The review Panel, Tom Bathurst QC (sitting President), Catherine Brenner and Andrew Lumsden, affirmed but varied in part the decision of the initial Panel. The review Panel agreed with the initial Panel that associations exist between Mr Xie and Mr Premjit Roy, Auvex, shareholders that own a controlling parcel of Auvex shares and Mr James Smalley in relation to Mesa’s affairs. It varied the declaration. Given events since the initial Panel’s orders, it set aside the initial Panel’s orders.

The Panel, Diana Chang, Peter Scott (sitting President) and Jane Sheridan, made a declaration of unacceptable circumstances in relation to the affairs of Mesa Minerals Limited. The application concerned an association involving Mighty River (and its controller, Mr Xie) and various parties including Mr Premjit Roy (and companies he owned or controlled), Auvex, companies holding in aggregate more than 20% of Auvex and Mr James Smalley. The association resulted in the voting power of Mighty River and Mr Xie increasing above 20% in Mesa otherwise than under section 611. No substantial holding notice was given reflecting the association and subsequent acquisitions.