Hits keep coming for Molopo as shareholder Keybridge calls general meeting
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Molopo Energy’s second biggest shareholder has called a general meeting to address “serious concerns regarding the leadership, management, investment strategy and corporate governance of Molopo”.
It’s been a tumultuous few months for oil and gas explorer Molopo (ASX:MPO), which has been embroiled in a court battle with major shareholder Keybridge Capital (ASX:KBC) after not opening its books over a recent transaction.
Keybridge, which holds 18.5 percent of Molopo’s shares, has now called a general meeting to replace a board member.
“Keybridge is not prepared to sit back and wait for Molopo’s 2018 AGM to again consider the composition of the Molopo Board,” Keybridge said in a statement last night, pointing the finger at interim chairman Alexandre Gabovich.
“Mr Gabovich should be held accountable for the performance of Molopo since he became Managing Director on 8 March 2017 and notes that approximately 41 per cent of the votes cast at Molopo’s AGM in June were cast in favour of Mr Gabovich’s removal.”
Keybridge previously requested Molopo call a general meeting — but the company failed to do so.
Shareholders voted to retain the board at its June AGM, following Mr Gabovich’s preference to acquire a production asset in North America.
Since that time, director Wayne Trumble resigned without explanation – leaving the company allegedly in breach of the Corporations Act for not having two Australian-resident directors.
Molopo’s shares have been suspended since July, when they were trading at 14c.
Earlier this year the company acquired 50 per cent of Florida oil and gas lease prospect, Orient FRC in a bid to bring their operations back to a sufficient level of trading.
According to KBC, Molopo paid banker and hedge fund manager Gil Geiler $8.75 million for the company, signed the day after Mr Trumble’s resignation, and have since denied requests from KBC to access their books, prompting the legal action.
Keybridge have nominated William Johnson as a replacement director and resolved to remove Mr Gabovich.
If elected, the new director’s first port of call would be to commission a forensic analysis of the Orient deal, appoint an independent Australian director and consider a significant return of capital to shareholders.
The general meeting will be held at 3pm (Perth time) on Monday, November 13 at Conference Room Ground Floor of BGC Centre, 2 The Esplanade, Perth.