Panel Publishes Consultation Paper – Revised Guidance Note 4 on Remedies General

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The Panel seeks comments from interested persons on the draft Guidance Note by Monday, 2 March 2026.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.

Emu NL 04R

Introduction

  1. The review Panel, Louise Higgins, Ruth Higgins SC, and Nicola Wakefield Evans AM (sitting President) in substance affirmed the initial Panel’s decision to vary the orders in Emu NL 03, subject to minor procedural and clarifying amendments.
  2. In these reasons, the following definitions apply.

draft meeting documents

has the meaning in paragraph 45

EGM

the extraordinary general meeting of Emu shareholders convened to consider the resolutions in the s249D Notice

Emu

Emu NL 06 – Panel Receives Application

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.

Duxton Farms Ltd

Introduction

  1. The Panel, Constantine Boulougouris, Michael Lishman (sitting President) and Erin Tinker declined to conduct proceedings on an application by Mr Grant David Jopling1, Mr Edward Fraser Hesket Youds, Explorer Corporations Pty Ltd and Mr Chun Kei Leung in relation to the affairs of Duxton Farms Ltd.

PointsBet Holdings Limited 03

Introduction

  1. The Panel, Alberto Colla, Jon Gidney and Nicola Wakefield Evans AM (sitting President), declined to conduct proceedings on an application by betr Entertainment Limited in relation to the affairs of PointsBet Holdings Limited. PointsBet was subject to two competing off‑market takeover offers from betr and MIXI Australia Pty Ltd.

Maronan Metals Limited 02 – Panel Application Withdrawn

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.

Elanor Commercial Property Fund

Introduction

  1. The Panel, Susan Forrester, Neil Pathak (sitting President) and Georgina Varley declined to conduct proceedings on an application by Elanor Funds Management Limited, as responsible entity of the Elanor Commercial Property Fund, in relation to the fund’s affairs. ECF was the subject of an off‑market takeover bid by Lederer. The application concerned disclosure deficiencies in the Bidder’s Statement.
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