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.

These are the Panel’s reasons for declining the application by two shareholders of Dromana Estate Limited, in relation to a 1 for 1 non-renounceable rights issue to be conducted by Dromana. The Panel initially had some concerns as to a related party underwriting agreement, the level of disclosure concerning the company’s major asset and submissions as to association. However, on the basis of the undertakings offered by the company and advice as to the process of settling the structure of the rights issue, the Panel accepted the undertakings and declined the application.

These are the Panel’s reasons for declining, on the basis of an undertaking from Dromana, a review application of Mr John Hempton, a shareholder in Dromana Estate Limited, to make a declaration of unacceptable circumstances in relation to a 1 for 1 non-renounceable rights issue to be conducted by Dromana.

These are the Panel’s reasons for making a declaration of unacceptable circumstances and final orders in relation to the affairs of Axiom Properties Limited following applications to the Takeovers Panel by Pivot Group Pty Ltd and Saramac Nominees Pty Ltd. The Panel required Axiom Properties Limited to make additional disclosure to its shareholders of the potential for conflicts of interest which may arise if they approved a proposal by Saramac to provide additional funds to the company by way of subscription, convertible note and options. The Panel required Pivot to amend the agreement it had entered with Axiom, to delete a “No Talk” provision from the agreement, in order to allow Axiom to discuss the rival Saramac Proposal.