The Panel, Stephen Creese, Sophie Mitchell and Ian Ramsay (sitting President) declined to conduct proceedings. The application concerned a 178:1 pro rata Entitlement Offer by Multiplex and a conditional 'cash-out' facility for unit holders. The applicant submitted that these amounted to a 'back door' takeover of Multiplex, that alternatives had not been explored and that the waiver of a loan to value ratio breach had not been negotiated forcefully enough with Multiplex's financiers so as to allow Grocon's alternative to be pursued. The Panel considered that the application was too late, overlapped another proceeding involving the parties and in any event it was unlikely to grant the orders sought by the applicant.

The review Panel, Catherine Brenner, Rodd Levy (sitting President) and Andrew Sisson made a declaration of unacceptable circumstances in relation to the affairs of Bowen. The review Panel considered that there were material deficiencies in the technical expert's report (and so expert's report) regarding some of the values found, some of the logic involved and compliance with ASIC Regulatory Guide 111 and the VALMIN Code. The review Panel is making further enquiries whether Bhushan and Savni are associates. The review Panel agreed with the initial Panel on other aspects of the application.