Wednesday 24 February 2016

To Cliq or not to Cliq? (7)

As expected, Cliq Energy Bhd. will close shop.

A report by The Edge:

CLIQ Energy Bhd, the second oil and gas special purpose acquisition company (SPAC) listed on Bursa Malaysia, will be liquidated and returning monies to shareholders after the Securities Commission (SC) declined its request for more time to acquire its qualifying asset (QA).

"The company will soon be resolving the process towards its liquidation and returning monies in the trust account to the entitled shareholders, according to the applicable laws and rules," CLIQ added.

Money, time and effort wasted, pity.

Both in preparing the company towards its IPO and in running the company since the IPO trying to find a QA.

For the warrant holders I assume nothing remains.

The "winners" (in relative terms) are the people who picked up the Cliq shares below the liquidation price, they will receive a decent yield.

Enthusiasm for future IPOs of SPACs will diminish. I can't shed a tear for that.

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