Yes - I guess technically it's not up to the Takeover Panel to...

Yes - I guess technically it's not up to the Takeover Panel to hold GCY's hand and fix up their own mess, as other posters have said, maybe its a case of the buck stops with GCY's management. But I would still argue that it is the Takeovers Panel's job to:

"The Panel aims to correct unacceptable circumstances as quickly and as cost-effectively as possible. It seeks to ensure that control transactions are decided by informed security holders who have confidence in the integrity of Australia's market for corporate control."

Maybe the panel might be asking whether GCY's shareholders were properly informed, and if they weren't (regardless of why), then making a finding of unacceptable circumstances would be a plausible finding for the panel to make. But it seems to be quite a high bar to reach so whoever applies has got to mount a convincing argument about the unacceptable circumstances.

I know from other takeover panel discussions on other threads that some have said that the panel is usually looking for a minimalist but effective correction to unacceptable circumstances, with transparency being the main consideration, and in the case of takeovers, time is nearly always of the essence, so these things can and have to happen quite quickly when they need to.