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Lousy 1million !!! :grrr:

 

MOLOPO ENERGY AGREES TO SELL FIESTA ASSETS

Molopo Energy Limited (ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“MolopoÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ or the ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ) (ASX:MPO) is pleased to announce it has entered into an agreement to sell its Fiesta assets located in Crockett

County, Texas for proceeds of US$1 million.

These properties are the final remaining piece of the value maximization process commenced by Molopo just over two years ago, and represent the only producing

assets the Company owns. They were not providing positive cash flow to the Company and were not part of the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s go forward plan. There are several

costly capital expenditure programs that would need to have been undertaken had the Company continued to own the properties. Once the sale is finalized, there will

be a material reduction in the Company overhead, as the costs associated with managing and reporting these operations will no longer be required.

The transaction, which is subject to customary due diligence, is expected to close by the end of January 2015.

Canaccord Genuity acted as exclusive financial adviser to Molopo on the sale.

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  • 2 months later...
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  • 11 months later...

How many years can this company just sit back and do nothing. ASIC should have rules about such inactivity!!!

Fat cats on the board getting paid year on year handsomely while long suffering shareholders are kept in the dark!! Shamefull. V1

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  • 1 year later...
In an application to the Takeovers Panel yesterday, the Australian Securities & Investments Commission asked for orders forcing Keybridge Capital and its former subsidiary, Aurora Funds Management, to reduce their combined stake in Molopo, which has $67 million in the bank, to below 20 per cent.

 

ASIC said that, contrary to a recently released statement, Keybridge remained associated with Aurora despite selling the funds management business in July last year. The regulator alleges the combined Keybridge-Aurora shareholding of 37.33 per cent contravenes the takeovers provisions of the Corporations Act.

 

Mr Bolton was chief executive of Keybridge, which owns 19.4 per cent of Molopo, until December 2015. He was forced aside because ASIC slapped him with a three-year ban from running corporations over breaches of directors' duties involving 13 companies. However, his father, John, is Keybridge's largest shareholder, with almost 22 per cent of the company.

 

Aurora, which owns 17.9 per cent of Molopo, is now owned by former Ernst & Young partner John Patton, who is also chairman of Keybridge. Mr Patton bought Aurora last year for $750,000 ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ a far cry from the $4.3m Keybridge paid for it 18 months earlier.

 

Keybridge proposes ditching the existing five-person board and installing as directors its three nominees, including former securities regulator Tony Hartnell, at a shareholder meeting to be held on May 15.

 

Mr Hartnell was chairman of ASIC's predecessor, the Australian Securities Commission, between 1991 and 1993. He is now a partner at the law firm he co-founded, Atanaskovic Hartnell. Another partner at the firm, Jeremy Kriewaldt, is also on the Keybridge board.

 

ASIC has asked the Takeovers Panel to, as a first step, stop Keybridge and Molopo voting their shares or buying any more.

 

The regulator wants the panel to then bring the situation to an end by ordering Keybridge and Aurora to sell all the Molopo shares they have bought since July 4 last year and prohibit them from buying any more Molopo shares if that would take their combined holding over 20 per cent.

The Australian
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  • 3 months later...

After all the previous drama, MPO is now in a trading halt pending announcement of strategic investment - let's hope for shareholders they've found that "brilliant investment"

 

Nick Bolton's Molopo cash box raid will prove costly as ASIC prepares for share sale

 

Molopo shares closed on Friday at 12ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢. The broker will have up to six months to dispose of the stock, which amounts to 16 per cent of Molopo's issued shares.

 

That sort of overhang should do wonders for the share price unless the Molopo board find a brilliant investment for the company's $67 million cash pile

.

http://www.smh.com.au/business/cbd/nick-bo...713-gxarpk.html

 

post-330173-1500951275_thumb.png

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They seem determined to get access to MPO's $67 m cash box.

 

TAKEOVER ANNOUNCEMENT

27 July 2017

Aurora Fortitude Absolute Return Fund (AFARF) announces cash and/or scrip takeover bid for

Molopo Energy Limited (ASX:MPO)

 

Proposal

Aurora Funds Management Limited (Aurora) as responsible entity of the Aurora Fortitude Absolute Return

Fund ARSN 145 894 800 (AFARF) is intending to make an off-market takeover bid under chapter 6 of the

Corporations Act 2001 (Cth) for all the issued fully paid ordinary shares in Molopo at a bid price of $0.18

each.

 

The bid price is 33.8% above the 30 day volume weighted average price (VWAP), 27.5% above the 60 day

VWAP and 14.9% above the 90 day VWAP, of Molopo shares ending on 26 July 2017, as well as a 28.6%

premium to the closing sale price of Molopo shares on that day. The directors of Aurora believe that the

proposed bid will provide an attractive alternative to the current uncertainty and lack of strategic direction at

Molopo.

