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MOLOPO ENERGY LIMITED(MPO)

SHARE PRICES

(updated at weekends)

Former (or subsequent) names

 FROMTO
MOLOPO ENERGY LIMITED11/11/2009
MOLOPO AUSTRALIA LIMITED02/02/200411/11/2009
MOLOPO AUSTRALIA NL03/11/199502/02/2004
MOLOPO AUSTRALIA LIMITED03/11/1995

Shareholder links

Our website ranking of MPO: rating 3
(3 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Link Market Services, Tower 4, 727 Collins Street Docklands VIC 3008

Tel : +61 3 9615 9800
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MPO7
Address: Level 26, 360 Collins Street, Melbourne VICTORIA 3000, Australia
Tel:  +61 (0) 3 9867 7199 Fax: (61 3) 9867 8587

Date first listed: 23/12/1986
Company Secretary: Andrew Metcalfe
Sector: Energy Industry Group: XEJ
Activities: Oil and Gas Exploration

News & Events

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OFX Transferring Money Internationally to Free

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.

16/10/2020

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. On the application of Aurora Funds Management, the Takeover Panel has varied the original July 2017 orders to stay the sale of Aurora's Molopo shares vested in ASIC until the Victorian Court proceedings against former Molopo directors are resolved and any appeal rights have lapsed.

23/09/2020

On the application of Aurora Funds Management Ltd as responsible entity for the Aurora Fortitude Absolute Return Fund and Aurora Global Income Trust, the Panel has varied the Panel's orders in Molopo Energy Limited 03R, 04R & 05R. Among other things, the orders vested certain shares in Molopo Energy Limited held by Aurora and Keybridge Capital Limited in ASIC for sale. The Panel varied the orders to stay the sale of the vested shares until the Court proceedings are resolved and any appeal rights have lapsed. The Panel also varied the orders to include the right of any party and ASIC to apply for further orders in relation to the orders.

18/09/2020

The company lodges its Half Yearly Report and Accounts.

11/09/2020

Molopo has filed and served an application to join to the proceedings the insurers of a Directors and Officers insurance policy held by Molopo in the relevant period. At a Directions Hearing in the Supreme Court of Victoria on 14 August 2020 Justice Delany ordered that: the joinder application be listed for hearing on 11 September 2020; leave be granted for one of the defendants Mr. Matthew Cudmore to file an amended defence in the proceedings; costs be reserved; and liberty to apply. Proceeding against Alexandre Gabovich (proceedings numbered S ECI 2019 01336) was also listed for directions on 14 August 2020 and has been adjourned to 11 September 2020. In relation to the US proceedings against Drawbridge Energy and others in the District Court of Texas, the outstanding claim by Orient FRC has been finalised on the basis of an agreed judgment.

26/08/2020

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

13/08/2020

The company lodges its Quarterly Cashflow Report.

31/07/2020

The company lodges its Quarterly Activities Report.

31/07/2020

Molopo has commenced a proceeding against Mr Johal, Mr Matthews, Mr Cudmore and Mr Rosengart. That proceeding has progressed to the stage where the defendants are to file their lay evidence. Molopo has also commenced separate proceedings against Mr Gabovich and the Executor of the Estate of Mr Belzberg and is in the process of serving those defendants in accordance with the requirements to serve judicial documents abroad.

09/06/2020

On 27 May 2020, The Honourable Justice Sifris ordered that the date by which the defendants (Messrs. Johal, Cudmore, Rosengart and Matthews) are required to file and serve any witness statements on which they intend to rely at trial be extended to 10 July 2020. The matter is next before the Victorian Supreme Court on 17 July 2020.

01/06/2020

The company releases the Results of Meeting.

25/05/2020

The company releases its Chairman's Address to Shareholders.

25/05/2020

BDO Audit Pty Ltd has been appointed as auditor of the Company. The appointment follows the resignation of BDO East Coast Partnership and ASIC's consent to the resignation.

22/05/2020

The company releases a revised notice of AGM. Notice is hereby given that the Annual General Meeting of Molopo Energy Limited ACN 003 152 154 will be held via ZOOM Webcast at 11am (AEST) on Monday 25th May 2020.

15/05/2020

The company lodges its Quarterly Cashflow Report.

20/04/2020

The company lodges its Quarterly Activities Report.

20/04/2020

The company releases its Appendix 4G and Corporate Governance Statement.

20/04/2020

Annual General Meeting to be held at 11am (AEST) on Monday 25th May 2020.

14/04/2020

The company has received: a notice of intention from shareholder Keybridge Capital Limited o move a resolution at a meeting of shareholders of the company to remove William Matthew Johnson as a Director of the company pursuant to section 203D of the Corporations Act; and a requisition from Keybridge pursuant to section 249D of the Corporations Act as a member with at least 5% of votes that may be cast at a general meeting, that the Directors of the company call and hold a meeting of the company to put a resolution to remove William Matthew Johnson as a Director of the company pursuant to section 203D of the Corporations Act.

25/03/2020

The company lodges its Annual Report to shareholders.

25/03/2020

The mediation hearing held on 18 February 2020 was terminated as it did not result in any resolution. The matter is proceeding in the normal course of the legal proceedings brought by the company in the Supreme Court of Victoria against the former directors.

19/02/2020

The company lodges its Quarterly Activities Report.

03/02/2020

The company lodges its Quarterly Cashflow Report.

03/02/2020

The company lodges its Quarterly Cashflow Report.

30/10/2019

The company lodges its Quarterly Activities Report.

30/10/2019

The company lodges its Half Yearly Report and Accounts.

05/09/2019

The company lodges its Quarterly Activities Report.

24/07/2019

The company lodges its Quarterly Cashflow Report.

