I'm using Drupal 7.34 (will be updating soon) and the latest version of Panels for 7x.
When I use the Panels Dashboard (admin/structure/panels) and click Panel Page to create a new panel page, I am redirected to the Structure section immediately.
Most of the other options do the same thing, specifically: Custom Content, Custom Ruleset, and Custom Style.
Here are the modules I'm running: Panels 3.5, CTools Suite 1.7, Views 3.11, Advanced Help 1.2, Open Graph 1.3, Page Title 2.7, Global Redirect 1.5 and XML Sitemap 2.2.
I have cleared caches, and have checked permissions to ensure they are enabled, and I haven't seen this issue come up in the Known Issues. Every required module appears to be activated, though I have not activated Panels Translation.
I'm more or less a Drupal novice, so please, if you have time to help, I would be incredibly grateful.