The sitting Panel, Teresa Handicott (sitting president), Irene Lee and Andrew Sisson, declined to make a declaration of unacceptable circumstances in relation to the affairs of IAS. The Panel was prepared to accept the term of the standstill covenant (putting the covenant regarding use of confidential information to one side) as commercially justifiable in this case, having regard to the information intended to be, and actually, provided. The Panel was not satisfied that the information provided had ceased to be price-sensitive such that it should release Centrebet from its agreement.

In December 2008, Bisalloy announced a 4 for 5 renounceable rights issue. The rights issue was fully underwritten by ABN AMRO, and fully sub-underwritten by Anchorage. If none of the rights were taken up, Anchorage's voting power in Bisalloy would have increased from 3.6% to 48%. Anchorage is a wholly owned subsidiary of ACP 1 Fund. Mr Phillip Cave, the Chairman of Bisalloy, is an investor in the ACP 1 Fund and a director of and substantial shareholder in ACP, the manager of the ACP 1 Fund.

The review Panel, Tom Bathurst QC, Vickki McFadden and Simon McKeon (sitting president), declined to conduct proceedings on an application from Fortina for a review of the initial Panel's decision in GoldLink IncomePlus Limited 04 [2009] ATP 2. The review Panel agreed with the initial Panel's decision.