Molopo objections with takeover panel

""Molopo Energy


Molopo has put in its own application with the Takeovers Panel, objecting to moves by dealmaker Farooq Khan to seize control of Molopo and its considerable cash resources, around $67 million.

A sitting panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.

The panel made no comment on the merits of the application, which echoes a similar application from the Australian Securities and Investment Commission.

Both allege that Khan is trying to take control of the company by illegally working in concert with Aurora Funds Management in violation of Australian corporate law.

Molopo is seeking orders preventing the exercise of any voting rights the pair has in excess of 20%, stopping them from loading up on additional shares, and forcing a sale of any shares in excess of the 20% limit in such a way there is no profit.""