deal fails to end row

MOLOPO Energy has turned a pretty penny on its push into Canada shale oil industry, converting a $75 million investment over the past 16 months in its Spearfish project into an asset that Calgary-based Legacy Oil is buying for $188 million.

But the handy turn has not silenced the bunch of rich businessmen on Melbourne-based Molopos share register who are pushing for a boardroom shake-up at a requisitioned meeting of shareholders later this month.

Led by property developer Max Beck, the dissident shareholders - who combined have 6.75 per cent of the company and include pokies king Bruce Mathieson - said yesterday the sale was "yet another strategic reversal" by Molopo.

"The board has sold a core asset. This is only the latest example of a string of announcements that have kept analysts and investors guessing about what the board is going to do next."

Molopo's managing director Stephen Mitchell said the deal was an "excellent result for Molopo shareholders" and put the company in a "strong position" to focus on its remaining assets in North America and its gas assets in South Africa.

Molopo shares closed 1 higher at $1.07.