WAM CAPITAL LIMITED — M&A Activity 2018

Jan 3, 2018

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4 January 2018

ASX ANNOUNCEMENT

Company Announcements ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

WAM Capital Limited (ASX: WAM) announces withdrawal of intention to make a takeover bid for Molopo Energy Limited (ASX: MPO)

WAM Capital Limited (ACN 086 587 395) ( WAM Capital ) announced on 8 November 2017 its intention to make an off-market takeover bid for all the issued fully paid ordinary shares in Molopo Energy Limited (ACN 003 152 154) ( Molopo ), for $0.135 per share ( Offer ).

The Offer was announced following a review of publicly available information relating to Molopo at the time and was subject to a number of defeating conditions, including a ‘no material transactions’ condition that, between 8 November 2017 and the close of the Offer, Molopo does not incur or commit to any capital expenditure or liability for one or more related items of greater than A$2 million.

Molopo announced to the ASX on 11 December 2017 an update in relation to the financial commitments for its investment in Orient FRC Limited ( Orient Project ). This announcement included updated estimates in relation to future cash requirements for the Orient Project and an upfront payment of US$4.5 million towards the costs of the investment. The update included a summary budget for the drilling of the three commitment wells, general, administrative and project management costs of the Orient Project and completing the three commitment wells. This total budgeted amount is now estimated to be approximately US$20 million. Molopo stated it is responsible for funding 50% of these costs in addition to the US$4.5 million payment.

The announced additional expenditure commitments have triggered the ‘no material transactions’ condition detailed in WAM Capital’s 8 November 2017 announcement. As a result, WAM Capital is withdrawing its proposed Offer.

For further information in relation to this announcement, please contact me on (02) 9247 6755, Head of Corporate Affairs, James McNamara on 0416 734 080 or Chief Financial Officer, Jesse Hamilton on 0401 944 807.

Yours sincerely,

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Geoff Wilson Chairman

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wilsonassetmanagement.com.au Telephone. + 61 2 9247 6755 Fax. +61 2 9247 6855

info@wilsonassetmanagement.com.au Level 11, 139 Macquarie Street Sydney NSW 2000 Australia

ABN 34 086 587 395