The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 21 November 2025 from Mr Oliver Douglas in relation to the affairs of Emu NL (ASX: EMU) (Emu).

The application concerned a placement announced 2 weeks before and undertaken 1 week before Emu’s AGM on 28 November 2025 (AGM) at which resolutions concerning the composition of the board were to be considered (see TP25/097).

The Panel today released a Consultation Paper seeking public comment in relation to proposed revisions to Guidance Note 4 on Remedies General.

The proposed revisions seek to (among other things) take a stronger stance on remedies, including by providing further guidance on the circumstances in which the Panel will consider making costs orders against parties.

The Panel seeks comments from interested persons on the draft Guidance Note by Monday, 2 March 2026. Comments should be emailed to takeovers@takeovers.gov.au.

The Panel has made orders (Annexure A) requiring Emu NL and its former directors Mr Tim Staermose, Mr Peter Thomas and Mr Oliver Douglas to pay a portion of the fair and reasonable costs incurred by the applicant in connection with these proceedings (see TP25/051, TP25/056, TP25/066 and TP25/086).

The sitting Panel was Stephanie Charles (sitting President), Alberto Colla and John McGlue.

The Panel has received an application from Mr Oliver Douglas in relation to the affairs of Emu NL (ASX: EMU).

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.

Details

Emu NL (Emu) is a precious and base metals explorer listed on ASX.

The applicant is a shareholder and former director of Emu.

The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 6 November 2025 by Mayne Pharma Group Limited in relation to its own affairs (see TP25/093 and TP25/095).

The Panel has decided to conduct proceedings and made interim orders¹ in response to an application dated 6 November 2025 by Mayne Pharma Group Limited (Mayne) in relation to its own affairs (see TP25/93).

The Panel has consented to a request from Mr Benjamin Pauley to withdraw his application to the Panel dated 27 October 2025 in relation to the affairs of Maronan Metals Limited (ASX: MMA) (Maronan) (see TP25/092).

The Panel is satisfied that it is not against the public interest to consent to the applicant withdrawing his application. The Panel does not propose to publish reasons in relation to this matter.