Global Lithium Resources (ASX: GL1) advises that its current Board of directors has recently obtained access to materials previously submitted to FIRB on behalf of the Company alleging contraventions of the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) (FIRB Documents).
The current Board of directors, which was reconstituted at the Company’s annual general meeting held on 13 February 2025, had not previously been privy to the FIRB Documents. The Board has reviewed the FIRB Documents, and the merits of the submissions made, including taking external legal advice on the merits of the submissions made.
Based on that review and external advice, the Board unanimously considers the allegations raised in the FIRB Documents to be without merit and has informed the FIRB accordingly. The Board also notes the claims raised in the FIRB Documents closely resemble the ‘association claims’ made in Company’s Takeover Panel application and review application, which in both instances resulted in the respective Panel deciding not to conduct proceedings.
