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.

The Panel, Garry Besson, Peter Hay (sitting President) and Heather Zampatti, declined to make a declaration of unacceptable circumstances in relation to the affairs of Gladstone Pacific Nickel Limited.