The Panel, Mike Roche, Robert Sultan (sitting President) and Heather Zampatti, declined to make a declaration of unacceptable circumstances in relation to the affairs of Powerlan in connection with a 4 for 1 renounceable rights issue to be conducted by Powerlan after accepting an undertaking from Powerlan. The effect of the undertaking is to require Powerlan to (among other things) allocate any shortfall shares to shareholders who apply under the shortfall facility on a proportionate basis and disclose in a supplementary prospectus details about the shortfall allocation process and sub-underwriting arrangements.