Panel Receives Application In Relation to Majestic Resources' Proposed Bid for Namakwa Diamond Company [26/03/2001] The Takeovers Panel

Monday, 26 March 2001

Panel Receives Application in Relation to Majestic Resources' Proposed Bid for Namakwa Diamond Company

The Takeovers Panel has today received an application from Namakwa Diamond Company for an interim order restraining Majestic Resources from dispatching its bidder's statement to Namakwa shareholders. Majestic gave its bidder's statement to Namakwa on 15 March.

The application asserts contraventions of section 606, misleading or deceptive conduct and market manipulation.

Namakwa has requested the Panel to make the interim order pending a determination by the Panel of whether there are unacceptable circumstances in relation to Majestic's proposed bid.

The President of the Panel Mr Simon McKeon is currently assembling a Panel to sit on the matter.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au