Global Lithium Resources (ASX:GL1) said Australia's Takeovers Panel declined to proceed with a review application on an alleged undisclosed association among some shareholders, according to a Tuesday filing with the Australian bourse.
The alleged undisclosed association involved shareholders holding 30-40% shares, including director Dianmin Chen, ahead of a Feb. 13 AGM on board composition, per the filing.
The panel ruled the application was filed beyond the two-month limit and was thus declined, the filing stated.
Company shares were down 7% in recent trade.
Price (AUD): $0.20, Change: $-0.015, Percent Change: -6.98%
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