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Wayburn Holdings Pty Ltd has submitted an application to the Takeovers Panel regarding governance concerns at Emu NL (ASX: EMU), a metals exploration company. The issue stems from a contested Extraordinary General Meeting (EGM) originally scheduled for 18 March 2025 and later adjourned twice, ultimately held on 14 May 2025. Prior to this EGM, Emu issued 17.6 million shares via an AU$300,000 placement, raising concerns about the legitimacy of voting outcomes.
Wayburn alleges that newly issued shares may have been used to sway the vote against resolutions seeking to replace two of Emu's directors. They claim the proxy vote data previously suggested the resolutions would pass, but the final poll result contradicted this. The applicant has requested interim orders for proxy records and placee details and seeks final orders to nullify the vote, restrict placees’ voting rights, and impose cost penalties on the current directors.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
