The sitting Panel, Teresa Handicott (sitting president), Irene Lee and Andrew Sisson, declined to make a declaration of unacceptable circumstances in relation to the affairs of IAS. The Panel was prepared to accept the term of the standstill covenant (putting the covenant regarding use of confidential information to one side) as commercially justifiable in this case, having regard to the information intended to be, and actually, provided. The Panel was not satisfied that the information provided had ceased to be price-sensitive such that it should release Centrebet from its agreement.