The Panel, Ian Ramsay (Sitting President), Mike Roche and Heather Zampatti, declined to make a declaration of unacceptable circumstances after Hillgrove agreed to provide further disclosure in a replacement bidder's statement.

The Panel, Robyn Ahern, Hamish Douglass and Alison Lansley (sitting President), declined to conduct proceedings following undertakings and receipt of information about proxies given to Indophil for lodgement with Lion that made it clear that the proxies would not affect the outcome of Lion's shareholder meeting. Accordingly, the Panel considered there was no reasonable prospect of it finding there were unacceptable circumstances.