Emu NL 03 – Further Variation of Orders
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Bryah Resources Limited – Panel Declines to Make Declaration
The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 9 July 2025 from Bryah Resources Limited (Bryah) in relation to its affairs.
Emu NL 05 – Panel Receives Application
The Panel has received an application from Dronkay Pty Ltd in relation to the affairs of Emu NL.
Details of the application, as submitted by the applicant (drawing also on publicly available information), 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.
Details
Emu is a precious and base metals explorer listed on ASX.
The applicant is a shareholder of Emu.
Twinza Oil Limited – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 20 August 2025 from WM Clough Pty Ltd in relation to the affairs of Twinza Oil Limited (Receivers and Managers Appointed) (Twinza).
The application concerned a creditors’ scheme of arrangement (Scheme) as a result of which certain of Twinza’s senior creditors would hold 85 per cent of Twinza’s shares (see TP25/75).
Keybridge Capital Limited 18R
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Elanor Commercial Property Fund – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 2 September 2025 from Elanor Funds Management Limited (EFM) as responsible entity of Elanor Commercial Property Fund (ECF) in relation to the affairs of ECF.
ECF is subject to an off-market takeover bid by LDR Assets Pty Ltd as trustee for the LDR Assets Trust (Lederer).
In its application, EFM submitted (among other things) that the bidder’s statement lodged by Lederer on 20 August 2025 contained material information deficiencies.
New World Resources Limited 02
Introduction
- The Panel, Sylvia Falzon, Jon Gidney, and Philippa Stone (sitting President) declined to make a declaration of unacceptable circumstances in relation to the affairs of NWC. The application concerned whether a proposed placement to CAML frustrated the auction for control of NWC and whether acquisitions of NWC shares by CAML on 20 June 2025 contravened certain provisions of the Corporations Act or were otherwise contrary to an efficient, competitive and informed market.
PointsBet Holdings Limited – Variation to Undertaking
The Panel has consented to a request from betr Entertainment Limited (betr) received on 1 September 2025 to vary the undertaking given by betr on 14 August 2025 (betr Undertaking) (see TP25/072).
Background
PointsBet Holdings Limited (PointsBet) is subject to two competing off-market takeover offers:
Elanor Commercial Property Fund – Panel Receives Application
The Panel has received an application from Elanor Funds Management Limited (EFM) as responsibility entity of Elanor Commercial Property Fund (ECF) in relation to the affairs of ECF.
The applicant is the subject of an off‑market takeover bid by LDR Assets Pty Ltd as trustee for the LDR Assets Trust (Lederer), offering to acquire all the securities of ECF for $0.70 per ECF security (Offer).
The applicant is represented by an independent board committee established in connection with the Offer.
PointsBet Holdings Limited 03 – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated Thursday, 28 August 2025 from betr Entertainment Limited (ASX: BBT) (betr) in relation to the affairs of PointsBet Holdings Limited (ASX: PBH) (PointsBet). PointsBet is subject to two competing off‑market takeover offers from betr and MIXI Australia Pty Ltd (MIXI) (see TP25/78).