 

If Aurora is able to gain control of Molopo, it intends to seek to return a material amount of capital to Molopo

shareholders, subject to a careful review of the companyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s liabilities. Remaining cash assets would then be

prudently invested until the resolution of MolopoÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s litigation, at which point further capital returns would be

considered.

 

Payment of the bid consideration to those accepting Molopo shareholders who elect to receive AFARF units1

would be satisfied by the issue of the units with a unit value equal to the bid consideration. Unit value would

be determined in accordance with the constitution of AFARF, which provides for an objective valuation

methodology as required by section 601GA(1)(a) of the Corporations Act. Payment of the bid consideration

in cash would be subject to a cap of $5 million in total. Acceptances for cash consideration that in aggregate

exceed $5 million would be scaled back, with the balance of the bid consideration satisfied by the issue of

AFARF units.

 

The proposed bid would be subject to a range of defeating conditions which are summarised in the schedule

to this announcement.

 

1 Units may be of an existing class or a new class created for the purposes of the bid.

Summary

 

â–ª We intend to make a takeover bid for 100% of the ordinary shares in Molopo Energy Limited (Molopo)

at $0.18 each.

 

â–ª Under the bid, Molopo shareholders will be able to elect to receive the bid consideration in cash

(capped at $5 million in total) or the equivalent value in AFARF units.

 

â–ª Accepting Molopo shareholders who elect to receive AFARF units will be able to request redemption

of the units off-market at the prevailing net asset value based redemption price in accordance with

AFARFÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s constitution and Fund updates.

 

â–ª On 7 June 2017 Molopo notified the market that ASX requires it to demonstrate a sufficient level of oil

and gas operations by 31 July 2017, to warrant the continued quotation of its shares and its continued

listing. On 25 July 2017 shares in Molopo were suspended from trading pending an announcement

about a strategic investment. No further details have been provided at this stage. Accordingly,

AFARFÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s bid will provide an opportunity for Molopo shareholders to achieve superior value at a

material premium to the current market price of Molopo shares and enhanced liquidity in circumstances

where MolopoÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s outlook and continued listing is uncertain, with potentially no readily available market

for Molopo shares.

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  • 3 months later...

The saga continues. Alexandre Gabovich Interim Executive Chairman / Managing Director was removed an Friday and on Thursday WAM, Wilson Asset Management, joined the treasure hunt with a $33 million cash takeover bid for Molopo.

 

Geoff Wilson counters Nick Bolton's raid on Molopo's $65m cash box

http://www.theage.com.au/business/geoff-wi...109-gzhtjg.html

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  • 2 years later...

This saga seems to just keep on keeping on!! Totally disgusting. V1

 

Molopo’s shares have been suspended from trading since 27 July 2017 due to the level of its

operations not being, in ASX’s opinion, sufficient to warrant the continued quotation of its securities

in compliance with Listing Rule 12.1.

ASX Guidance Note 33 deals with the removal of a Company from the Official List if its shares have

remained suspended for a period of two years.

Following a previous application to ASX by Molopo, the ASX confirmed an extension to the deadline

for Molopo’s removal was on the basis that it afforded Molopo the opportunity to demonstrate to

ASX that it is in the ‘final stages’ of implementing a transaction that will lead to the resumption of

trading of its securities. For these purposes, being in the ‘final stages’ of implementing a transaction

means that the Company has completed the requirements referred to in Guidance Note 33.

The ASX has now considered the Company’s submissions on the progress of Molopo’s Victorian

Supreme Court proceedings against former Molopo directors and, given the present circumstances,

the ASX has agreed to further extend the deadline from 1 September 2020 to 28 February 2021 to

afford Molopo the opportunity to demonstrate to ASX that it is in the ‘final stages’ of implementing

a transaction that will lead to the resumption of trading of its securities.

Whilst the current Molopo Directors recognise that this is extremely frustrating for shareholders, the

Molopo Board will address the Company’s listing on ASX once the litigation proceedings against the

former Directors are completed.

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  • 4 weeks later...

Just gets better!! V1

 

It has come to the attention of the Molopo Board that a payment in the sum of AUD 670,800.19

initiated by the Company through its bank to a well-known creditor has been misdirected to a third

party account advised to it through what appeared to be a legitimate email communication from the

creditor that was subsequently identified to be a suspected fraudulent email. The Company is

attempting to trace the fictitious email and banking details and will take whatever action is

necessary to recover these funds. The Board will advise further when information is available.

This announcement was approved by the Chair of the Company.

 

 

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