Sona Petroleum has received letters from Santos Offshore and Quadrant Northwest in relation to the termination of the US$25 million (RM104 million) sale and purchase agreement for the Stag oilfield assets.
To recap, the special purpose acquisition company (SPAC) had earlier proposed to buy a 100 percent stake in the Stag oilfield located offshore Western Australia as its qualifying acquisition (QA). However, the company’s shareholders had rejected the proposed acquisition at the company’s extraordinary general meeting held on 26 April.
The company has until 31 July, to complete its QA and it would be difficulty to get shareholders’ approval if it embarks on the acquisition of another asset. Failure to do so, the company risks being delisted, and will have to return to shareholders the funds raised from its initial public offering in July 2013. The company’s cash per share stands at 48.5 sen.
Click Here To Register For Free Trial Services
OR
Give A Missed Call : +6531581402
Follow Us On Twitter : www.twitter.com/epicresearchsg
Like Us On Facebook : www.facebook.com/EpicResearchSingapore
Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
To recap, the special purpose acquisition company (SPAC) had earlier proposed to buy a 100 percent stake in the Stag oilfield located offshore Western Australia as its qualifying acquisition (QA). However, the company’s shareholders had rejected the proposed acquisition at the company’s extraordinary general meeting held on 26 April.
The company has until 31 July, to complete its QA and it would be difficulty to get shareholders’ approval if it embarks on the acquisition of another asset. Failure to do so, the company risks being delisted, and will have to return to shareholders the funds raised from its initial public offering in July 2013. The company’s cash per share stands at 48.5 sen.
0 comments:
Post a Comment