The Panel, John Fast (sitting President), John Keeves and Mike Roche declined to conduct proceedings on an application by NewSat in relation to its affairs. The application alleged that an announcement of a scrip off-market takeover bid by EWC for 100% of NewSat was misleading and a sham. Following a supplementary announcement by EWC to deal with the misleading claim, the Panel considered it was premature to conclude that the EWC takeover bid would not proceed as announced or that the bid is a sham. The claims by NewSat, other than in respect of the misleading announcement, should be dealt with at the time of the bidder's statement, if then appropriate. Consequently there was no reasonable prospect at this stage that it would declare unacceptable circumstances and make orders.