Bryah Resources Limited – Panel Makes Interim Orders
The Panel has made interim orders1 in response to an application dated 9 July 2025 by Bryah Resources Limited (ASX: BYH) (Bryah) in relation to its own affairs.
Pact Group Holdings Ltd 02 & 03
Introduction
- The Panel, Timothy Longstaff, Rory Moriarty (sitting President) and Erin Tinker, declined to conduct proceedings on two applications by shareholders of Pact Group Holdings Ltd in relation to the affairs of Pact. The applications, heard together, concerned the proposed delisting of Pact.
New World Resources Limited 03R – Panel Application Withdrawn
The Acting President of the Panel has consented to a request by Kinterra Capital GP Corp II in its capacity as general partner of the Kinterra Critical Materials & Infrastructure Opportunities Fund II (Kinterra) to withdraw its review application to the Panel dated 15 July 2025, in relation to the affairs of New World Resources Limited (New World).
FBR Limited 02
Introduction
- The Panel, Chelsey Drake, Susan Forrester and Sarah Rennie (sitting President), declined to conduct proceedings on an application by Mr Bob Ciesla in relation to the affairs of FBR Limited. The application raised concerns over the lack of disclosure and the effects on control in relation to a two‑tranche institutional placement undertaken by FBR.
New World Resources 03R – Panel Receives Review Application
The Panel has received an application from Kinterra Capital GP Corp II in its capacity as general partner of the Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP seeking a review of the Panel’s decision in New World Resources Limited 02 (see TP25/058).
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.
Keybridge Capital Limited 21R – Panel Receives Review Application
The Panel has received an application from Mr Nicholas Bolton seeking a review of the Panel’s decision in Keybridge Capital Limited 20 (see TP25/057).
The Acting 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.
New World Resources Limited 02 – Declined to Declare Unacceptable Circumstances
The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 1 July 2025 from Kinterra Capital GP Corp II in its capacity as general partner of the Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP (Kinterra) in relation to the affairs of New World Resources Limited (NWC).
NWC is currently subject to two control proposals, one from Central Asia Metals PLC (CAML) and the other from Kinterra.
Emu NL 02R
Introduction
- The review Panel, Yasmin Allen AM (sitting President), Con Boulougouris and Marissa Freund, declined to conduct proceedings on an application by Emu NL in relation to its affairs. The application concerned an alleged association in the context of a requisitioned board spill meeting. The review Panel considered that the applicant did not provide a sufficient body of evidence to justify the review Panel making further enquiries and did not set out in a clear way what the relevant circumstances were.
Keybridge Capital Limited 20 – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 26 June 2025 from Mr Nicholas Bolton in relation to the affairs of Keybridge Capital Limited (ASX: KBC) (Keybridge).
The application concerned the actions and decisions made by the Keybridge board in relation to Yowie Group Ltd’s off-market takeover bid for all of the ordinary shares in Keybridge.
Emu NL 03 – Orders
The Panel has made final orders (Annexure A) in relation to an application dated 16 May 2025 by Wayburn Holdings Pty Ltd in relation to the affairs of Emu NL (see TP25/33).
Background
On 27 June 2025, the Panel made a declaration of unacceptable circumstances in relation to the affairs of Emu NL (Emu) (see TP25/51).