It reasoned why the SPAC is winding up the company pursuant to Section 218(1)(h) of the Companies Act 1965.
To me, the most important point in the announcement was paragraph 5(ii) where it stated:
I would not consider CLIQ as it is possibly involved in a judicial review which may drag the liquidation process. For SONA, it probably offers a return of 9% or more p.a. if a substantial interim payment is made to entitled shareholders, based on previous closing price of 44sen/share.
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.