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.

These are the Panel’s reasons for making a declaration of unacceptable circumstances in relation to the affairs of Sydney Gas Limited and requiring Queensland Gas Company Limited to issue a replacement bidder’s statement.