The Panel, Mike Roche, Robert Sultan (sitting President) and Heather Zampatti, declined to make a declaration of unacceptable circumstances in relation to the affairs of Powerlan in connection with a 4 for 1 renounceable rights issue to be conducted by Powerlan after accepting an undertaking from Powerlan. The effect of the undertaking is to require Powerlan to (among other things) allocate any shortfall shares to shareholders who apply under the shortfall facility on a proportionate basis and disclose in a supplementary prospectus details about the shortfall allocation process and sub-underwriting arrangements.

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.