquidation.
Under the court order, Onn Kien Hoe and Mok Yuen Lok of Crowe Horwath Advisory Sdn Bhd are to be appointed as liquidators.
Furthermore, any transfer of shares or alteration in the status of members of CLIQ made after the start of the winding up, from May 16 until the hearing date of the amended petition (Monday, Sept 26) is not void.
CLIQ did not reject outright Best Oracle’s request for an EGM. Instead, it said the board would deliberate the matter and make an announcement in due course.
At the company’s AGM earlier this month, most of CLIQ’s shareholders voted against directors fees amounting to RM359,720 for the financial year ended March 31, 2016. This sent a strong message to the management in wanting to see the company liquidated and the RM356mil from the trust account be distributed.
CLIQ chairman Datuk Azmi Mohd Ali told reporters that the shareholders’ main concern was when they would get their money back following the company’s failure to acquire its qualifying asset within the stipulated timeframe (by April 9).
“But this will be subject to the company getting a court order to liquidate ourselves and appoint a receiver,” he said.
Azmi noted the unhappiness among shareholders, adding however: “But there were no chairs flying around and no punches to my face. Generally, the meeting went well.”
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