24/07/2019

The company releases an Appendix 4G and Corp Governance Statement.

04/06/2019

The company releases the results of its meeting.

31/05/2019

The company releases its Chairman's Address to Shareholders.

30/05/2019

The company lodges its Full Year Statutory Accounts.

07/05/2019

The company lodges its Half Yearly Report and Accounts.

06/05/2019

The company releases a notice of AGM. The Annual General Meeting will be held at 2pm (AEST) on Thursday, 30 May 2019 at the offices of BDO, Collins Square, Tower Four, Level 18, 727 Collins Street, Melbourne, Victoria, Australia

29/04/2019

The company lodges its Quarterly Activities Report.

29/04/2019

The company lodges its Quarterly Cashflow Report.

29/04/2019

Molopo Energy Limited provides an update to its December 2018 quarterly activities report to advise of a correction to the Timetable orders made by the Supreme Court of Victoria. Page 5, Point 7 to read "mediation to take place by 9 August 2019 but not before 19 July 2019".

08/02/2019

The company lodges its Quarterly Activities Report.

04/02/2019

Aurora Funds Management Limited provides an update in respect to the Aurora Fortitude Absolute Return Fund, which directly impacts the Aurora Global Income Trust. Attached is a copy of the relevant announcement by AFARF. On 31 January 2019, Molopo released its Quarterly Cash Flow Statement for the quarter ended 31 December 2018. Based on the information contained in this Quarterly Cash Flow Statement, Aurora has reassessed the carrying value of its investment in Molopo and has decided to write the value of its investment down from 2.6 cents to 1.9 cents.

01/02/2019

The company lodges its Quarterly Cashflow Report.

31/01/2019

The company will release the December 2018 Quarterly Activities Report by no later than 15 February 2019.

31/01/2019

The company lodges its Sept 2018 Quarterly Activities & App5B cashflow report.

31/10/2018

The review Panel has varied the final orders of the initial Panel in Molopo Energy Limited 10 & 11 by making additional final orders following a review application dated 20 July 2018 by Molopo Energy Limited in relation to the initial Panel's decision on final orders. The review Panel has made further orders that certain former directors of Molopo reimburse Molopo for the costs Molopo was ordered to pay Aurora in the Molopo Energy Limited 10 & 11 proceedings and pay costs incurred by Molopo and Keybridge in connection with the Molopo Energy Limited 10 & 11 proceedings.

26/09/2018

The injunction proceeding sin the USA against Drawbridge Energy Holdings Limited were filed by Molopo to limit further expenditure by Drawbridge of capital contributed by Molopo under a series of transactions undertaken by the former directors of Molopo without shareholder approval, in contravention of ASX Listing Rules and the Australian Corporations Act. Following a process of court-mandated mediation, the application for injunction was denied by the Harris County District Court, Houston Texas. As such, Molopo has not been able to impose any legal restraints on further expenditure by Drawbridge of Molopo's contributed funds, at this time. The company has filed and is actively pursuing further legal claims in the USA against the abovenamed parties, as well as against Mr Michael Keener, Mr Darko Horvat and Sopris Energy Investments. These legal actions initiated by Molopo include seeking one or more of the Orient/Drawbridge Transactions declared void and an award of damages made to Molopo by the Defendants. A trial date for the hearing of these claims has yet to be set.

19/09/2018

The company lodges its June 2018 financial statements.

13/09/2018

The company's securities remain suspended.

14/08/2018

In light of the announcement by AFARF, including the write down of its investment in Molopo Energy Limited to 3.6 cents as at 30 June 2018, all investors that had previously lodged Redemption Requests will now have the option of withdrawing their Requests until 31 August 2018.

14/08/2018

Aurora Funds Management Limited provides an update in respect of the Aurora Fortitude Absolute Return Fund. Molopo's directors made the following comments: ""Following a detailed review of the Orient/Drawbridge Transactions, the current Directors of Molopo cannot see any logical or commercial reason for entering into these transactions. The Transactions resulted in the Company's cash reserves being depleted from A$66.2 million at 30 June 2017 to A$15 million as at 30 June 2018. "The Former Directors proceeded with these transactions without seeking shareholder approval, resulting in a breach of ASX Listing Rules, as well as breaching ASX continuous disclosure obligations and the Corporations Act."On 10 August 2018, Aurora made an ASX Announcement advising of its decision to not declare AFARF's takeover bid free from its defeating conditions and therefore to withdraw the AFARF takeover bid. Aurora considers that the actions of the former Molopo directors have substantially and adversely affected the value of Molopo's assets. As such, Aurora has considered the carrying value of its investment in Molopo and has decided to write the value of its investment down from 13.5 cents to 3.6 cents. In light of the decision to write down the value of the Molopo investment to 3.6 cents, all investors that had previously lodged Redemption Requests will now have the option of withdrawing their Redemption Request. This option remains open until 31 August 2018.

14/08/2018

AFARF's offer made pursuant to its bidder's statement dated 26 October 2017 (as varied) to acquire ordinary shares in Molopo are not free from the conditions in Section 12.8 of each of the Offer. To Aurora's knowledge, at the date of this notice, not all of the Defeating Conditions have been fulfilled and in particular that contained in Section 12.8(f) has not been fulfilled; and at the time notice was given, Aurora's voting power in Molopo is deemed to be 20.52%, pursuant to the amended Substantial Shareholding notice provided on 12 July 2017.

