KUALA LUMPUR: CLIQ Energy Bhd is considering three methods of liquidation such as members voluntary liquidation, creditors voluntary liquidation and winding up by court order.
According to its filling to Bursa Malaysia today, CLIQ said the documentation for all three winding up methods were being considered and/or prepared.
CLIQ also said it was not cost effective for the special purpose acquisition company (SPAC) to intervene in the judicial review filed by its 20 per cent shareholder, Best Oracle Sdn Bhd.
The shareholders of Best Oracle consisted of five members of CLIQ’s management team led by managing director and chief executive officer Ahmad Ziyad Elias.
"As far as the company is concerned, as announced on April 10, given that the High Court has not granted an injunction order against the company from proceeding with the liquidation and dissolution process, the company is working very hard towards being able to officially appoint the liquidators, and thereafter commence the liquidation process," it said.
CLIQ noted that it is fully aware of the expectation of the entitled shareholders to receive monies from the trust account arising from the inability of the company to secure its qualifying acquisition (QA) asset.
The company has been actively engaging with the regulators since middle of February, to discuss amongst others, the various processes and procedures in relation to this unprecedented liquidation of a SPAC.
"Another announcement will be made on the progress of the liquidation process, once the liquidation documents are filed," it said.
Best Oracle applied to the High Court on Monday to cancel or retract SC's request or decision in relation to Deloitte Corporate Advisory Services Sdn Bhd's technical assessment on CLIQ's proposed acquisition of a qualifying asset.
It is also seeking an order from the High Court for the SC to extend the January 22 deadline for CLIQ, to submit an application for the proposed acquisition.
CLIQ is buying a 51 per cent stake in Phystech II, an operator of two producing oilfield blocks in Kazakhstan.
Best Oracle is also seeking an injunction order to prevent the SC and CLIQ from taking any steps, whether before or after April 9, to dissolve the SPAC until the disposal of the judicial review application.
ends