CLIQ’s liquidation proceedings may be delayed

PETALING JAYA: CLIQ Energy Bhd has cautioned that it may not be able to obtain a court order for the winding up of the company and appointment of liquidator on May 31 in view that the hearing of the judicial review petition has been fixed on the same day.

“In the event there is any unforeseen intervention and/or if the petition is contested by any party, the court order may not be obtained on this date and the proceedings may be delayed,” the special purpose acquisition company said in a filing with the stock exchange last Friday.
CLIQ also advised its shareholders to trade in the company’s shares with caution in view of the upcoming hearing of the petition. The counter was unchanged at 67.5 sen last Friday.
Recall that CLIQ’s largest shareholder Best Oracle Sdn Bhd had requested the court to grant a certiorari order to cancel/retract the Securities Commission’s (SC) request/decision in relation to the query on whether Deloitte Corporate Advisory Sdn Bhd had reviewed independent technical and asset valuation expert AGR-TRACS’ reserve assessment report and revised asset valuation report.
Best Oracle had also requested the court to grant a mandamus order for the SC to extend the deadline of Jan 22 for CLIQ to submit an application for the proposed acquisition.
Following that, the High Court of Malaya has fixed May 11 for case management and May 31 for hearing of the petition.
The shareholders of Best Oracle consist of five members of CLIQ’s management team, led by managing director and CEO Ahmad Ziyad Elias. Best Oracle holds a 20% stake in CLIQ.
Nevertheless, CLIQ, which is represented by non-interest directors, noted that the winding up proceedings already commenced on April 25, which is the date the petition was filed in court.
Upon obtaining the court order, it said Onn Kien Hoe and/or Mok Yuen Lok from Crowe Horwath Advisory Sdn Bhd will be appointed as the liquidators, who will be permitted to make payment to and/or to take such necessary steps to meet the requirements as well as to make a substantial interim payment to entitled shareholders.
CLIQ’s proposed acquisition of two oil field blocks in Kazakhstan for US$110 million (RM430.5 million) was rejected by the SC in January due to incomplete information submissions.