Panel Receives Further Application in Relation to Majestic Resources' Bid for Namakwa Diamond Company [02/04/2001] The Takeovers Panel

Monday, 2 April 2001

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

The Takeovers Panel has received a second application from Namakwa Diamond Company NL (NDC ) concerning the takeover bid announced on 15 March by Majestic Resources NL (MJN ) for all of the shares in NDC. The first application was received on 26 March and the second application was received on 30 March. The applications allege irregularities in acquisitions of shares in NDC by MJN and other persons and defects in MJN's bidder's statement.

The President of the Panel has appointed Nerolie Withnall (sitting President), Fiona Roche (sitting deputy President) and Chris Photakis as the sitting Panel to deal with the first application.

The Panel notes the announcement made to ASX by NDC on Friday 30 March concerning its first application. The announcement overstates the extent of the Panel's proceedings and contravenes the Panel's draft rules in relation to proceedings, which prohibit debating in the public media the merits of applications before the Panel. The Panel has asked NDC to limit the content of future releases concerning these proceedings to stating the existence, nature and outcome of the proceedings.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501