The Panel, Stephen Creese, Sophie Mitchell and Ian Ramsay (sitting President) made a declaration of unacceptable circumstances in relation to the affairs of Multiplex. The application concerned a market bid by Australian Style for Multiplex. The Panel found that the structure of the bid was untenable and, in particular, that it was coercive and contained insufficient information. The Panel ordered that the bid be withdrawn.

The Panel, Andrew Lumsden (sitting President), Anthony Sweetman and Simon Withers, declined to conduct proceedings on an application by Silverlene concerning a capital raising announced by Redflex on 10 September 2009 in the context of a proposed reconstitution of the Redflex board. Having considered the attributes of the placement and rights issue and having received an undertaking as to allocation of the shortfall, the Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.

The Panel, Peter Hay, Vickki McFadden and Mark Paganin (sitting President), declined to make a declaration of unacceptable circumstances in relation to the affairs of Bowen. The Panel was not satisfied on the information provided that unacceptable circumstances existed in relation to the expert's report. The Panel was also not satisfied that there was sufficient evidence to conclude that the independent directors of Bowen were not independent such as to constitute unacceptable circumstances. Lastly the Panel was not satisfied that there was material information in relation to Bowen's assets that had not been disclosed to the market or that there was enough evidence to infer that Bhushan and Savni are associates.