Molopo hits back at shareholder Keybridge as public war of words escalates
Link copied to
The public spat between Molopo Energy and major shareholder Keybridge has escalated with Molopo’s chairman calling claims against his leadership unfair and unjustifiable.
Molopo (ASX:MPO) chairman Alexandre Gabovich told investors the Keybridge announcement to shareholders earlier this week was “intentionally timed … to unfairly and unjustifiably discredit and tarnish the reputation of the directors and in particular myself”.
Mr Gabovich has called for an alternative AGM on November 10, urging shareholders to reject the resolutions proposed by Keybridge to oust him and appoint Keybridge director William Johnson.
The Molopo board of MPO had been dealing with “corporate harassment” from Keybridge and associated company Aurora, Mr Gabovich said.
The government’s Review Takeovers Panel found Keybridge and Aurora had “increased its holding of Molopo shares, and separately sought board representation, on an expectation that they would use their joint voting power (if necessary) when it was time to do so,” Molopo noted.
“The boards of directors of Keybridge and Aurora were aware of this and agreed to, or at least acquiesced in, those strategies and actions,” the Panel found.
In July the Panel ordered the sale of 17.4 per cent of MPO shares owned by both companies and that neither company or their respective associates acquire shares in Molopo in the six months after the Panel’s orders were made.
Mr Gabovich said the rival resolutions were not in the best interests of MPO shareholders.
“Directors are also concerned that Aurora and Keybridge are, or may be, continuing to remain associated with the intention of keeping Molopo in corporate stasis and preventing the use of Molopo’s cash assets to execute on the Board’s strategy, through various legal manoeuvring and disruptive strategies until Molopo and its cash reserves can be controlled by Aurora, Keybridge or both.”
Mr Gabovich noted the most recent AGM in June at which shareholders voted to maintain the current board:
“Keybridge’s repeated proposed resolutions in its requisition show a lack of good faith by Keybridge and a continual disregard for the wishes of Molopo shareholders.
“This is costing Molopo significant management time, causing Molopo to incur significant legal expenses and is considered both unproductive and disruptive, and is to the detriment of all Molopo shareholders.”