KUALA LUMPUR (April 29): While Best Oracle Sdn Bhd, which controls 20% shares of CLIQ Energy Bhd (CLIQ), is racing to stop the company's liquidation, the special purpose acquisition company (SPAC) announced today that it expects to obtain a court order for the winding up of the company on May 31.

CLIQ said the Kuala Lumpur High Court has fixed May 11 for case management and May 31 to hear the winding up petition filed by the company under Section 218(1)(h) of the Companies Act 1965 on April 25.

"[The] company expects to obtain an order of Court for the winding up of the Company and appointment of liquidator on May 31, being the date of the hearing.

"However, 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," it said in a filing.

Upon obtaining the court order, CLIQ said Onn Kien Hoe and/or Mr Mok Yuen Lok from Crowe Horwath Advisory Sdn Bhd will be appointed as the liquidators for the company.

Further, the liquidators will be permitted to make payment to and/or to take such necessary steps to meet the requirements as are provided for under Article 61C(7) of the company's articles, and to make a substantial interim payment to entitled shareholders.

"The detailed timeline on the proposed distribution of monies in the trust account to the entitled shareholders will be announced upon obtaining the court order," CLIQ added.

It also advised shareholders to trade in CLIQ shares with caution in view of the upcoming hearing of the petition on May 31, 2016.

CLIQ also noted that the winding up petition was filed because it was unable to acquire a qualifying asset.

"On this basis and pursuant to our discussion with CLIQ's advisors, the Board is of the view that the company should proceed with the winding up by court," it added.

The winding up process begun after CLIQ failed to get the extension from the regulator Securities Commission to complete its proposed qualifying acquisition (QA) to buy a 51% stake in a special purpose vehicle that will host Phystech Firm LLP's two onshore Kazakhstan oilfields for US$110 million (about RM429 million).

The SC returned the proposed QA to CLIQ in January due to incomplete information submission. As the attempt to get an extension failed, the company has to be liquidated and return its trust money to investors.

However, on April 10, when its trust account matured, CLIQ's management team filed the judicial review application to block the company from proceeding with the liquidation.

Subsequently, CLIQ filed a winding-up petition in the Kuala Lumpur High Court on Monday, although Best Oracle Sdn Bhd, which controls a 20% stake in CLIQ, is still seeking the judicial review on the SC's decision.

CLIQ's share price closed unchanged at 67.5 sen, which is equivalent to a gross trust per share of 67.5 sen as at the time of listing.