13/08/2018

Aurora notes that Molopo has sought a review of the Orders made by the Takeovers Panel on 18 July 2018. Notwithstanding this development, Aurora has determined that it will not declare AFARF's takeover bid free from its defeating conditions. The takeover bid will therefore expire on 20 August 2018, subject to triggered defeating conditions, so all contracts arising from acceptances of the takeover bid to date will automatically be rescinded and Aurora will deal with the acceptances and any accompanying documents so that all Molopo shareholders who have accepted the takeover bid will receive their shares back. Aurora will provide a formal notice to Molopo and the ASX on Monday 13 August 2018, in relation to the status of defeating conditions,

10/08/2018

Following a scheduled ASX internal system change affecting the Market Announcements Platform, it has been necessary to re-apply the "˜Suspend' session state. This announcement serves to re-confirm the securities of this entity remain suspended.

06/08/2018

KBC provides an update on various matters pertaining to Molopo Energy. On 30 July 2018, the Takeovers Panel published its Final Reasons in the matter of Molopo Energy Limited.On 20 July 2018, Molopo applied for a review of the Panel's decision on final orders in Molopo Energy Limited. An update on the Victorian Supreme Court litigation was also provided. Aurora has applied for a judicial review of the Panel's decision in Molopo Energy Limited 03R, 04R & 05R. Keybridge has entered a submitting appearance in respect of this proceeding such that Keybridge will submit to any order that the Court may make in the proceeding. This matter is scheduled to be heard in the Federal Court of Australia in Sydney on 22 and 23 October 2018.

03/08/2018

The company lodges its June 2018 Quarterly Cashflow Report.

01/08/2018

The company lodges its June 2018 Quarterly Activities Report.

01/08/2018

Aurora notes that Molopo has sought a review of the Orders made by the Takeovers Panel on 18 July 2018. As a consequence, Aurora will not make its decision concerning whether it will free the Bid of its defeating conditions until the Review Panel has considered the application by Molopo. Aurora will participate as a party in the review proceedings.

24/07/2018

The Panel has received an application from Molopo Energy Limited seeking a review of the Panel's decision on final orders in Molopo Energy Limited 10 & 11. A review Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.

20/07/2018

Aurora notes the Orders made by the Takeovers Panel, which was the subject of a Media Release by the Panel today. The Orders follow the declaration by the Panel of unacceptable circumstances affecting the affairs of Molopo, concerning transactions entered into by Molopo in the period leading up to 31 May 2018. Aurora is considering the impact on the AFARF bid for Molopo. As the statutory period for any of the parties to the Panel proceedings to apply for a review of the Orders has not yet expired, it is inappropriate for Aurora to reach a concluded position on that issue at this time.

18/07/2018

The Panel made a declaration of unacceptable circumstances on 8 June 2018. The Panel has made final orders which require Molopo to pay Aurora compensation in relation to certain of Aurora's bid costs and Aurora's costs in relation to the proceedings. The Panel was not satisfied that any other order would be sufficiently effective in protecting the rights and interests of persons affected by the unacceptable circumstances or ensure that the bid would proceed as if those circumstances had not occurred. The panel did not think it appropriate to make any other order.

18/07/2018

In response to an application made by Aurora to the Takeovers Panel, the Panel made a declaration of unacceptable circumstances against MPO following a series of transactions it announced on 8 May 2018. These transactions were determined to be frustrating actions in relation to AFARF's takeover bid and Molopo's Target Statements were deemed to contain omissions and misleading and deceptive information. Aurora has formed the view that if these transactions are not capable of being unwound, with the cash value returned to MPO, the value of this investment, which represents 55% of the Fund's Net Asset Value (NAV), will need to be written down. It follows that any such write-down would have a material effect on the Fund's NAV. Aurora considers it prudent to delay redemptions until such time that it receives final orders from the Panel and subsequently forms a considered view on the appropriate carrying value of the Fund's investment in MPO.

29/06/2018

On 22 June 2018, Molopo requested that the interim orders be lifted following the change in the composition of the board of directors of Molopo. No parties to the proceedings objected to that request. The Panel agreed to lift the interim orders.

27/06/2018

Aurora Funds Management Limited in its capacity as responsible entity for the Aurora Absolute Return Fund, provides an update regarding Aurora Fortitude Absolute Return Fund, which impacts ABW. Aurora varies the terms of the Offers made under the Bid by extending the closing date of the Offer Period. The offer period is extended so that offers will remain open for acceptance until Monday 20 August 2018 at 7:00 pm (Melbourne time), unless withdrawn or further extended in accordance with the Corporations Act.

12/06/2018

The Panel has made a declaration of unacceptable circumstances in relation to an application dated 11 May 2018 by Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund in relation to the affairs of Molopo Energy Limited.

08/06/2018

The company releases its 2018 AGM results of meeting.

31/05/2018

The company releases the Chairman's Address to Shareholders.

31/05/2018

The panel has now varied its interim orders to add two further interim orders that require: all resolutions (other than any procedural resolutions) to be considered at the annual general meeting of Molopo to be held on Thursday, 31 May 2018 at 10:00 am (Melbourne time) to be conducted by poll and Molopo to keep, and provide to the Panel, a record of any votes cast on those resolutions in respect of the ordinary shares in Molopo held by ION Limited and Gibralt Capital Corporation. The interim orders have effect until the earliest of further order of the Panel, determination of the proceedings and 2 months from the date from which the relevant interim order was first made.

31/05/2018

On 24 May 2018, Keybridge announced that it had posed a series of questions on notice to Molopo's auditor, James Mooney of BDO East Coast Partnership, to be addressed at the upcoming AGM of Molopo. BDO has provided written responses to some of the questions posed to them. BDO has advised that they believe Molopo will provide written responses to the balance of the questions "“ this has not yet been received by Keybridge.

30/05/2018

An application by Keybridge for orders against Molopo in the Supreme Court of Victoria to provide discovery of documents was heard in Court earlier today. At the hearing, the Court ordered Molopo to provide discovery of various categories of documents sought by Keybridge in relation to, inter alia, the Orient Transaction and Molopo's suspension from ASX, including Board minutes, due diligence documents, correspondence, contracts and external reports. The Court also awarded indemnity costs in favour of Keybridge. This demonstrates that Molopo's approach of delay and refusal to provide documents has been unjustified.

