A new development in this case, according to this announcement:
..... Best Oracle has filed a Judicial Review Application to the High Court of Malaya (“the High Court”) (“the JR Application”) in respect of the request/decision by the Securities Commission (“SC”) via a letter from Maybank Investment Bank Berhad (“Maybank IB”) on 7 January 2016 to CLIQ Energy Berhad (“CLIQ/the Company”) (“the Said Letter”).
In the JR Application, the SC was named as the first respondent and CLIQ was named as the second respondent. Best Oracle is a 20% shareholder of the Company and the shareholders of Best Oracle are the 5 members of the Management Team of CLIQ.
Best Oracle has the most to lose when the company will be liquidated, they put in the initial money. It will be interesting to follow the above JR Application, with CLIQ being the first SPAC being liquidated, we are in unchartered waters.
I have written a lot about SPACs in the past, here is a 2013 article from Investor Central about the IPO of CLIQ.