The review Panel, Peter Mason AM (sitting President), Tom Bathurst QC and Catherine Brenner, declined to conduct proceedings. It considered that it was unlikely to find unacceptable circumstances in the extended on-market offer by GPG remaining open until the market closed. This was so notwithstanding that the announcement of the extension (and the bidder's statement) referred to the offer remaining open until 4.00pm.

The Panel, Martin Alciaturi, Marian Micalizzi (sitting President) and Mark Paganin, decided not to make a declaration of unacceptable circumstances. The basis is that the acceptances through the market closing auction finishing at 4.12 pm, which took the bidder to 90% of the bid class, occurred in the bid period. This was notwithstanding statements by the bidder that the bid would close at 4.00 pm on the last day.

The Panel, Irene Lee, Rodd Levy and Chris Photakis (sitting President), made a declaration of unacceptable circumstances and final orders that Programmed make clarifying disclosure regarding an investor presentation and letter to shareholders.