Takeovers Panel Still Considering Bryah Resources Board Dispute
The Australian Takeovers Panel has yet to decide whether to consider an application to remove two members of the Bryah Resources (ASX: BYH) board.
Bryah received notice from shareholder Yonglu Yu in late May requesting that a meeting be called to consider resolutions to remove the two directors and to appoint nominees of Mr Yu in their place.
Mr Yu – a client of GBA Capital, which assisted Bryah to complete a two-tranche placement earlier this year – reportedly held 11.84% voting power in Bryah as of late May.
Continued Share Acquisition
Bryah has told the Takeovers Panel that a number of dealers and clients of GBA Capital, including Mr Yu, had executed trades in the company’s shares since the lodgement of the notice, including purchases prior to Bryah announcing it had received the notice from Mr Yu.
Bryah has alleged that a number of Bryah shareholders connected with GBA Capital and/or Mr Yu have associated with each other for the express purpose of taking control of the Bryah board.
The company further claimed that, as at 3 July 2025, the alleged associated shareholders collectively held 31.19% voting power in Bryah.
Interim Restraining Order
Bryah also alleged that the associated shareholders’ acquisition of more than 20% of Bryah is in contravention of substantial shareholder disclosure provisions.
The mining company is now seeking an interim order restraining each of the alleged associated shareholders from acquiring any further securities in Bryah until further notice.
The Takeovers Panel has said it is yet to appoint a panel to hear the matter at this stage and no decision has been made whether to conduct proceedings.
New CEO Named
The company recently appointed experienced mining and engineering professional Greg Hill as chief executive officer, effective from 1 July 2025.
A major focus for Mr Hill and Bryah is the recently signed 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.