Bryah Resources (ASX: BYH) is under scrutiny as the Australian Takeovers Panel considers an application related to the potential removal of two board members. The application follows a notice from shareholder Yonglu Yu in late May, requesting a meeting to consider resolutions for the removal of the directors and the appointment of Mr. Yu’s nominees. As of late May, Mr. Yu, a client of GBA Capital, reportedly held 11.84% voting power in Bryah, after GBA Capital assisted Bryah with a two-tranche placement earlier in the year.
Bryah Resources has informed the Takeovers Panel of trading activity involving GBA Capital’s dealers and clients, including Mr. Yu, since the notice was lodged. The company alleges that several Bryah shareholders connected with GBA Capital and Mr. Yu have associated to gain control of the board. Bryah claims these shareholders collectively held 31.19% voting power as of 3 July 2024, and that the acquisition of more than 20% of Bryah shares breaches substantial shareholder disclosure provisions. The company is seeking an interim order to restrain the alleged associated shareholders from further acquisitions.
Bryah Resources is a mining company focused on exploration and development projects. It is actively pursuing opportunities in gold and base metals. Recently, Bryah appointed Greg Hill as chief executive officer, effective from 1 July 2024. A key focus for Mr. Hill and Bryah is the binding option term sheet with Globex Mining Enterprises to acquire the Golden Pike high-grade gold project in New Brunswick, Canada. Golden Pike has a historical inferred mineral resource and is located in a mining region that has seen historic gold, antimony, base metals and potash mining.
The Takeovers Panel has stated that it has not yet appointed a panel to hear the matter and has not made a decision on whether to conduct proceedings.
