Global Lithium Resources Limited (ASX: GL1) – Panel Declines Proceedings
Panel’s Decision
The Takeovers Panel has declined to conduct proceedings on an application from Global Lithium Resources Limited (ASX: GL1) regarding shareholder associations. The application, submitted on 9 January 2025, related to alleged undisclosed associations among shareholders controlling approximately 30-40% of the company, including director Dr Dianmin Chen.
Reason for Declination
The Panel deemed the application untimely, noting that sufficient time had elapsed since relevant events. This included Global Lithium receiving purported section 249D notices from the alleged associates in August 2024. Additionally, Global Lithium’s other directors made a confidential report in October 2024 to the Department of Treasury concerning potential breaches of the Foreign Acquisitions and Takeovers Act 1975.
Conclusion
The Panel found no reasonable prospect for making a declaration of unacceptable circumstances and therefore decided not to proceed with the application. Detailed reasons for this decision will be published on the Panel’s website in due course.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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