Emu NL (ASX: EMU), a mineral exploration company focused on discovering and developing resource projects, has received notification from the Takeovers Panel regarding an application dated 21 November 2025. The application, submitted by Mr Oliver Douglas, concerned a placement that Emu NL announced two weeks prior to its Annual General Meeting (AGM) on 28 November 2025. This placement was completed one week before the AGM, where resolutions regarding the composition of the board were to be considered.
The Takeovers Panel has declined to make a declaration of unacceptable circumstances in response to the application. While the Panel acknowledged that it is not considered good practice to conduct a placement shortly before a company meeting involving resolutions for director appointments, they determined that, in this specific case, the placement did not have a control effect on Emu NL.
Furthermore, based on the information available to them, the Panel stated that they were not satisfied that sufficient evidence existed to infer an association related to the placement. The Panel considered that declining to make a declaration of unacceptable circumstances was not against the public interest.
The sitting Panel comprised Costas Condoleon, Teresa Dyson, and Karen Phin (sitting President). The Takeovers Panel will publish its detailed reasons for the decision on its website, www.takeovers.gov.au, in due course. This announcement was authorised by Allan Bulman, Chief Executive of the Takeovers Panel.
