Emu NL 02R – Panel Receives Review Application

The Panel has received an application from Emu NL (ASX: EMU) seeking a review of the Panel’s decision in Emu NL (see TP25/23).

The President of the Panel has consented to the application for review under section 657EA(2) of the Corporations Act 2001 (Cth).

A review 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.

Dropsuite Limited – Declaration of Unacceptable Circumstances and Orders

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 17 March 2025 by Harvest Lane Asset Management Pty Ltd in relation to the affairs of Dropsuite Limited (ASX: DSE) (Dropsuite) (see TP25/018 and TP25/020).

Background

Dropsuite is an ASX listed company.

Emu NL – Panel Receives Application

The Panel has received an application from Emu NL (ASX: EMU) (EMU) in relation to its affairs. The application concerns an alleged association in the context of an upcoming board spill meeting.

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

EMU is an ASX‑listed company.

Global Lithium Resources Limited 02R

Introduction

  1. The review Panel, Jon Gidney, Karen Phin and John Sheahan KC (sitting President), declined to conduct proceedings on an application by Global Lithium Resources Limited (GL1) in relation to its affairs. The application concerned an alleged undisclosed association since at least February 2024 between certain GL1 shareholders holding between approximately 30–40%, in the context of an annual general meeting to be held on 13 February 2025. At the meeting, resolutions concerning the composition of the board were to be considered.

Keybridge Capital Limited (Administrator Appointed) 16 and Benjamin Hornigold Ltd 14

Introduction

  1. The Panel, Michael Lishman, Rebecca Maslen-Stannage (sitting President) and Emma-Jane Newton declined to conduct proceedings on two applications from Benjamin Hornigold Ltd – one in relation to the affairs of Keybridge Capital Limited (Administrator Appointed) and the other in relation to its own affairs.

Invest Blue Pty Ltd

Introduction

  1. The Panel, Teresa Dyson (sitting President), Ruth Higgins SC and Reeny Paraskeva declined to conduct proceedings on an application by Kanenaro Pty Ltd ATF Denaro Family Superannuation Fund in relation to the affairs of Invest Blue Pty Ltd.

Invest Blue Pty Ltd (Consent to Review)

Introduction

  1. The substantive President of the Panel, Alex Cartel, declined to grant consent to an application for review of a decision of the sitting Panel to decline to conduct proceedings in Invest Blue Pty Ltd.
  2. In these reasons, the following definitions apply.
    Applicant
    Kanenaro Pty Ltd ATF Denaro Family Superannuation Fund
    Austral Coal 03R
    has the meaning given in paragraph 35
    Careers 03R
    has the meaning given in paragraph 36
    Equity Plan Services
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