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Hot Stock Sona Petroleum warrants down 67% as shareholders reject QA
by Cals Wed 27 Apr 2016, 06:37
- Hot Stock
[size=28]Sona Petroleum warrants down 67% as shareholders reject QA
By Ahmad Naqib Idris / theedgemarkets.com | April 26, 2016 : 4:22 PM MYTKUALA LUMPUR (April 26): The warrant stock of Sona Petroleum Bhd, SONA-WA, fell 67% and was the most actively-traded stock on the exchange, following its shareholders’ rejection of its qualifying acquisition (QA) of the Stag Oilfield.
At 3.46pm, SONA-WA fell 2 sen or 66.67% to 1 sen, with 256.84 million shares exchanged.
Meanwhile, its mother share was unchanged at 43 sen, with some 10.11 million shares traded. Trading in the mother shares was suspended from 2.30pm to 3.30pm.
At an extraordinary general meeting today (EGM), 77.39% of its shareholders voted against the special purpose acquisition acquisition (SPAC)’s QA of Australia’s Stag Oilfield for US$25 million (about RM99 million).
Chairman Datuk Mohamed Khadar Merica said Sona still has about three months to pursue its QA, and that the group is continuing to explore its options. He said Sona might choose not to seek shareholders’ consent on another potential asset buy, with the lack of support.
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