• Panel declines to conduct proceedings on application from Mr Bob Ciesla
• Panel not satisfied FBR's placement was a control transaction
• Panel notes its jurisdiction is complicated, advises applicants to seek legal advice

The Takeovers Panel has declined to conduct proceedings on an application dated 18 May 2025 from Mr Bob Ciesla in relation to the affairs of FBR Limited (ASX: FBR). The Panel was not satisfied that FBR's placement was a control transaction or that the circumstances raised in the application fell within its jurisdiction. The Panel noted that while it is open for shareholders with standing to put forth an application to the Panel, the Panel's jurisdiction is complicated and it may be helpful for applicants to obtain legal advice prior to the submission of an application. The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings. The sitting Panel was Sarah Rennie (sitting President), Chelsey Drake and Susan Forrester AM. The Panel will publish its reasons for the decision in due course on its website www.takeovers.gov.au.