The Panel, Geoff Brunsdon, Kathleen Farrell and Kevin McCann (sitting President), declined to make a declaration of unacceptable circumstances in relation to the affairs of Tully, following provision of a supplementary target's statement. The application concerned alleged deficiencies in the Tully target's statement, in particular in respect of the value of Tully and Tully securities.

The Panel, Braddon Jolley (sitting President), Francesca Lee and Peter Scott, affirmed under s656A the decision of ASIC not to grant Lion-Asia relief to waive the Minimum Acceptance Condition in Lion-Asia's off-market takeover bid for the Polaris shares and options. The Panel was not satisfied that ASIC's policy on joint bids was inapplicable or had been misapplied in the circumstances.