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Sona sweetens proposed capital repayment
KUALA LUMPUR: Sona Petroleum Bhd, which is making its second attempt at a qualifying acquisition (QA), has sweetened its proposed capital repayment that is conditional on shareholders approving its US$25mil (RM96.9mil) purchase of Stag Oilfield assets in western Australia.
The special purpose acquisition vehicle told Bursa Malaysia that under the revised plan from the management team, the proposed cash distribution had been fixed at 8 sen per share compared with 0 to 7.1 sen previously. This time the amount does not vary based on the level of share repurchase.
This means the total amount to be distributed will range from about RM68mil (in the case of 25% share repurchase) to RM90mil (without repurchase of Sona shares from dissenting shareholders) compared with 0 to RM80mil previously.
There is no share repurchase threshold condition unlike under the original proposal, whereby the capital repayment would not be done if total payment for share repurchase exceeds copy van cleef turquoise necklace RM60mil.
The source of funds for the repayment may not only be the remaining 20% of the trust amount. It may also include proceeds from the conversion of warrants by Platinum Autumn Sdn Bhd, the company owned by Sona management team.
The new plan requires at least an additional layer of approval that of the Securities Commission to exempt Platinum Autumn from the obligation to undertake a mandatory takeover offer on Sona.
As Platinum Autumn may exercise up to 193.5 million warrants to fund the proposed revised capital repayment, it proposes to vary the timing for the release of the moratorium securities 34% of the securities by Sept 30, 2016, and 66% by Aug 31, 2019 (the one year aniversary of the van cleef and arpel clover necklace knock off renewal of the production licence).
Sona shareholders had on March 30 adjourned its EGM that was supposed to decide on its proposed qualifying acquisition Stag Oilfield assets in western Australia after a request was made to the board to sweeten the proposed capital repayment,
On Wednesday, Sona also announced that the adjourned EGM would be held on April 26 or any further adjournment thereof.
For the deal to pass through, the company must obtain the approval of shareholders representing at least 75% of its issued shares.
This is Sona second attempt after having abandoned its earlier plan to buy a stake in London based Salamander Energy Plc Thai oil and gas blocks for US$281.2mil.
proposed revised capital repayment is intended to reward the company shareholders for their support to the company and the proposed acquisition in an equitable and transparent manner. It provides vintage alhambra necklace knock off upfront value to investors in the form of an immediate cash payment of 8 sen per share or about 17% return based on the share price of 46 sen per share, Sona said.
It added that the exercise of warrants by Platinum Autumn to facilitate the proposed revised capital repayment would involve additional financial commitment by Platinum Autumn, hence showing the management team commitment towards the company and the success of the proposed acquisition.
The proposed revised capital repayment is expected to be completed by the third quarter of this year, subject to all the relevant approvals being obtained and the completion of the proposed acquisition.
KUALA LUMPUR: Sona Petroleum Bhd, which is making its second attempt at a qualifying acquisition (QA), has sweetened its proposed capital repayment that is conditional on shareholders approving its US$25mil (RM96.9mil) purchase of Stag Oilfield assets in western Australia.
The special purpose acquisition vehicle told Bursa Malaysia that under the revised plan from the management team, the proposed cash distribution had been fixed at 8 sen per share compared with 0 to 7.1 sen previously. This time the amount does not vary based on the level of share repurchase.
This means the total amount to be distributed will range from about RM68mil (in the case of 25% share repurchase) to RM90mil (without repurchase of Sona shares from dissenting shareholders) compared with 0 to RM80mil previously.
There is no share repurchase threshold condition unlike under the original proposal, whereby the capital repayment would not be done if total payment for share repurchase exceeds copy van cleef turquoise necklace RM60mil.
The source of funds for the repayment may not only be the remaining 20% of the trust amount. It may also include proceeds from the conversion of warrants by Platinum Autumn Sdn Bhd, the company owned by Sona management team.
The new plan requires at least an additional layer of approval that of the Securities Commission to exempt Platinum Autumn from the obligation to undertake a mandatory takeover offer on Sona.
As Platinum Autumn may exercise up to 193.5 million warrants to fund the proposed revised capital repayment, it proposes to vary the timing for the release of the moratorium securities 34% of the securities by Sept 30, 2016, and 66% by Aug 31, 2019 (the one year aniversary of the van cleef and arpel clover necklace knock off renewal of the production licence).
Sona shareholders had on March 30 adjourned its EGM that was supposed to decide on its proposed qualifying acquisition Stag Oilfield assets in western Australia after a request was made to the board to sweeten the proposed capital repayment,
On Wednesday, Sona also announced that the adjourned EGM would be held on April 26 or any further adjournment thereof.
For the deal to pass through, the company must obtain the approval of shareholders representing at least 75% of its issued shares.
This is Sona second attempt after having abandoned its earlier plan to buy a stake in London based Salamander Energy Plc Thai oil and gas blocks for US$281.2mil.
proposed revised capital repayment is intended to reward the company shareholders for their support to the company and the proposed acquisition in an equitable and transparent manner. It provides vintage alhambra necklace knock off upfront value to investors in the form of an immediate cash payment of 8 sen per share or about 17% return based on the share price of 46 sen per share, Sona said.
It added that the exercise of warrants by Platinum Autumn to facilitate the proposed revised capital repayment would involve additional financial commitment by Platinum Autumn, hence showing the management team commitment towards the company and the success of the proposed acquisition.
The proposed revised capital repayment is expected to be completed by the third quarter of this year, subject to all the relevant approvals being obtained and the completion of the proposed acquisition.
The Wall