These are the Panel’s reasons for deciding to make a declaration of unacceptable circumstances in relation to the affairs of Citect Corporation Limited.

These are the Panel’s reasons for deciding to decline part of the application by Patrick Corporation Limited relating to the acceptability of the institutional acceptance facility which Toll Holdings Limited had established in relation to its takeover offer for all of the shares in Patrick. The other part of the application related to various disclosure issues regarding the content of Toll’s seventh supplementary bidder’s statement. Following a request from the Panel to use their best endeavours to resolve any of the disclosure issues that they could between themselves, the parties advised the Panel that Toll had undertaken to Patrick to issue a further supplementary bidder’s statement. Patrick accepted that Toll’s additional disclosure had addressed sufficient of its disclosure concerns for it not to press that part of its application.

These are the Panel’s reasons for its decision to consent to Toll Holdings Limited withdrawing its application to the Panel dated 8 April 2006. The application was for a declaration of unacceptable circumstances and orders in relation to a supplementary target’s statement by Patrick Corporation Limited.

These are the Panel’s reasons for not making a declaration of unacceptable circumstances in relation to the affairs of Bridgewater and therefore not making final orders. The application by Lowell Pty Ltd failed to provide sufficient evidence to support its allegations of association between various shareholders of Bridgewater Lake Estate Ltd which, if proven, could have established a contravention of section 606 of the Corporations Act 2001 (Cth).

These are the Panel’s reasons for declining the application by AEP Financial Investments Pty Ltd to make a declaration of unacceptable circumstances in relation to the affairs of Wattyl and final orders. The Panel decided not to make a declaration of unacceptable circumstances or final orders having received undertakings to amend the terms of a break fee agreement between Wattyl Limited and Barloworld and having required and approved additional and corrective disclosure by Wattyl to Wattyl shareholders by way of a supplementary target’s statement.