30/05/2018

The company provides a third supplementary target's statement. The directors of Molopo unanimously recommend that shareholders REJECT Aurora's offer by taking no action or WITHDRAW their acceptance.

28/05/2018

The company provides further details on an independent evaluation report prepared by Dynamic Upstream E&P Consultants for Orient FRC in relation to the Safari Onshore Project dated 17 April 2018.

28/05/2018

Molopo acceded to the application on the basis of the Panel determination to relevant costs, as well as the resolutions being considered at the AGM, including the current board being considered for election. The matter is returnable with a hearing on 5 June. The current board, should they be re-instated at the AGM, have committed to vigorously defend the application. The board believes that it can successfully discharge this undertaking.

28/05/2018

The Panel has received an application from Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund in relation to the affairs of Molopo Energy Limited. Molopo's annual general meeting is scheduled for 10:00am (Melbourne time) on Thursday, 31 May 2018. The notice of meeting includes as matters to be considered at the meeting resolutions to elect the three current directors of Molopo and to elect four persons nominated to be directors. Aurora seeks a variation of the final orders made in Molopo Energy Limited 03R, 04R & 05R to allow Aurora to be able to vote Aurora's shares in Molopo that are currently vested in the Commonwealth of Australia.

25/05/2018

An application by Keybridge for orders against Molopo Energy Limited in the Supreme Court of Victoria including an injunction to restrain further expenditure by Molopo and further acquisitions or disposal of assets was returnable before the Court earlier today. At the hearing, Molopo provided undertakings not to enter into agreements to acquire or dispose of any assets, not to incur any liabilities, and not to make any payments in individual amounts in excess of $175,000, and not to make aggregated payments in excess of $250,000. Keybridge's Summons was otherwise adjourned to 5 June 2018.

24/05/2018

Keybridge has reviewed Molopo's 2017 Annual Report and has concerns about the nature and extent of a number of disclosures contained therein. Accordingly, Keybridge has posed a series of questions on notice to Molopo's Auditor, James Mooney of BDO East Coast Partnership, to be addressed at the upcoming AGM.

24/05/2018

Pursuant to an ASX request under Listing Rule 14.8, the Company has appointed its Auditor, BDO East Coast Partnership, as scrutineer to decide the validity of votes cast at the Company's AGM to be held on 31 May 2018 and whether the votes that should have been disregarded were disregarded.

24/05/2018

The company releases a letter to its shareholders. Mr. Roger Corbett has expressed concern that a statement on page 7 of the Notice of AGM dated 30 April 2018 contains defamatory imputations. The Molopo board wish to correct the record and apologise to Mr. Roger Corbett AO if anyone took the statement to mean these things. The Molopo board did not inted to convey these imputations.

24/05/2018

Molopo's upcoming AGM will provide an important opportunity for shareholders to cast judgment on the conduct and stewardship of the current Board, including the "˜Orient' and "˜Drawbridge' Transactions Molopo has undertaken since the last AGM. Further to Keybridge's letter to Molopo shareholders dated 11 May 20182 , Keybridge has forwarded a Second Letter to Molopo Shareholders. Keybridge has also forwarded to Molopo shareholders a copy of ASX's letter to Molopo about the conduct of Molopo and the current Directors.

23/05/2018

Aurora Funds Management Limited provides an update regarding Aurora Fortitude Absolute Return Fund which impacts the Aurora Absolute Return Fund.

21/05/2018

The Panel has made an interim order1 in response to an application for an interim order dated 18 May 2018 by Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund in relation to the affairs of Molopo Energy Limited. The interim order restricts Molopo from making any payment or incurring any expenditure or liability of more than $175,000 or $175,000 in aggregate without the consent of one or more of the sitting Panel members. The interim order has effect until the earliest of further order of the Panel, determination of the proceedings and 2 months from the date of the interim order.

21/05/2018

MPO issues a response to ASX letter. Having regard to the ASX Letter, Molopo wishes to advise shareholders that it intends to: seek shareholder approval in respect to the Orient Transaction (including the modifications outlined in the Drawbridge Announcement); and satisfy the requirements in Chapters 1 and 2 of the Listing Rules as if it were applying for admission to the official list of the ASX.

18/05/2018

Aurora Funds Management Limited in its capacity as responsible entity for the Aurora Fortitude Absolute Return Fund notes and welcomes the announcement made by the ASX in respect of Molopo Energy Limited requiring Molopo to retrospectively obtain shareholder approval or unwind its various investments in the British Virgin Islands. Separately, on 11 May 2018, Aurora made an application to the Takeovers Panel seeking, amongst other things, a declaration of unacceptable circumstance in relation to effect of the Orient Transactions on the takeover offer by the Aurora Fortitude Absolute Return Fund.

14/05/2018

The Panel has received an application from Aurora Funds Management Ltd in relation to the affairs of Molopo Energy Limited. Molopo released an announcement of several transactions and events during the preceding four months that had not been previously disclosed. Aurora submits that the cumulative nature of the transactions and events has been, and continues, to inhibit the acquisition of control over voting shares in Molopo taking place in an efficient, competitive and informed market. Aurora seeks an order that all of the transactions that are capable of being unwound are unwound. If this order is not made (or complied with) and Aurora withdraws its bid due to the frustrating actions, it seeks an order for costs associated with its bid.

