The Panel, Peter Hay (sitting President), Rodd Levy and Nora Scheinkestel declined to conduct proceedings on an application concerning clauses in a financing agreement that gave rise to a "review event' (or "event of default') upon changes to RCL Group Limited's board of directors (or key persons). The applicant submitted that these clauses entrenched the incumbent directors and certain management and acted as a "poison pill'. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.

The Panel, Julie McPherson, Ian Ramsay (sitting President) and Mike Roche, declined to make a declaration of unacceptable circumstances in relation to the affairs of Hastings Diversified Utilities Fund. The application concerned disclosure deficiencies in the bidder's statement lodged by APT Pipelines Limited. The Panel decided not to make a declaration after APT Pipelines Limited agreed to provide supplementary disclosure in a form and manner that was acceptable to the Panel.

The Panel, Rod Halstead, Robert Johanson (sitting President) and Sophie Mitchell, made a declaration of unacceptable circumstances in relation to the affairs of Ludowici Limited, on the basis that FLSmidth & Co. A/S did not correct in a timely way a Reuters article that stated its A$7.20 per share bid to acquire Ludowici was final and would not be raised. By not correcting the article, the acquisition of control over Ludowici shares did not take place in an efficient, competitive and informed market. The Panel declared the circumstances unacceptable having regard to the purposes of Chapter 6 set out in section 602 and ordered compensation payable to qualifying sellers of Ludowici shares in the market.