Emu NL 02R [2025] ATP 12 | Case summary

ATP|2025-05-05|Before: Yasmin Allen AM

For the reasons above, we do not consider that there is any reasonable prospect that we would make a declaration of unacceptable circumstances. Accordingly, we have decided not to conduct proceedings in relation to the application under regulation 20 of the Australian Securities and Investments Commission Regulations 2001 (Cth).

Given that we have decided not to conduct proceedings, we do not (and do not need to) consider whether to make any interim or final orders.

TrustQore (BVI) Ltd as trustee of the Macpherson Family Trust

[2] Directly and through a controlled entity

[4] Unless otherwise indicated, all statutory references are to the Corporations Act 2001 (Cth) and all terms used in Chapter 6, 6A or 6C have the meaning given in the relevant Chapter (as modified by ASIC)

[5] Based on 193,601,409 total shares on issue

[7] Mr Wills' controlled entity, Wayburn, is one of the Interested Persons listed by Emu. Further background is provided in the initial Panel's reasons, see Emu NL [2025] ATP 11 at [23], [30] and [36].

[8] Two entities connected to Mr MacPherson, Madini and TrustQore (BVI) Ltd as trustee for the MacPherson Family Trust are some of the Interested Persons listed by Emu. Further background is provided in the initial Panel's reasons, see Emu NL [2025] ATP 11 at [23] and [36].

[9] Dragon Mining Limited [2014] ATP 5 at [59]-[60]

[10] Orion Telecommunications Ltd [2006] ATP 23 at [111]; Global Lithium Resources Limited 02R [2025] ATP 4 at [51]

[12] ASIC Regulatory Guide 128: Collective action by investors

[13] Further background is provided in the initial Panel's reasons, see Emu NL [2025] ATP 11 at [23] and [38].

[14] Auris Minerals Limited [2018] ATP 7 at [20]

Panel Procedural Rules 2020

Rules** Takeovers Panel Procedural Rules 2020

Emu NL [2025] ATP 11, Global Lithium Resources Limited 02R [2025] ATP 4, Auris Minerals Limited [2018] ATP 7, Dragon Mining Limited [2014] ATP 5, Orion Telecommunications Ltd [2006] ATP 23,

Emu NL 02R [2025] ATP 12 (5 May 2025)

At a glance

Court

Decision date

Before

Catchwords

Source

Catchwords

Judgment (13 paragraphs)

Legislation Cited (2)

Cases Cited (1)