14/05/2018

Keybridge, being one of the largest shareholders of Molopo,, advises that Molopo has convened an AGM on 31 May 2018. In the previously released 2017 annual report and March 2018 quarterly report, a series of transactions the Molopo entered into between 1 January and 7 March 2018 were disclosed for the first time. Keybridge has identified a number of concerns about the above Orient/Gil Feiler and Drawbridge transactions and the conduct of the current Molopo Board, who are all standing for election at the upcoming AGM.

11/05/2018

The company releases ASX's letter regarding the company's breach of ASX Listing Rules.

11/05/2018

Aurora Funds Management Limited notes the disclosures made by Molopo Energy, in particular regarding the transfer of the majority of Molopo's assets into a newly incorporated company in the British Virgin Islands in exchange for a minority 30% non-voting interest, with limited rights. These transfers have occurred without shareholder approval, and appears to be in contravention of Listing Rule 11.1, and in breach of the conditions imposed by the AFARF Takeover Bid. Aurora is very concerned by the nature, timing and disclosures of these activities undertaken by Molopo, in circumstances that are contrary to the defeating conditions in the AFARF Takeover Bid. Aurora is considering the impact to the AFARF Takeover Bid and will provide an update in due course.

09/05/2018

The company releases its Corporate governance statement and 4G.

08/05/2018

In the past few months, the board of directors of Molopo have spent a significant amount of time and effort to drive value and shareholder wealth. Molopo provides a progress report on developments in respect of the oil and gas exploration project in South Florida and to provide details of an arrangement which gives Molopo access to a portfolio of diversified oil and gas projects in the USA and reduces the risk inherent in having only one investment.

08/05/2018

The company lodges its Quarterly Cashflow Report and Commentary.

08/05/2018

The company lodges its Annual Report to shareholders.

08/05/2018

The company's AGM will be held at 10.00 am, on 31 May 2018 at DLA Piper Australia, Level 21, 140 William Street, Melbourne, Victoria.

02/05/2018

On 22 August 2017, Molopo released an announcement about an investment in a project in Florida, referred to in that announcement and subsequent announcements as the Orient Project. The August Announcement included references to estimated resources of the Orient Project. Molopo would like to clarify and correct some of those references.

30/04/2018

Molopo Energy responds to statements made by Keybridge Capital Limited.

27/04/2018

The company issues a response to ASX Query Letter.

23/04/2018

Aurora Funds Management Limited provides an update regarding Aurora Fortitude Absolute Return Fund which impacts the Aurora Absolute Return Fund. Aurora varies the terms of the offers under the off-market takeover bid to acquire the ordinary shares in Molopo. Aurora hereby gives notice that the Offer Period is extended so that Offers will remain open for acceptance until Wednesday 20 June 2018 at 7:00 pm (Melbourne time), unless withdrawn or further extended.

13/04/2018

The company's AGM will be held at 10.00am on 31 May 2018 in Melbourne.

04/04/2018

The FY17 report is still being completed and will not be lodged with ASX by the end of March. Directors expect to be able to lodge the report in the week beginning 23 April.

29/03/2018

Molopo releases its second supplementary target's statement in relation to the off-market takeover made by Aurora Funds Management as responsible entity of the Aurora Fortitude Absolute Return Fund for all the shares in Molopo.

19/03/2018

The company issues a response to ASX's Appendix 3Z Query.

14/03/2018

In relation to the Keybridge court proceedings, Molopo was required to give certain undertakings to the court to that effect that it would give Keybridge 5 business days' notice before disposing of assets or entering into new transactions other than in the ordinary course. On 7 March 2018 the Honourable Justice Sifris of the Supreme Court of Victoria ordered that the Undertakings be discharged.

07/03/2018

The company lodges its Quarterly Cashflow Report.

22/02/2018

The company issues a response to ASX Query Letter.

21/02/2018

The company lodges its 5B December Quarter Cashflow Report.

01/02/2018

The company lodges its December 2017 Quarterly Activities Report.

01/02/2018

Molopo Energy Limited advises of a delay in filing the Quarterly Activities and App5B Cashflow report. This will now be submitted by Wednesday 7th February

31/01/2018

Keybridge sends a letter of concerns to Molopo's shareholders. Keybridge has identified a number of considerable concerns and unanswered questions for the Molopo Board about the Orient Transaction and Molopo's public disclosures on ASX in relation to the same.

23/01/2018

The company releases its first supplementary target's statement in relation to the off-market takeover made by Aurora Funds Management Limited as responsible entity of the AUrora Fortitude Absolute Return Fund for all the shares in Molopo. This sets out that unanimous recommendation of the Molopo Board that the Molopo shareholders continue to REJECT Aurora's offer.

19/01/2018

Aurora Funds Management provides an update regarding Aurora Fortitude Absolute Return Fund, which impacts the Aurora Absolute Return Fund. Aurora hereby gives notice that the Offer Period is extended so that Offers will remain open for acceptance until Friday 20 April 2018 at 7:00 pm (Melbourne time), unless withdrawn or further extended in accordance with the Corporations Act.

12/01/2018

WAM Capital announces withdrawal of its intention to make a takeover bid for Molopo Energy.

04/01/2018

Molopo confirms payment of US$4.5 million to fund the Orient Project

11/12/2017

The panel has declined to make a declaration of unacceptable circumstances in relation to the affairs of Molopo Energy Limited in response to an application dated 24 November 2017 from Aurora Funds Management Limited. The application concerned Aurora's off-market takeover bid for Molopo.

08/12/2017

On 5 December 2017, the Supreme Court of Victoria dismissed an application from Keybridge Capital that sought to restrain the company from paying US$4.5 million towards its commitment to fund the Company's U.S. oil and gas project.

07/12/2017

The company releases its Target's statement in response to the offmarket takeover bid by Aurora Funds Management Limited as responsible entity of the Aurora Fortitude Absolute Return Fund for all the shares in Molopo. The statement sets outs the unanimous recommendation of the Molopo Board that the Molopo shareholders REJECT Aurora's Offer, the Board's reasons and other information that is material to Molopo's shareholders in their assessment of Aurora's Offer.

