The Panel, Graham Bradley (sitting President), Brett Heading and Alastair Lucas, made a declaration of unacceptable circumstances on the basis that the Harbinger entities failed to comply with s26 of FATA in acquiring Midwest shares over the limit requiring compulsory notification to the Treasurer. This put Sinosteel at an unfair competitive disadvantage in the contest for control of Midwest.

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, John Keeves and Chris Photakis (sitting President), declined to conduct proceedings on the basis that there was insufficient evidence to infer that the Consortium might not have a reasonable basis to expect that it would have sufficient funding to fulfil its obligations under the bid it announced for Indophil.