The Panel, Hamish Douglass (sitting President), Paula Dwyer and David Friedlander declined to conduct proceedings on an application by Peabody Energy Corporation in relation to the affairs of Macarthur Coal Limited. The application concerned the meeting of Macarthur shareholders to consider the Gloucester/Noble transactions. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable, given the nature of the Revised Peabody Proposal, the information already available to shareholders and the timing of the Revised Peabody Proposal and its Panel application.