Impress sells down lead stake in mBox

IMPRESS Ventures has sold down its top shareholder position in mBox.com to 25.53 per cent, in a $518,000 on-market trade to help fund its new investment in the Cooper Basin.

The sale, to Kalrez Energy chairman Joe Mercorella, also highlights connections between people associated with these companies.

Impress will be up for $1 million by January next year to fund its way towards a 12.5 per cent interest in Victoria Petroleum’s recently acquired Cooper Basin permit PEL 104.

South Australian company Kalrez Energy has executed a matching deal with Victoria Petroleum, to also earn 12.5 per cent of the same block.

Mr Mercorella’s private shelf company, MZF, bought the 12 per cent mBox stake sold by Impress, and has now become its second largest shareholder.

Mr Mercorella bought the 8.5 million shares at 6.1 cents at the end of last month. Two days before the sale mBox was trading at 3.7 cents and five days after the transaction, at 4 cents.

mBox and Impress Ventures company secretary Andrew Meloncelli said the company had fielded several queries on the transaction, including one from the Australian Stock Exchange.

However, as the transaction was deemed regular and normal a formal response was not required.

Impress Ventures chairman Doug Jendry is a consultant to Kalrez Energy and, in this capacity, recommended the Victoria Petroleum investment as one of a few that fitted Kalrez’s criteria.

Mr Mercorella said Mr Jendry also mentioned that Impress was looking to sell some of its mBox interest.

After looking into the company Mr Mercorella said he determined mBox had good turn around potential, its unified messaging product was highly regarded in the market and costs were under control.

“It was a good story, and I liked the story,” Mr Mercorella said and described the price he paid as “fair”.

Kalrez has been focused on Indonesian petroleum ventures and the Victoria Petroleum farm-in is its first Australian investment for some time.

Mr Mercorella said Kalrez viewed PEL 104 as a low-risk prospect with potential high rewards.

Mr Jendry’s outlook on behalf of Impress was similar: “very important and a low-risk shot.” he said.

He has been steadily boosting his holding in Impress, after putting in an order for half a million shares earlier this year.

The Impress sale of mBox shares has brought down the mBox holdings of common Impress and mBox directors Chris Singleton and John Gillon.

Mr Singleton is believed to be working in Sydney on a Vodafone alliance.