CLIQ to distribute remaining cash to its shareholders


On Nov 14 last year, CLIQ made its first distribution of about 98% of the monies held in the cash trust account to entitled shareholders for 73.3 sen apiece or RM355.5mil.  The balance 2% or RM7.3mil of the monies is expected to be distributed in the coming weeks.

On Nov 14 last year, CLIQ made its first distribution of about 98% of the monies held in the cash trust account to entitled shareholders for 73.3 sen apiece or RM355.5mil. The balance 2% or RM7.3mil of the monies is expected to be distributed in the coming weeks.

PETALING JAYA: CLIQ Energy Bhd , a special-purpose acquisition company (SPAC), will distribute the remaining cash in its trust account to its shareholders by the end of this month.

In a filing with Bursa Malaysia yesterday, the company expected to make the final distribution of the remaining monies in its cash trust account to its shareholders on Jan 31.

CLIQ announced the date of the final cash distribution after obtaining tax clearance from the Inland Revenue Board.

Notably, on Nov 14 last year, CLIQ made its first distribution of about 98% of the monies held in the cash trust account to entitled shareholders for 73.3 sen apiece or RM355.5mil.

The balance 2% or RM7.3mil of the monies is expected to be distributed in the coming weeks.

CLIQ had raised RM364mil back in July 2013 in its initial public offering (IPO) at 75 sen a share.

CLIQ is the second SPAC to distribute its capital back to the shareholders after Sona Petroleum Bhd .

According to a filing with Bursa Malaysia, Sona has already started returning money to its shareholders.

Both SPACs – CLIQ and Sona – are returning the money to their shareholders after having failed to get their qualifying acquisition (QA) deals passed within the stipulated timeframe of three years from their listing dates.

SPACs are cash shells that raise money to invest in particular sectors which their management team is said to be experts in. Their QAs are their maiden purchases which use the bulk of the monies raised.

 

Corporate News , Oil & Gas , CLIQ Enrgy