Panel to Take No Further Action on Application in Relation to Majestic Resources' Bid for Namakwa Diamond Company [01/05/2001] The Takeovers Panel

Tuesday, 1 May 2001

Panel to Take No Further Action on Application in Relation to Majestic Resources' Bid for Namakwa Diamond Company

The Takeovers Panel has decided to take no further action in relation to the application by Namakwa Diamond Company received 26 March 2001 for a declaration of unacceptable circumstances and orders in relation to the takeover bid for Namakwa by Majestic Resources. The application asserted contraventions of section 606, misleading or deceptive conduct and market manipulation.

The Panel has decided that the evidence now available to it of manipulation of the market in shares in Majestic and in Namakwa and of breaches of section 606 in relation to Namakwa is neither conclusive nor sufficient to justify further inquiry into those issues. It will keep those issues under review as the bid develops.

The Panel has required Majestic not to waive the minimum acceptance condition in the bid, without giving the Panel two business days' notice of its intention to do so, with details of the level of acceptances and the identities of the offerees who have accepted for parcels in excess of 5%.

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