28/11/2017

The Panel has received an application from Aurora Funds Management Limited as responsible entity of the Aurora Fortitude Absolute Return Fund in relation to the affairs of Molopo Energy Limited. A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.

27/11/2017

On 23 November, ASIC granted Molopo relief to extend, by a further 2 days, the period by which it is required to send its target statement to Molopo shareholders in relation to the off-market takeover bid by Aurora Funds Management Limited as responsible entity of the Aurora Fortitude Absolute Return Fund. On the basis of the relief, the target's statement must be sent to shareholders of Molopo by no later than Friday 1 December 2017. Molopo's directors recommend that Molopo shareholders take no action in relation to Aurora's takeover bid until they have received and considered Molopo's target statement.

24/11/2017

Aurora Funds Management Limited as responsible entity of the Aurora Fortitude Absolute Return Fund has completed the dispatch of the bidder's statement for its off-market takeover bid for Molopo Energy Limited. The takeover offers are open for acceptance until 7:00 pm (Melbourne time) on 19 January 2018.

14/11/2017

Aurora Funds Management Limited as responsible entity for the Aurora Fortitude Absolute Return Fund notes that on 8 November 2017 WAM announced a proposed off-market takeover offer for MPO for $0.135 per share. Aurora notes that only limited information in relation to WAM's Offer has been provided, and Aurora will await further information prior to determining its response.

10/11/2017

The company releases the results of its meting.

10/11/2017

The Molopo board recommends that Molopo shareholders take no action in relation to WAM Capital's intention to bid and Aurora's bidder's statement.

10/11/2017

WAM Capital is intending to make an off-market takeover bid for all the issued fully paid ordinary shares in Molopo Energy at a bid price of $0.135 for each share.

08/11/2017

Molopo is successful in having Keybridge's legal actions transferred to the Supreme Court of Victoria. The Supreme Court of Western Australia also ordered that Keybridge pay Molopo's and Mr. Rosengart's costs of the two applications.

06/11/2017

The company lodges its Sept 2017 Quarterly Activities and App5B Cashflow Report.

31/10/2017

Aurora Funds Management Limited as responsible entity of the Aurora Fortitude Absolute Return Fund has been advised that the Takeovers Panel has declined to conduct proceedings on the application from Molopo Energy Limited dated 23 October 2017 in relation to the proposed takeover bid by AFARF of Molopo. The Aurora Absolute Return Fund is fully invested in AFARF so is impacted by this application.

30/10/2017

The Panel has declined to conduct proceedings on an application dated 23 October 2017 from Molopo Energy Limited in relation to its affairs.

30/10/2017

The company releases the bidder's statement for an offer by AUrora Funds Management as reponsible entity of the Aurora Fortitude Absolute Return Fund to acquire all of the ordinary shares held by shareholdrs in Molopo Energy Limited. The consideration offered for each ordinary share is $0.135 which is payable in cash (subject to total cash consideration being capped at $5 million) or units in the Aurora Fortitude Absolute Return Fund (with an equivalent value).

26/10/2017

The panel has receied an application from Molopo Energy Limited in relation to its affairs.

23/10/2017

Keybridge has despatched a letter to Molopo shareholders to ensure they are fully informed ahead of the general meeting to be held on 10 November 2017.

19/10/2017

On 10 October 2017 the company has, via its share registry agents, despatched to shareholders the notice of general meeting and proxy forms previously released to ASX on 4th October 2017.

11/10/2017

Keybridge welcomes the fact that Molopo has now called a general meeting to be held on 10 November 2017. Keybridge has advised Molopo that it will agree to the cancellation of the 13 November 2017 general meeting called by Keybridge.

09/10/2017

The proxy forms relating to the general meeting were released by the company.

04/10/2017

A general meeting will be held at 10am (AEDT) on Friday, 10 November 2017 at the offices of BDO East Coast Partnership, Boardroom, Collins Square, Tower 4, Level 18, 727 Collins Street, Melbourne, Victoria, Australia.

04/10/2017

The company releases a notice of general meeting to shareholders. It details the notice given to the company by Keybridge to call a general meeting to consider the appoinment of Mr William Johnson and the removal of Mr Alexandre Gabovich as a Director of Molopo.

04/10/2017

A general meeting of shareholders of Molopo Energy Limited will be held at 3:00pm (Perth time) on Monday, 13 November 2017 at Conference Room, Ground Floor, BGC Centre, 2 The Esplanade, Perth, Western Australia.

03/10/2017

Keybridge confirms that it has commenced further legal proceedings in the Supreme Court of Western Australia against Molopo and the sole director of Molopo resident in Australia, Ronnen Rosengart. These proceedings seek a number of orders against Molopo and Mr Rosengart on the basis of oppression by Molopo of its shareholders, breaches by Molopo of the ASX Listing Rules and breaches by Molopo of the Corporations Act requirement to have two resident Australian directors.

18/09/2017

The share transfers sold by ASIC in accordance with the panel's orders have now been executed, and the company releases the list top 20 shareholders of Molopo as at 15 September 2017.

18/09/2017

The company recommends shareholders to take no action in relation to the unsolicited revised proposed takeover bid.

15/09/2017

The Panel has been served with a Federal Court application dated 8 September 2017 for judicial review of the Panel's decision in Molopo Energy Limited 03R, 04R & 05R [2017] ATP 12.

