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.