Aurora holds its hand in Molopo bid
PERTH (miningweekly.com) – ASX-listed Aurora Funds Management will hold off on making a decision to free its bid for fellow-listed Molopo Energy from its defeating conditions, until a ruling by the Review Panel.
Molopo last week turned to the Australian Takeovers Panel to review its decision ordering Molopo to pay Aurora compensation in relation to certain of its costs, and the company’s costs in relation to the proceedings.
This comes after the Takeovers Panel in June declared unacceptable circumstances in relation to Aurora’s May application in relation to a number of transactions and events during the preceding four months that had not been previously disclosed to the market.
The panel at the time found that Molopo shareholders had not been given enough information to assess the merits of a takeover bid from Aurora, and that the former Molopo directors had not given the company’s shareholders a reasonable opportunity to participate in the takeover bid.
Aurora in 2017 revealed plans for an 18c-a-share takeover for Molopo, with shareholders able to elect to receive either a cash consideration, which will be capped at A$5-million, or Aurora shares.
Aurora said on Tuesday that while it will not make a decision to free its bid from defeating conditions until the Review Panel has considered the Molopo application, the company will participate as a party in the review proceedings.
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