KUALA LUMPUR (April 15): CLIQ Energy Bhd said it will not intervene in the judicial review filed by Best Oracle Sdn Bhd to the High Court of Malaya, as it takes the view that it is "not cost effective" for the special purpose acquisition company (SPAC) to do so.

"Best Oracle is the 20% shareholder of the company and the shareholders of Best Oracle are five members of the management team of CLIQ (led by its managing director and chief executive officer Ahmad Ziyad Elias)," it said in a filing with Bursa Malaysia today.

"As far as the company is concerned, as announced on April 10, given that the High Court has not granted an injunction order against the company from proceeding with the liquidation and dissolution process, the company is working very hard towards being able to officially appoint the liquidators, and thereafter commence the liquidation process," it added.

"Another announcement will be made on the progress of the liquidation process, once the liquidation documents are filed," said CLIQ.

CLIQ noted that it is fully aware of the expectation of the entitled shareholders to receive monies from the trust account arising from the inability of the company to secure its qualifying acquisition (QA) asset.

It said the company has been actively engaging with the regulators since middle of February, to discuss amongst others, the various processes and procedures in relation to this unprecedented liquidation of an SPAC.

CLIQ said it is currently considering three methods of liquidation — members voluntary liquidation, creditors voluntary liquidation and winding up by court order.

"At present, the documentation for all three winding up methods are being considered and/or prepared," it added.

To recap, Best Oracle had sought a judicial review after the Security Commission Malaysia’s decision in February, to reject the company’s request for more time to pursue its QA.

Shares of CLIQ closed unchanged at 68 sen today, with 2.48 million shares traded, for a market capitalisation of RM429.04 million.