The Panel, Richard Hunt (sitting President), John Sheahan QC and Jane Sheridan, made a declaration of unacceptable circumstances in relation to the affairs of Northern Iron Limited. The application concerned non-compliance with substantial holder notice and tracing notice provisions. The Panel considered that the non-disclosure resulted in shareholders, the directors and the market not knowing the identity of a person who was proposing to acquire, and had acquired, a substantial interest. The Panel ordered disclosure, a ‘creep’ freeze and costs.

The Panel, Garry Besson (sitting President), Michelle Jablko and Heather Zampatti, declined to make a declaration of unacceptable circumstances in relation to the affairs of Bullabulling Gold Limited after accepting undertakings. The application primarily concerned disclosure by Bullabulling in a letter to its shareholders in response to an off-market bid by Norton Gold Fields Limited about the intentions of certain shareholders not to accept the bid. The Panel accepted undertakings from Bullabulling to give shareholders supplementary disclosure about the intention statements.