British hedge fund Bell Rock Capital Management did not meet the disclosure standards required by Australian investment laws during its activist campaign against Whitehaven Coal, according to the Takeovers Panel.

The panel ordered Bell Rock to issue a “corrective notice” within five days outlining its full holding of Whitehaven shares and derivatives, after finding the hedge fund’s failure to properly disclose its investments had created a market for Whitehaven shares that was not efficient, competitive or informed.