Treasurer Jim Chalmers blocks voting rights for Northern Minerals shareholders violating disposal orders
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The news: Treasurer Jim Chalmers has blocked Northern Minerals shareholders Hong Kong Ying Tak, Real International Resources and Qogir Trading and Service from exercising voting or other powers for contravening earlier orders to sell out.
The context: The three shareholders have been ordered to “not exercise a power to vote on any matter put to members” at an annual general meeting or any other general meeting as well as to “not exercise any other right or power in relation to those interests” other than required to comply with the May disposal orders or to bring proceedings before a court.
Northern Minerals has also been directed to not recognise the exercise of any votes by the three shareholders and to the extent possible to not recognise any other powers exercised.
The interim directions were made by Chalmers on 13 July for contravening disposal orders made in May.
At the time, Hong Kong Ying Tak was ordered to dispose an equivalent to 1% of Northern Minerals shares, Real International Resources was ordered to dispose of 6.48% and Qogir was ordered to dispose of 5.48%.
The interim directions also contain a further disposal order in relation to an additional 361,538,264 shares held by Hong Kong Ying Tak or about 3.79% of Northern Minerals shares.
The interim directions do not apply to the three other shareholders that were named in the May disposal orders, which were Chanoyu Cong, Vastness Investment Group and Zhongxiong Lin, representing 4.62% of shares.
This also follows a slew of disposal orders and subsequent contraventions over the last year as well as an earlier dispute that resulted in court action against some Northern Minerals shareholders.
To accommodate for divestment orders from the Treasurer and intervention by the Foreign Investment Review Board (FIRB), corporate regulator ASIC in June agreed to extend Northern Minerals’ annual general meeting date to 30 September.
What they said: “Northern Minerals welcomes the Federal Treasurer’s interim directions regarding compliance with his May disposal orders,” Northern Minerals executive chair Adam Handley said.
“A review of Northern Minerals’ share register following 2 July 2026 showed that a majority of the shares the subject of the May disposal orders remained registered in the names of the persons the the subject of those orders, and the company referred those matter to FIRB.”
The source: ASX
