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). 

The Panel has received an application from Taurus Funds Management Pty Limited seeking a review of the Panel's decision to make a declaration of unacceptable circumstances and final orders in Finders Resources Limited 02 (see TP18/30).

A review 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 made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 28 March 2018 by ASIC in relation to the affairs of Finders Resources Limited (see TP18/22).

The Panel has received an application from Caravel Minerals Limited seeking a review of the Panel's decision in relation to Caravel Minerals Limited (see TP18/28).

A review 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 President has consented to the review application being made.¹