15/09/2017

Aurora has withdrawn its bid due to Molopo triggering the "˜no material transactions' defeating condition. Aurora as responsible entity of AFARF intends to make a revised off-market takeover bid for all the issued fully paid ordinary shares in Molopo at a bid price of $0.135 each. The price has been decreased, but only by the amount of the estimated dilution to the value of a Molopo share due to the Transaction and operating loss, as calculated by Aurora. The new bid will otherwise be made on the same key terms as the withdrawn bid.

12/09/2017

Molopo has received a requisition from Keybridge Capital that the directors of the company call and hold a meeting of the company to consider the following resolutions: removal of Alexandre Gabovich as director; and the appointment of William Johnson as a director of the company.

12/09/2017

On 8 September 2017, Aurora applied to the Federal Court for a judicial review of the Takeovers Panel decision. Aurora has consistently denied that it has acted in concert with Keybridge Capital Limited, or anyone else, in relation to the affairs of Molopo. ABW is solely invested in AFARF so is also impacted by this application.

11/09/2017

The company lodges its June 2017 Half Yearly Report and Accounts.

11/09/2017

Keybridge has commenced legal proceedings in the Supreme Court of Western Australia against Molopo seeking orders authorising Keybridge to inspect company documents/books pursuant to section 247A of the Corporations Act.

11/09/2017

The company releases a response to Aurora's unsolicited proposed takeover bid: take no action.

01/09/2017

Aurora is currently considering the implications of the MPO acquisition and what impact, if any, it has on the AFARF Bid Announcement. Aurora has a number of queries regarding the acquisition as well as recent events within MPO and is currently seeking clarity on these matters.

24/08/2017

ASX has advised the company that it requires Molopo to demonstrate by 31 July 2017 a level of oil and gas operations sufficient to warrant the continued quotation of its securities. The recent transaction, being the acquisition of 50% of Orient FRC Ltd does not satisfy the ASX requirement. As such, the securities of Molopo will continue to be suspended until further notice.

22/08/2017

Molopo has signed a Share Sale Agreement for the acquisition of 50% the shares in Orient FRC Ltd. This was executed on 25 July 2017 for US$7 million.

22/08/2017

AFARF stated that Molopo shareholders who accept the takeover offer and 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. Aurora notes that redemption guidelines are currently in place to manage the liquidity requirements of AFARF.

03/08/2017

Molopo continues to finalise its detailed announcement to shareholders on the technical and commercial components of the investment. Molopo requests that the voluntary suspension remain in place until the earlier of release of an announcement regarding the investment or the commencement of trading on Monday 7 August 2017.

02/08/2017

Further to the announcement in relation to the AFARF announcing a cash and/or scrip takeover bid for Molopo, Aurora advises of a correction: "Those who elect to receive AFARF units will become part of an enlarged listed management investment scheme" should read: "those who elect to receive AFARF units will become part of an enlarged unlisted managed investment scheme".

31/07/2017

The company lodges its Quarterly Cashflow Report - June 2017.

31/07/2017

The company lodges its Quarterly Activities Report - June 2017.

31/07/2017

Following the proposed takeover bid announced this morning by Aurora Funds Management Limited, as responsible entity of the Aurora Fortitude Absolute Return Fund, for Molopo Energy Limited, Molopo announced it had completed a "˜strategic investment' and requested a suspension of trading in its shares until 31 July 2017 while it finalises its "˜technical announcement'.

28/07/2017

The securities of Molopo Energy Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement by the Company.

27/07/2017

The securities of Molopo Energy Limited will be reinstated to quotation immediately, following the release of an announcement by the Company.

03/07/2017

The review panel makes finding of "association" and "unacceptable circumstances". Given the proceedings have now concluded, and following consultation with the ASX, the company seeks that the suspension of trading of Molopo shares be lifted effective 3rd July 2017.

03/07/2017

The review panel has agreed with the initial panel that certain actions in relation to Keybridge and Aurora gave rise to unacceptable circumstances in relation to the affairs of Molopo. The Panel states in its declaration that it considered the board of directors of Aurora was aware of a strategy orchestrated by Mr Nicholas Bolton to control Molopo and agreed to or acquiesced in that strategy. Aurora is not yet able to respond fully to the declaration. Members of the Aurora board fundamentally disagree with the finding of association between the company and Keybridge. Separately, the review panel is now considering the question of orders to make.

03/07/2017

The review panel has made a declaration of unacceptable circumstances in relation to applications dated 1 June 2017 by Keybridge and Molopo seeking a review of the initial panel's decision in Molopo Energy. The applications have been heard together. Another review application from Aurora Funds Management Limited dated 15 June 2017 seeking a review of the initial panel's decision on orders is also part of the review and the question of orders is still being considered.

30/06/2017

The company releases a letter to its shareholders.

23/06/2017

The company releases the results of the 2017 Annual General Meeting.

20/06/2017

Strategic Investment The strategic investment transaction that had been considered by the Board "“ and which led to the voluntary suspension of trading in Molopo shares on 31 March 2017 "“ will not proceed following detailed evaluation by the Board. The Board will continue to pursue and identify suitable acquisition targets for Molopo that will return the company to its role as a productive player in the global energy sector.

20/06/2017

The panel received an application of orders from Aurora Funds Management. A review panel has not been appointed at this stage and no decision has been made as to whether to conduct proceedings.

16/06/2017

The Panel has accepted undertakings from Keybridge Capital Limited and Aurora Funds Management Limited in relation to the applications dated 1 June 2017, seeking a review of the initial Panel's decision in Molopo Energy Limited 01 & 02. Neither Keybridge nor Aurora will dispose of or acquire any shares in Molopo without the panel being given two clear business days' notice of any such proposed disposal or acquisition.

16/06/2017

The company requests the suspension of its securities be extended to finalise the closure of the strategic investment. It's also due to the current takeover panel review application to be considered on 16 June 2017. It is requested that the suspension remain place until the earlier of release of an announcement or the commencement of trading on 21 June 2017.

