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.

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.

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The Panel seeks comments from interested persons on the draft Guidance Note by Monday, 2 March 2026.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