Emu NL 02R – Review Panel Declines to Conduct Proceedings

The review Panel has declined to conduct proceedings on an application dated 22 April 2025 from Emu NL seeking a review of the Panel’s decision in Emu NL (see TP25/024).

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. The review Panel was not satisfied that, on the materials provided, there was a compelling case of association.

FBR Limited – Acting President Declines to Make Interim Orders

The Panel refers to the application dated 4 May 2025 by Mr Bob Ciesla in relation to the affairs of FBR Limited (see TP25/25).

The Acting President of the Panel has declined to make the interim order sought by the applicant to defer FBR Limited’s EGM scheduled to be held on Tuesday, 6 May 2025 at 10am (Perth time).

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 02R – Panel Receives Review Application

The Panel has received an application from Emu NL (ASX: EMU) seeking a review of the Panel’s decision in Emu NL (see TP25/23).

The 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.

Vmoto Limited 02R

Introduction

  1. The review Panel, Joseph Fayyad, Kristen Jung and Karen Phin (sitting President), declined to conduct proceedings on an application by the Munro Family Super Fund in relation to the affairs of Vmoto Limited. The application concerned (among other things) alleged transfers of Vmoto shares to entities selected by the board and alleged deficiencies in the share buy-back conducted by Vmoto in the context of a proposed de-listing.

Dropsuite Limited – Declaration of Unacceptable Circumstances and Orders

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 17 March 2025 by Harvest Lane Asset Management Pty Ltd in relation to the affairs of Dropsuite Limited (ASX: DSE) (Dropsuite) (see TP25/018 and TP25/020).

Background

Dropsuite is an ASX listed company.

Emu NL – Panel Receives Application

The Panel has received an application from Emu NL (ASX: EMU) (EMU) in relation to its affairs. The application concerns an alleged association in the context of an upcoming board spill meeting.

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

EMU is an ASX‑listed company.

Global Lithium Resources Limited 02R

Introduction

  1. The review Panel, Jon Gidney, Karen Phin and John Sheahan KC (sitting President), declined to conduct proceedings on an application by Global Lithium Resources Limited (GL1) in relation to its affairs. The application concerned an alleged undisclosed association since at least February 2024 between certain GL1 shareholders holding between approximately 30–40%, in the context of an annual general meeting to be held on 13 February 2025. At the meeting, resolutions concerning the composition of the board were to be considered.

Keybridge Capital Limited (Administrator Appointed) 16 and Benjamin Hornigold Ltd 14

Introduction

  1. The Panel, Michael Lishman, Rebecca Maslen-Stannage (sitting President) and Emma-Jane Newton declined to conduct proceedings on two applications from Benjamin Hornigold Ltd – one in relation to the affairs of Keybridge Capital Limited (Administrator Appointed) and the other in relation to its own affairs.
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