All should note that the panel has not yet considered whether it...

All should note that the panel has not yet considered whether it will conduct proceedings - remember back in 2007 the panel declined to take up Frank Farrel's complaint against the Bhushan-inspired BWN tilt at Rocklands Richfield.

But if it does there will be opportunities for shareholders to present information to the panel either by becoming a party to the proceedings or by making a submission.

See (http://www.takeovers.gov.au/content/proformas/notice_of_appearance.aspx).

and also

guidance note 8 on procedures (http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=guidance_notes/current/008.htm&pageID=&Year=) and the rules for proceedings (http://www.takeovers.gov.au/content/rules_for_proceedings/current.aspx)

And as Sam Gribbles has written today if there is evidence (as opposed to suspicions) that Bhushan is associated with any other shareholding party then that should be put to the panel by whomever holds it.

I think Macrae's call for further valuations is sound - why did BWN rely on the same people who gave us a dud report containing errors and shoddy work in their previous attempt to value BWN, for the takeover valuation ? If the so-called independent directors were really interested in looking after shareholders interests why didn't they seek an independent valuation from parties who were not tainted by blunders with their previous attempt to value BWN ?