InvestSMART

Kingsland Minerals Ltd (ASX:KNG)

ALERT: Price-sensitive ASX Announcement for KNG
Current share price for KNG : $0.060 -0.005 (-7.69%)+
Announcement
Release
5 Jun 2026 9:14AM
Price at Release
$0.065
Full Release
download
Summary
A dispute has arisen concerning Kingsland Minerals Ltd, an Australian exploration company, and its shareholder, Quinbrook Asset Management Pty Ltd. Quinbrook has lodged an application with the Takeovers Panel questioning the legitimacy of Kingsland entering into a term sheet with Bacchus Resources Pty Ltd, regarding an acquisition of exploration licences. Quinbrook alleges that this agreement breaches pre-existing funding consultation requirements specified in their subscription agreement with Kingsland and suggests an undisclosed relationship between Kingsland's board members and Bacchus. Quinbrook is seeking to halt the obligations under this term sheet and has requested the Panel to consider terminating or altering the agreement. The Panel has yet to decide on conducting proceedings regarding this application.
Key Points
  • Kingsland Minerals Ltd is an ASX-listed exploration company with assets in Northern Territory and Western Australia.
  • Quinbrook Asset Management Pty Ltd has raised concerns regarding a term sheet entered by Kingsland Minerals for acquiring exploration licences from Bacchus Resources Pty Ltd.
  • Quinbrook asserts that the transaction contravenes their existing subscription agreement with Kingsland Minerals, which mandates consultation on funding requirements.
  • Allegations include an undisclosed association between Bacchus Resources and Kingsland directors, potentially breaching corporate conduct regulations.
  • Quinbrook seeks interim orders to suspend the obligations under the term sheet and final orders to terminate the term sheet or modify the transaction conditions.
  • The Panel has not yet decided to conduct proceedings on the application submitted by Quinbrook.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.