""Keybridge calls Molopo meeting KEYBRIDGE Capital has called a...

""Keybridge calls Molopo meeting

KEYBRIDGE Capital has called a general meeting of Molopo shareholders as it pursues the company over what it calls “serious concerns” regarding management, investment and board make up.

It says it is within its legal rights to call a shareholders meeting as the second-largest shareholder of Molopo at 18.5%.

Any entity or person holding a 5% or more share may call a meeting.

On September 11 Keybridge requested Molopo's board call a meeting using the S249D process, and has now called its own meeting for November 13 in Perth after the request went ignored, it says.

There are six concerns the shareholder set out.

There is Molopo's continued suspension of trading by the ASX on the grounds that it has not "demonstrated a level of oil and gas operation to warrant the continued quotation of Molopo's shares," Keybridge said.

The 50% purchase of Orient FRC and an interest in a new project in Florida for $8.75 million from hedge fund manager Gil Feiler has not been adequately explained, nor the valuation proven, Keybridge claimed.

Keybdrige is also taking the junior oiler to the Supreme Court in Western Australia to force a look at its books in regards to the transaction.

The day after the purchase was announced Molopo director Wayne Trumble resigned without explanation, which has left the company in breach of Australian laws requiring two directors be resident in Australia, Keybridge alleges.

The shareholder also wants its board nominee William Johnson to take be accepted as a director and the removal of Europe-based board member and managing director Alexandre **ovich to be removed.

Johnson is director of Keybridge.

The other issue requiring explanation is Molopo's six month losses through to June 30 this year which total $2.7 after tax given a $1.77 million incurrent in salary and administration expenses.

Molopo has been fighting takeover bids by Aurora Funds this year.

The Takeovers Panel found that Aurora and Keybridge had been undeclared associates since last year and breached corporations law by not disclosing this.

Keybridge made no mention of Aurora's failed bids nor their association in its shareholders statement of yesterday.

"In light of these matters Keybridge is not prepared to sit back and wait for Molopo's 2018 AGM to again consider the composition of the Molopo board," the company stated.

The cashed-up Molopo is yet to respond to this latest move.""