Takeovers Panel Declines FBR Limited Application

The Takeovers Panel has declined to conduct proceedings regarding an application from Mr. Bob Ciesla concerning FBR Limited (ASX: FBR). The application, dated May 18, 2025, centered on FBR’s recent placement, but the Panel determined that the placement did not constitute a control transaction. Furthermore, the Panel was not satisfied that the circumstances outlined in the application fell within its jurisdiction. The Panel highlighted the complexity of its jurisdiction and suggested that shareholders considering an application seek legal advice beforehand. Ultimately, the Panel concluded that there was no reasonable prospect of declaring unacceptable circumstances, leading to the decision to decline further proceedings. The sitting Panel comprised Sarah Rennie (President), Chelsey Drake, and Susan Forrester AM. The Takeovers Panel will publish its detailed reasons for the decision on its website, www.takeovers.gov.au, in due course. This decision provides clarity on the Panel’s view of FBR’s recent activities and the threshold for intervention in such matters, offering insight for shareholders and market participants alike.