The Panel, Mark Darras, Robert Johanson (sitting President) and Robert Sultan, declined to conduct proceedings on an application by Keybridge Capital Limited in relation to its affairs. The application primarily concerned disclosure deficiencies in the bidder’s statement lodged by Oceania Capital Partners Limited relating to (among other things) tax losses, Oceania Capital’s intentions for Keybridge and a selective buy-back proposal. The Panel considers that the disclosure issues did not require further disclosure by the bidder and some were matters the target could address if it wished.

The Panel, Rod Halstead, Mike Roche and Andrew Sisson (sitting President), although minded to do so, declined to make a declaration of unacceptable circumstances in relation to the affairs of Warrnambool Cheese and Butter Factory Company Holdings Limited (WCB) after accepting undertakings from Saputo and WCB. The application concerned announcements of an intention on the part of WCB to declare special dividends, which was subsequently departed from when it was revoked by WCB and a revised offer by Saputo announced. Also, the initial announcements involved the establishment of a 'conditional' (and effectively retrospective) record date without there being any certainty of the dividends being paid, affecting market integrity. The Panel decided not to make a declaration after accepting undertakings that gave shareholders no less value than under the original proposal.