15/06/2017

The takeovers panel orders Keybridge and Aurora to sell down a portion of their Molopo shares. Also, shareholders are reminded that the company's AGM is being held at 10am (AEST) on Tuesday, 20 June 2017, at the Westin, 205 Collins Street, Melbourne VIC 3000.

15/06/2017

As previously announced, Aurora intends to participate fully in the review proceedings currently before the Panel, and is considering what further options it may take with regard to reviewing the orders made.

14/06/2017

The panel considered that the involvement of Mr. Nicholas Bolton (or Mr. Bolton together with Mr. John Patton) in Keybridge Capital Limited and Aurora Funds Management Limited gave rise to unacceptable circumstances in relation to the affairs of Molopo. The panel has made orders that 3,666,285 Molopo shareds held by Keybridge and 39,540,910 Molopo shares held by Aurora are to be vested in ASIC to sell and return the proceeds net of costs to the respective owners; and restricting Keybridge and Aurora from voting their respective Molopo shares at the AGM. Keybridge and Aurora are released from their undertakings given to the panel on 19 April 2017.

14/06/2017

Molopo requests the suspension be extended to finalise the terms of its strategic investment. Discussions with the counterparty continue and Molopo hopes to be able to provide an update to the market shortly. The suspension is requested to remain in place until the earlier of release of an announcement regarding the investment of trading on Wednesday, 14 June 2017.

07/06/2017

Given the review applications, Aurora will not be making its own review application. However, Aurora intends to participate fully in these review proceedings.

02/06/2017

The Panel has received applications from each of Molopo Energy Limited and Keybridge Capital Limited seeking a review of the Panel's decision in Molopo Energy Limited 01 & 02. A review panel has not been appointed and no decision has been made whether to conduct proceedings. The panel makes no comment on the merits of the application. To the extent that consent was required for Molopo to make a review application, the President has consented to the review application being made.

02/06/2017

On 31 May 2017, the Takeovers Panel confirmed that the involvement of Mr Nicholas Bolton, or alternatively the involvement of Mr Nicholas Bolton together with Mr John Patton, in Keybridge and Aurora, gives rise to unacceptable circumstances in relation to the affairs of Molopo. The Panel is considering what, if any, final orders it will make and Molopo will make a further announcement in respect of any orders made.

01/06/2017

The Takeovers Panel has conducted proceedings and today published a declaration. The panel did not find that Aurora and Keybridge Capital were associates in relation to Molopo, as was alleged by ASIC and Molopo. However, the panel did consider that certain circumstances in relation to Aurora and Keybridge give rise to unacceptable circumstances in relation to the affairs of Molopo. Aurora made extensive submissions and provided detailed evidence to the Panel as to why it did not believe there were any unacceptable circumstances involving Aurora in relation to Molopo. Aurora is currently considering the declaration and any action it may wish to take in response to it.

31/05/2017

The Panel has made a declaration of unacceptable circumstances following applications dated 11 April 2017 by ASIC and Molopo Energy Limited in relation to the affairs of Molopo.

31/05/2017

The securities of Molopo Energy Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement by the Company.

31/05/2017

name changed from Molopo Australia Limited

11/11/2009

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    20/02/2014Steve Cloutier101,667$0.187$19,012
    26/06/2013Steve Cloutier119,000$0.210$24,990
    26/06/2013Jeffrey Schwarz400,000$0.220$88,012
    14/06/2013Jeffrey Schwarz150,000$0.220$33,000
    17/04/2013Steve Cloutier227,300$0.330$75,009

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Roger CorbettChairman31/05/2018
    Jeffrey SchwarzNon Exec Chairman, Independent Director18/03/2013
    Shannon OuelletteCOO01/03/2012
    Paul BelliveauCFO01/03/2012
    Ralph CurtinDirector31/05/2018
    William JohnsonDirector31/05/2018
    Anthony HartnellDirector31/05/2018

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Baljit JohalChairman, Managing Director24/10/201731/05/2018
    Richard MathewsFinance Director06/12/201731/05/2018
    Matthew CudmoreDirector24/10/201731/05/2018
    John LindholmAlternate Director30/05/201831/05/2018
    Samuel BelzbergNon Exec Director31/07/201530/03/2018
    Ronnen RosengartNon Exec Director29/04/201616/01/2018
    Alexandre GabovichExecutive Chairman, CEO27/02/201710/11/2017
    Wayne TrumbleIndependent Director27/02/201724/07/2017
    Samantha ToughChairman, Independent Director29/12/201431/03/2017
    Yaniv SternNon Exec Director27/08/201527/02/2017
    Antony SormannDirector29/12/201401/12/2016
    David SandersDirector29/12/201427/08/2015
    Don EngleCEO20/01/201215/02/2015
    Glenn RossIndependent Director15/02/201129/12/2014
    Christopher RyanNon Exec Director08/04/201429/12/2014
    Gregory SmithDirector18/06/201429/12/2014
    Steve CloutierManaging Director, CEO17/01/201302/09/2014
    Brian StraubIndependent Director17/03/201118/06/2014
    Garry CameronIndependent Director30/03/201128/05/2014
    Gregory LewinChairman15/02/201125/09/2013
    Maxwell BeckNon Exec Director15/02/201124/05/2013
    Tim GrangerCEO, Managing Director29/11/201117/01/2013
    Ian GormanCEO13/11/200602/01/2012
    Donald BeardNon Exec Chairman03/04/200115/02/2011
    David HobdayNon Exec Director29/06/200915/02/2011
    Wally BorovacNon Exec Director25/10/199929/01/2008
    David CaseyExecutive28/10/2005

    Date of first appointment, title may have changed.