The Panel, Braddon Jolley (sitting President), Francesca Lee and Peter Scott, affirmed under s656A the decision of ASIC not to grant Lion-Asia relief to waive the Minimum Acceptance Condition in Lion-Asia's off-market takeover bid for the Polaris shares and options. The Panel was not satisfied that ASIC's policy on joint bids was inapplicable or had been misapplied in the circumstances.

The Panel, Geoff Brunsdon, Norman O'Bryan AM SC (sitting President) and Jennifer Seabrook declined to conduct proceedings on an application from Australian Style for a review of the initial Panel's decision in Multiplex Prime Property Fund 03. The application concerned a 178:1 pro rata Entitlement Offer by Multiplex and a conditional 'cash-out' facility for unit holders who chose not to take up their entitlement. The review Panel agreed with the initial Panel's decision and did not think there was any reasonable likelihood that the review application would result in a different outcome.