KUALA LUMPUR (Sept 26): The High Court of Malaya in Kuala Lumpur today allowed the petition filed by the independent directors to wind up special purpose acquisition company (SPAC) CLIQ Energy Bhd.

In a filing to Bursa Malaysia today, CLIQ said the High Court has ordered the appointment of Onn Kien Hoe and Mok Yuen Lok of Crowe Horwath Advisory Sdn Bhd as CLIQ's liquidators.

"Any transfer of shares or alteration in the status of members of the company made after the commencement of the winding up, from May 16, 2016 until the hearing date of the Amended Petition, up to Sept 26, 2016, is not void," the announcement read.

The High Court also ordered CLIQ's major shareholder Best Oracle Sdn Bhd to pay costs of RM5,000 to the former.

According to CLIQ's earlier announcement today, in what appeared to be an eleventh hour attempt to defer the inevitable, Best Oracle and two other individual shareholders have asked the company to call for a general meeting to get the directors to obtain a time extension to complete a qualification acquisition (QA) so that the SPAC is not dissolved.

This follows Best Oracle's decision on Sept 20 to discontinue with its appeal against the High Court's decision to dismiss its application to strike out the petition to liquidate the SPAC.

CLIQ said it received a requisition letter signed by Best Oracle, Kandiah Subramaniam and Mohd Adam Mohd Said this morning, asking the company to call for a general meeting pursuant to Section 144 of the Companies Act to consider two resolutions.

Resolution 1 states that the directors of the company be directed to use all endeavours to seek an extension of time from the Securities Commission Malaysia (SC) to complete a QA. Resolution 2, meanwhile, states that consequent to Resolution 1, the company shall not be dissolved pending the completion of the QA.

Best Oracle had in April filed a judicial review to prevent the SPAC from being liquidated. It named the SC and CLIQ as respondents.

On July 19, the High Court dismissed Best Oracle's application for a stay of proceedings of the petition to wind up CLIQ.

Best Oracle owns 20% of CLIQ, and its shareholders are the five members of CLIQ's management team.

CLIQ shares closed unchanged at 70 sen today, for a market capitalisation of RM441.66 million.