Aurora withdraws bid for takeover of Molopo
After almost four years of trying to take control of Molopo, Aurora Funds Management has withdrawn its takeover bid. Keybridge and Aurora have both separately been attempting to take over the company, however, the latest bid, which expired on the 10th of August, was withdrawn citing a ‘dramatic change in the company’s valuation following a host of transactions made by the former board’. Aurora will return the tendered shares back to shareholders.
Trading of Molopo shares remains suspended.
Tap Oil appoints Risco non-executive director
Tap Oil has appointed Risco’s Chris Newton as a non-executive director. An agreement with the company said that once Risco attained a 30% holding in the company they would be entitled to a seat on the board.
Risco Energy extended its deadline for its takeover bid of Tap Oil until the 31st of August due to a bidding war with another shareholder. Investor Chatchai Yenbamroong and his Northern Gulf Petroleum put forward a proportional takeover offer to acquire 10-20% of the shares at a price of 10-11 cents per share.
The company’s independent directors recommended in favor of the Risco proposal.
Baraka appoints three nominees, settling with activists
Baraka Energy & Resources announced the appointment of three nominees to settle the “opportunistic attempt” of GTT Global Opportunities to take control.
Last month Baraka urged shareholders to vote down the proposal to replace the entire board, saying GTT Global Opportunities move is an “opportunistic attempt” to take control of the firm. In a sudden about turn, prior to the Meeting, Baraka’s three board members announced their resignations, leaving space for the activist’s nominees to be appointed.
Baraka’s new directors are Jason Brewer, Patric Glovac, and Chris Zielinski.
Bullseye facing two challenges
Bullseye Mining is facing two different challenges this month, with both a takeover threat and a challenge from a dissident director ahead of them.
The unlisted public company received a requisition notice from director Qiyuan Wu and his Fountain Enterprises to remove three directors and replace them with two new directors. At the same time, a group of shareholders submitted a resolution to remove Wu as director from the board. The meeting is to take place on the 17th of September.
Bullseye is also facing a hostile takeover bid from Red 5, an Australian listed gold producer. Red’s offer, which Bullseye is recommending investors reject, is due to expire on the 31st of August. Red has proposed acquiring the firm for $4 million.
It is unclear if the director’s challenge and Red 5’s proposal are related.
Shareholders look to amend Origin Energy’s bylaws
Shareholders representing 0.01% of Origin Energy’s shareholder base have submitted a resolution to be put to shareholders at the company’s annual Meeting. It requests that a clause be included in the company’s constitution that allows shareholders to “express an opinion, ask for information, or make a request” regarding the way in which the board exercises its power.
The investor group said the advisory proposal must relate to an issue of “material relevance” to the company and cannot advocate for an action that would violate any law or relate to any personal claim or grievance.
Shareholders will vote on the proposal at the company’s annual meeting in October. The board has not yet said what they recommend, and will make their recommendation on how to vote in September