In a move that will surprise few, Keybridge Capital, which owns 19.15% of Molopo Energy, is making a run for the cashed-up former oiler.
It is seeking to oust the incumbent board - Ronnen Rosengart, new MD Alexandre **ovich, Wayne Trumble, Samuel Belzberg and chair Samantha Tough - and install its nominees Anthony Hartnell, David Sanders and director William Johnson, giving it full control of the company and its cash holdings of $67 million.
The board is considering whether the resolutions will be considered at the company's forthcoming annual general meeting to be held in May.
Keybridge styles itself as an "investment and financial services group" with a diversified portfolio of listed and unlisted investments in solar, private equity, life insurance, property and funds management assets.
While Molopo has been reviewing possible investments in the oil and gas space, it seems likely Keybridge will pursue a capital return.
In 2014, it attempted to use its then 5.5% holding to reduce the company's issued share capital by about $54 million. At the time Molopo was still reducing its US holdings.
The company has done little since, beyond pay lawyers to deal with ongoing legal issues.""
MPO Price at posting:
17.0¢ Sentiment: None Disclosure: Held
