The Panel, Paula Dwyer, Simon Mordant (sitting President), and Ian Ramsay declined to conduct proceedings on applications by Leighton Holdings Limited and HOCHTIEF Aktiengesellschaft in relation to the affairs of Leighton. The applications concerned whether governance arrangements between Leighton and Hochtief, or a downstream bid for Leighton, should be ordered following the announcement of the proposed acquisition of additional shares in Hochtief by Actividades de Construcción y Servicios SA. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable and no reasonable prospect of it reversing an ASIC decision not to modify the law.

The Panel, Kathleen Farrell (sitting President), Francesca Lee and Anthony Sweetman, declined to conduct proceedings on an application by RAB Special Situations (Master) Fund Limited in relation to the affairs of Gladstone Pacific Nickel Limited. The application concerned alleged information deficiencies in the target's statement (as amended) in relation to the off-market takeover offer for Gladstone Pacific by QNI Resources Pty Ltd. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.

The Panel, John Fast, Robert Johanson and Norman O’Bryan (sitting President), made a declaration of unacceptable circumstances in relation to the affairs of NGM Resources Limited because Paladin’s purported reliance on defeating conditions 10.12(l) and 10.12(m) of its bid for NGM was not justified.