Mayne Pharma Group Limited

Introduction

  1. The Panel, Yasmin Allen AM (sitting President), Michael Borsky KC and Richard Phillips, made a declaration of unacceptable circumstances in response to an application by Mayne Pharma in relation to its affairs. Cosette proposed to acquire Mayne Pharma via a scheme of arrangement. The application concerned Cosette’s re-evaluation of its intentions in relation to Mayne Pharma’s Australian manufacturing site, which put the prospects of receiving FIRB approval of the scheme at risk.

Identitii Limited – Panel Receives Application

The Panel has received an application from Mitchell Asset Management Pty Ltd as trustee for the Mitchell Asset Management Go‑Innovation Finance Fund in relation to the affairs of Identitii Limited.

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

Identitii is an ASX listed company (ASX code: ID8).

The applicant is a shareholder of Identitii.

Emu NL 03 (Costs)

Introduction

  1. The Panel, Stephanie Charles (sitting President), Alberto Colla and John McGlue, made costs orders against Emu and its former directors on a joint and several basis on application from Wayburn Holdings Pty Ltd.
  2. In these reasons, the following definitions apply.

Applicant

Wayburn Holdings Pty Ltd

EGM

Emu NL 05

Introduction

  1. The Panel, Michael Borsky KC (sitting President), Katrina Efthim and Timothy Longstaff, declined to make a declaration of unacceptable circumstances in relation to the affairs of Emu NL. The application concerned a non-renounceable pro-rata entitlement offer announced by Emu which (as announced) gave the Emu directors discretion to place shortfall securities shortly before a general meeting to consider resolutions concerning the composition of Emu’s board.

Cyclone Metals Limited – Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on an application dated 19 December 2025 from Mr Antony Sage in relation to the affairs of Cyclone Metals Limited (ASX: CLE) (Cyclone).

The application concerned an alleged undisclosed association between certain Cyclone shareholders in the context of a requisitioned general meeting called under section 249D of the Corporations Act in which the applicant was removed as a director of Cyclone (see TP25/103).1

Cyclone Metals Limited – Panel Receives Application

The Panel has received an application from Mr Antony Sage in relation to the affairs of Cyclone Metals Limited (ASX: CLE) (Cyclone).

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

Cyclone is an ASX‑listed company.

The applicant was the founding director of Cyclone, appointed to the board in December 2000.

Panel Applications and Announcements During the Holiday Season

The Panel's office will be closed from 5pm (Melbourne time) on Wednesday 24 December 2025, reopening on Friday 2 January 2026. A small number of staff will be available to deal with urgent matters during this period (other than the Christmas Day, Boxing Day and New Year’s Day public holidays). If you are considering lodging an application during this period, please call us on (03) 9655 3500 at your earliest convenience and prior to the closure of the office.

Wiluna Mining Corporation Limited (Subject to Deed of Company Arrangement) – Panel Receives Application

The Panel has received an application from AIM Mining Corporation Limited in relation to the affairs of Wiluna Mining Corporation Limited (Subject to Deed of Company Arrangement) (Wiluna).

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.

Emu NL 06 – Panel Declines to Make Declaration

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).

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