It does not often happen that a proposal by the management of a Bursa listed company get voted against by 77.4% of the votes, but that is what happened to Sona Petroleum:
With time running out, it seems extremely unlikely that Sona can propose an acquisition which will be approved by the shareholders.
"Yield seekers" seem to be a threat to the promoters of SPACs, it is therefore the duty off the management of these vehicles to:
- Propose a really good deal
- Communicate this clearly to the shareholders
Not an easy task.
With the promoters looking (again?) at a possible large loss of money, SPACs will most likely lose their shine.
SONA (5241) - Sona Petroleum: a clear vote
http://cgmalaysia.blogspot.my/2016/04/sona-petroleum-clear-vote.html
