The review Panel, Michael Ashforth, Geoff Brunsdon and Alison Lansley (sitting president) made a declaration of unacceptable circumstances in relation to the affairs of Gloucester. The review Panel considered that there was insufficient evidence of a control block to conclude that the Merger amounted to a change of control of Gloucester giving rise to unacceptable circumstances or had an effect on control to warrant a shareholder vote. But, contrary to the principles in ss602(a) and (c), the Merger had an effect on control in that it acted as a lock-up device of Gloucester by preventing other control transactions. The Panel ordered that the Merger be subject to a "fiduciary out".

The Panel, Kathleen Farrell (sitting president), Robert Sultan and Anthony Sweetman declined to conduct proceedings on an application by Metallica dated 17 April 2009. While the announcements made by Outback on 9 April 2009 may not be good practice, there was no material effect on control of Queensland Ores shares identified.

The Panel, comprising Diana Chang, Norman O'Bryan SC (sitting President) and Mike Roche, declined to conduct proceedings on an application made by Regis Resources Limited alleging that a group of Regis shareholders became associates earlier than was described in a Form 603 (notice of initial substantial holder) lodged on behalf of those shareholders on 6 March 2009.

The Panel, Paula Dwyer, Simon Mordant (sitting president) and Nerolie Withnall, made a declaration of unacceptable circumstances in relation to the affairs of Gloucester. The Panel considered that unacceptable circumstances existed because, under s657A1 and contrary to the principles in s602, Gloucester shareholders were denied an opportunity to consider the merits of the proposed merger with Whitehaven, or alternatively the bid by Noble or any other control transaction for Gloucester, transactions that would have an effect on the control of, or the acquisition of a substantial interest in, Gloucester.