In December 2008, Bisalloy announced a 4 for 5 renounceable rights issue. The rights issue was fully underwritten by ABN AMRO, and fully sub-underwritten by Anchorage. If none of the rights were taken up, Anchorage's voting power in Bisalloy would have increased from 3.6% to 48%. Anchorage is a wholly owned subsidiary of ACP 1 Fund. Mr Phillip Cave, the Chairman of Bisalloy, is an investor in the ACP 1 Fund and a director of and substantial shareholder in ACP, the manager of the ACP 1 Fund.

The review Panel, Tom Bathurst QC, Vickki McFadden and Simon McKeon (sitting president), declined to conduct proceedings on an application from Fortina for a review of the initial Panel's decision in GoldLink IncomePlus Limited 04 [2009] ATP 2. The review Panel agreed with the initial Panel's decision.

The sitting Panel, Garry Besson, Robert Johanson and Karen Wood (sitting president), made a declaration of unacceptable circumstances in relation to the affairs of GoldLink IncomePlus Limited. Fortina creating trusts of small parcels and accepting them into Emerald's bid in reliance on ss 653B and 618(2) gave rise to unacceptable circumstances.