GWR Group Limited

Introduction

  1. The Panel, Constantine Boulougouris, Bruce Cowley (sitting President) and Georgina Varley declined to conduct proceedings on an application by Jeremy Raper in relation to the affairs of GWR Group Limited. The application concerned allegations of association between, and non‑disclosure of, parties whose beneficial ownership of shares in GWR Group Limited were held in a nominee. The Panel considered, among other things, that there was insufficient material to demonstrate an association and that the circumstances did not relate to any current transaction.

Cygnus Metals Limited

Introduction

  1. The Panel, Chelsey Drake, Sylvia Falzon AM and Bruce McLennan (sitting President), declined to conduct proceedings on an application by Foboce Pty Ltd and Natalie Obrart in relation to the affairs of Cygnus Metals Limited. The application concerned the proposed acquisition of all ordinary shares in Cygnus by Central Asia Metals PLC under a scheme of arrangement and allegations of undisclosed insider participation, anticompetitive deal protection, and material market information deficiency.

Zenith Minerals Limited 05 – Panel Receives Application

The Panel has received an application from Ida Metal Investments Pty Ltd in relation to the affairs of Zenith Minerals Limited (Zenith).

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.

Details

The applicant is a substantial holder of Zenith and is an associate of Aurenne Group Holdings Pty Ltd (Aurenne).

Adslot Ltd

Introduction

  1. The Panel, Bruce Cowley (sitting President), Joseph Fayyad and Justin Harris declined to conduct proceedings on an application by Mr Andrew Barlow in relation to the affairs of Adslot. The application concerned an off‑market transfer of approximately 12.24% of Adslot shares that was alleged to give rise to an undisclosed association between certain shareholders and was alleged to occur in a market that was not efficient, competitive and informed.

Accent Group Limited

Introduction

  1. The Panel, Costas Condoleon, Susan Forrester and Richard Phillips (sitting President), declined to conduct proceedings on an application made by Frasers in relation to the affairs of Accent. Frasers launched an on‑market takeover bid for all of the shares in Accent that it did not already own. The application concerned alleged disclosure deficiencies in the Target’s Statement, including in relation to a number of undervalue statements within the meaning of Guidance Note 22.

Pengana International Equities Limited – Panel Application Withdrawn

The Panel has consented to a request by Pengana Capital Group Limited (PCG) to withdraw its application to the Panel dated 31 August 2026 in relation to the affairs of Pengana International Equities Limited (PIA).

PIA is undertaking an off‑market equal‑access buy‑back of up to 100% of its shares (Buy‑Back). The Buy‑Back is part of a capital management proposal that also includes a conditional 1‑for‑1 non‑renounceable rights issue (Rights Issue).

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