Bryah Resources Limited (ASX: BRY), a mineral exploration company focused on copper, gold, and manganese in Western Australia, has received notification that the Takeovers Panel has declined to make a declaration of unacceptable circumstances regarding an application submitted by Bryah on July 9, 2025. The application concerned an alleged undisclosed association between certain Bryah shareholders holding approximately 31.19% of the company. These shareholders, some of whom participated in a two-tranche placement completed earlier this year, were allegedly associated in the context of a s249D meeting concerning resolutions about the composition of Bryah’s board.
The Takeovers Panel stated that, based on the available materials, there was insufficient evidence to infer an association that would support a declaration of unacceptable circumstances. Despite declining to make a formal declaration, the Panel has indicated that aspects of the matter warrant further investigation.
Consequently, the Panel intends to refer issues to the Australian Securities and Investments Commission (ASIC), including potential associations, contraventions of substantial holder provisions, and other related matters. The Panel clarified that declining to make a declaration of unacceptable circumstances is not against the public interest.
The sitting Panel consisted of Tonianne Dwyer, Diana Nicholson (President), and Karen Phin. The Panel will publish its detailed reasons for the decision on its website in due course. This announcement was made public on Monday, September 15, 2025.
