The Panel, Martin Alciaturi, David Friedlander and Nora Scheinkestel (sitting President), made a declaration of unacceptable circumstances in relation to the affairs of Ambassador. The Panel found that Drillsearch, which made an off-market bid for Ambassador, and certain shareholders of Ambassador were associates and Drillsearch had breached s6061 in acquiring a 19.9% pre-bid stake. The Panel made orders including the reversal of acceptances by shareholders who made intention statements. Orders giving withdrawal rights to all other Ambassador shareholders who had accepted Drillsearch's offer were also made.