On 18 May 2018, the Panel made interim orders (see TP18/35) in response to an application for an interim order dated 18 May 2018 by Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund (Aurora) in relation to the affairs of Molopo Energy Limited (Molopo).1
The Panel has received an application from Realm Resources Limited in relation to its affairs. Realm is currently the subject of a takeover bid by T2 Resources Fund Pty Ltd on behalf of Taurus Resources No 2, L.P. and Taurus Resources No. 2 Trust (T2).
Details of the application, as submitted by the applicant, are below.
A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.
The Panel has received an application from Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund (Aurora) in relation to the affairs of Molopo Energy Limited (Molopo). Molopo is currently the subject of an off-market takeover bid by Aurora. The Panel is currently considering another application by Aurora (see TP18/34).
Details of the application, as submitted by the applicant, are below.
The Panel has made an interim order1 in response to an application for an interim order dated 18 May 2018 by Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund in relation to the affairs of Molopo Energy Limited.
The interim order restricts Molopo from making any payment or incurring any expenditure or liability of more than $175,000 or $175,000 in aggregate without the consent of one or more of the sitting Panel members.
The Panel has received an application from Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund (Aurora) in relation to the affairs of Molopo Energy Limited. Molopo is currently the subject of an off-market takeover bid by Aurora.
Details of the application, as submitted by the applicant, are below.
A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.
The Panel has declined to conduct proceedings on a review application dated 23 April 2018 from Caravel Minerals Limited in relation to its affairs. The application sought a review of the initial Panel's decision to decline to make a declaration of unacceptable circumstances in relation to the affairs of Caravel Minerals Limited (see TP18/28).
The Panel considered that if it conducted proceedings it was unlikely to come to a different conclusion to the initial Panel.
The initial Panel made a declaration of unacceptable circumstances on 1 February 2018 (see TP18/06) which the review Panel varied on 2 March 2018 (see TP18/18). The review Panel affirmed (see TP18/18) the initial Panel’s final orders (see TP18/12) but later varied those orders (see TP18/25 and TP18/27).