PanelList does not appear in WebBrowser

Hi,
I have a simple test project with a FrameRegion that contains 3 PanelList. The Frame is insert onto the main form. The first panellist does not show, only the second and third. Any ideas why this occurs?
Using Delphi XE4. IW 14.0.36, cg 2.4.0.119
Project: http://www.bauerapps.com/dev/IWCG_SMSDemo.zip
Images:
IDE:
Browser:
I have a simple test project with a FrameRegion that contains 3 PanelList. The Frame is insert onto the main form. The first panellist does not show, only the second and third. Any ideas why this occurs?
Using Delphi XE4. IW 14.0.36, cg 2.4.0.119
Project: http://www.bauerapps.com/dev/IWCG_SMSDemo.zip
Images:
IDE:

Browser:
