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post Posted: Nov 11 2017, 07:53 PM
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In Reply To: blacksheep's post @ Jul 27 2017, 01:35 PM

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

The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
post Posted: Jul 27 2017, 01:35 PM
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In Reply To: blacksheep's post @ Jul 25 2017, 12:55 PM

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

27 July 2017
Aurora Fortitude Absolute Return Fund (AFARF) announces cash and/or scrip takeover bid for
Molopo Energy Limited (ASX:MPO)

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

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

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 company’s liabilities. Remaining cash assets would then be
prudently invested until the resolution of Molopo’s litigation, at which point further capital returns would be

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.

▪ We intend to make a takeover bid for 100% of the ordinary shares in Molopo Energy Limited (Molopo)
at $0.18 each.

▪ 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.

▪ 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
AFARF’s constitution and Fund updates.

▪ 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,
AFARF’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 Molopo’s outlook and continued listing is uncertain, with potentially no readily available market
for Molopo shares.

The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
post Posted: Jul 25 2017, 12:55 PM
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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 12¢. 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

Attached Image

The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
post Posted: Apr 14 2017, 11:40 AM
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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 — 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

"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
post Posted: Mar 7 2016, 06:35 PM
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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

post Posted: Mar 25 2015, 10:34 AM
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In Reply To: veeone's post @ Jan 5 2015, 12:16 PM

Hello Veeone, It has been a long time. Today's 1st sale was for 14,101.363 shares @ .145. Huge amount. Is there anything new you are aware?


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post Posted: Jan 5 2015, 12:16 PM
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Lousy 1million !!! grrr.gif

Molopo Energy Limited (“Molopo” or the “Company”) (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 Company’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.

post Posted: Nov 26 2014, 03:19 PM
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Originating Process Filed in Response to requests under section 249D of the Corporations Act 2001 Molopo Energy Limited (“Molopo”) advises that it has filed an originating process in the Supreme Court of New South Wales in relation to the requests from Keybridge Capital Limited (Keybridge) for the directors to convene general meetings of shareholders of Molopo which were the subject of ASX announcements by Molopo on 13 November 2014 and 20 November 2014.
The originating process seeks a declaration that the directors are not required to call a general meeting in response to a request received from Keybridge which is purported to be pursuant to
Section 249D of the Corporations Act 2001(Cth) to consider resolutions relating to a capital reduction (which was the subject of Molopo's ASX announcement on 13 November 2014) and that
the time period of 21 days for the directors to convene a meeting of shareholders in response to the request be extended until the Court has determined the validity of the request. Similar orders
are sought in relation the further request received by Molopo from Keybridge relating to changes to the directors the subject of Molopo's ASX announcement dated 20 November 2014.

post Posted: Nov 21 2014, 11:03 AM
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Receipt of another request under section 249D of the Corporations Act 2001
Molopo Energy Limited (“Molopo”) advises that it has received yet another request from Keystone Capital Limited  to call a general meeting which purports to be pursuant to Section 249D of the Corporations Act 2001(Cth) ( Request).  
The Request is that a general meeting be convened by directors to pass the following resolutions;
(a) the removal of Don Engle as a director;
(b) the  removal of Glenn Ross as a director;
© the removal of Greg Smith as a director;
(d) the removal of any new directors appointed on and from 17 November up until the end of the relevant shareholders meeting  held in response to the Request apart from the directors
referred to in (e) and (f) below;
(e) the appointment of Nicholas Bolton as a director;
(f) the appointment of Anthony Sormann as a director.
The Request states that the business of the Request is not to be considered if both the resolutions referred to in Keybridge's previous request  under s249D ,the subject of Molopo's announcement  of 13 November 2014, are passed by the required majorities.
The directors of Molopo are considering the validity of this further Request and note if it is considered valid then a notice of meeting would need to be sent to shareholders convening the
meeting within 21 days of receipt of Request.

post Posted: Nov 11 2014, 03:54 PM
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On 31 October 2014, Keybridge Capital Limited (ASX:KBC) (Keybridge) lodged a requisition of meeting with the board of Molopo Energy Limited (ASX:MPO) (MPO) to procure an extraordinary general meeting of MPO shareholders (Meeting), to enable MPO shareholders to provide the board of MPO with their views on the future direction of MPO, and to specifically consider a capital return of the existing surplus funds of MPO, subject to satisfying the requirements of the Corporations Act 2001 (Cth) (Corporations Act). MPO first rejected this requisition as being an invalid request by a shareholder and indicated that it did not intend to provide MPO shareholders with the opportunity to consider the proposal.
Keybridge disagrees with this interpretation; however, in the interests of time Keybridge has now varied its requisition to remove contention and has resubmitted it as a new requisition to MPO today.
The revised requisition of meeting contains two resolutions, one to vary article 5.1 of MPO’s constitution to clearly articulate the member’s right to require a capital return, the other to effect a 21.75c per share equal capital return to shareholders (Capital Return Resolution). Keybridge considers that the current market valuation of MPO’s shares trading on the ASX is significantly below the intrinsic value of MPO’s assets, with MPO carrying approximately A$65.7 million (A$0.264 per share) in cash and A$57.3 million (A$0.231 per share) in net cash assets as at 31 October 2014 after accounting for the litigation provisions made by the Company. This compares to the most recent closing price of MPO shares of A$0.165. Keybridge considers that MPO shareholders will therefore benefit immediately from MPO engaging in a capital return transaction which seeks to release some of that underlying value back to MPO’s shareholders. A prompt return to MPO shareholders of the existing surplus funds will ensure that MPO shareholders are materially better off with the majority of MPO’s cash assets directly in their
own hands, in the current circumstances where the future strategic direction of MPO is at best uncertain and where it is accordingly unlikely that MPO shareholders will be able to exit by way of a higher offer from a third party.
To that end, Keybridge has requested that the board of MPO calls the Meeting to provide MPO shareholders with the opportunity to vote on a resolution designed to effect a return of capital
amounting to A$54.1m representing 21.75 cents per MPO share. Keybridge has relied on the public disclosure made by the Directors of MPO in determining the appropriate amount of excess capital available to be returned to shareholders.
The Capital Return Resolution represents an opportunity for MPO shareholders to promptly realise certain value for their MPO shares and, based on information provided by MPO to the market, would not compromise the ability of MPO to repay its creditors, including with respect to the Canadian legal disputes that continue to affect MPO. MPO will likely be left with approximately 4.7c per share of cash, and 1.4c per share of net cash as at 31 October 2014 after litigation provisions in addition to its
other assets if the 21.75c capital return is approved and paid.

I hope majority of long term holders are against this due to the fact they are all heavily underwater with MPO holdings!! V1


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