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.