These are the Panel’s reasons for its decision to consent to Tower Software Engineering Pty Ltd withdrawing its application to the Panel dated 1 August 2006. The application was for a declaration of unacceptable circumstances in relation to the affairs of Tower, in particular concerning disclosure, or non-disclosure, of certain information during a takeover offer for all of the shares in Tower by Pendant Software Pty Ltd. It was made under section 657A1 and associated interim and final orders respectively under sections 657E and 657D.

These are the Panel’s reasons for making a declaration of unacceptable circumstances and final orders, and declining to vary a declaration of ASIC under section 655A of the Corporations Act 2001 (Cth)1, in response to an application by Australian Pipeline Trust under sections 656A and 657C in relation to its affairs. In part, the application sought a declaration of unacceptable circumstances in relation to the acquisitions of 10.25% of the units in Australian Pipeline Trust by Alinta Limited on and from 16 to 22 August 2006. The application also sought a review of a decision of ASIC to grant relief to Alinta Limited under section 655A in respect of Alinta Limited’s possible acquisition of a relevant interest in Australian Pipeline Trust as a result of a Merger Implementation Agreement.

These are the Panel's reasons for its decision to consent to Mount Gibson Iron Limited withdrawing its application to the Panel dated 14 September 2006. The application sought a declaration of unacceptable circumstances in relation to disclosure in Aztec's target's statement. It was made under section 657A1 of the Corporations Act 2001 (Cth).