Emu NL has been directed by the President of the Takeovers Panel, following an application by Wayburn Holdings Pty Ltd, to provide electronic copies of all proxy forms received at its extraordinary general meeting held on 14 May 2025. This directive encompasses not only valid proxies but also those that were disallowed, along with the reasons for such disallowance. The order, which came into effect on 21 May 2025, is intended to preserve the current state of affairs pending a full review of the application. The company is required to comply by 12pm Melbourne time on 22 May 2025 and to notify all involved parties once the documentation has been submitted. The interim orders are in place for a maximum period of two months or until further orders are issued by the President or the Panel, or until the proceedings are determined. The interim measure is designed to maintain transparency and stability during the review, without casting judgment on the merits of the original application. This regulatory action underscores the ongoing scrutiny of corporate processes, especially those relating to shareholder meetings and proxy submissions. In terms of market sentiment, the news can be interpreted in different ways. On the bullish side, the clear directive may be seen as a proactive step toward reinforcing corporate governance and transparency, which could enhance investor confidence in Emu NL's commitment to regulatory compliance. Conversely, the bearish perspective might view the requirement as an indication of potential underlying issues in the company’s proxy process, raising concerns about internal controls and future regulatory challenges. Overall, the market is likely to take a cautious stance as it anticipates further developments in the review process.