Aurora Fortitude Absolute Return Fund, a fund managed by Aurora Funds Management Limited made an offer to acquire Molopo Energy Limited (ASX:MPO) for AUD 44.8 million on July 27, 2017. Under the terms of transaction, Aurora Fortitude Absolute Return Fund will acquire shares of Molopo Energy Limited at AUD 0.18 each. The shareholders of Molopo Energy Limited will be able to elect to receive the bid consideration in cash or the equivalent value in Aurora Fortitude Absolute Return Fund units. The acceptances for cash consideration that in aggregate exceeds AUD 5 million would be scaled back, with the balance of the bid consideration satisfied by the issue of Aurora Fortitude Absolute Return Fund units. As of September 12, 2017, the deal terms have been revised. The revised offer per share is AUD 0.135 per share. Under the new bid, shareholders of Molopo Energy Limited will still be able to receive the bid consideration in cash capped at AUD 5 million or the equivalent value in Aurora Fortitude Absolute Return Fund units. Accepting shareholders of Molopo Energy Limited who elect to receive Aurora Fortitude Absolute Return Fund units will be able to request redemption of the units off-market at the prevailing net asset value based redemption price in accordance with Aurora Fortitude Absolute Return Fund constitution and fund updates. Acceptances for cash consideration that in aggregate exceeds AUD 5 million would be scaled back, with the balance of the bid consideration satisfied by the issue of Aurora Fortitude Absolute Return Fund units. As of January 12, 2018, the deal terms have been further revised subject to certain conditions. The revised offer per share is AUD 0.153 per share. Shareholders of Molopo Energy Limited will still be able to elect to receive the bid consideration in cash or the equivalent value in Aurora Fortitude Absolute Return Fund units. Further, the cash consideration under the bid would still be capped at AUD 5 million in total. If the cash consideration under all accepted Offers would exceed AUD 5 million, the acceptances for cash consideration will be scaled back and the excess consideration will be satisfied by the issuance of new Aurora Fortitude Absolute Return Fund units. This revised offer is subject to conditions that Aurora Funds Management Limited has a relevant interest in more than 30% of Molopo Energy Limited's shares on issue at that time and defeating conditions to which the offer is subject are fulfilled.

If Aurora Fortitude Absolute Return Fund acquires more than 50.1% but less than 90% of the Molopo Energy Limited shares then, assuming all conditions to offer are satisfied or waived, Aurora Fortitude Absolute Return Fund will acquire a majority shareholding in Molopo Energy Limited. If Aurora Fortitude Absolute Return Fund will become the owner of at least 90% stake in Molopo Energy Limited upon the completion of offer the remaining shares will be acquired through compulsory acquisition. The transaction is subject to minimum acceptance of 50.1%, approvals or consents that are required by law, or by any regulator, there is no break/inducement fees none of Molopo Energy Limited and anybody corporate which is or becomes a subsidiary of Molopo Energy Limited, pays or provides or agrees to pay or provide any benefit to any person, or foregoes or otherwise reduces any payment or benefit or agrees to forgo or reduce any payment or benefit to which it would otherwise be entitled, in connection with any person making or agreeing to participate in, or enter into negotiations, during the period starting on the announcement date and ending at the end of the offer period the all ordinaries Index is 10% or more below its level as at the close of trading immediately preceding the announcement date; or the S&P/ASX 200 Index is 10% or more below its level as at the close of trading immediately preceding the announcement date; for a duration of longer than 3 consecutive ASX trading days and other customary closing conditions. On September 1, 2017, The Board of Directors of Molopo Energy Limited strongly recommends shareholders to take no action. The Board of Directors of Molopo Energy Limited strongly recommends Molopo's shareholders to take no action in relation to Aurora's intended revised bid. As of October 25, 2017, all the necessary regulatory approvals were received. As of October 30, 2017, the takeover panel has declined to conduct proceedings on the application from Molopo Energy Limited dated October 23, 2017 regarding the transaction. An application has been submitted to the take-over panel prohibiting Molopo Energy Limited from making a payment, which would frustrate Aurora's takeover bid. 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. On November 28, 2017, the Directors of Molopo Energy Limited unanimously recommend to Molopo Energy Limited's shareholders to reject the offer as they consider the offer inadequate and a significant liquidity risk for Molopo Energy Limited's shareholders.

The offer will open for acceptance in early October 2017 and closes in mid-January 2018. As of October 25, 2017, the offer is expected to close on January 19, 2017. As of January 12, 2018, the offer period is further extended and the offer will remain open for acceptance until April 20, 2018. As of April 13, 2018, the offer is expected to close on June 20, 2018. As of June 12, 2018, the offer is expected to close on August 20, 2018. Registry Direct Limited (ASX:RD1) acted as registrar to Aurora Funds Management Limited.

Aurora Fortitude Absolute Return Fund, a fund managed by Aurora Funds Management Limited cancelled the acquisition of Molopo Energy Limited (ASX:MPO) on August 20, 2018. Aurora Funds Management Limited withdrew their takeover bid for Molopo shares effective August 20, 2018 as the takeover bid was not free from defeating conditions. Any Molopo shareholder who had accepted the offer would have their Molopo shares returned to them.