Panel Receives Review Application in Relation to Decision on Majestic Resources' Bid for Namakwa Diamond Company [23/05/2001] The Takeovers Panel

Wednesday, 23 May 2001

Panel Receives Review Application in Relation to Decision on Majestic Resources' Bid for Namakwa Diamond Company

The Takeovers Panel has received an application to review its decision to decline to consider a third application concerning the takeover bid announced on 15 March by Majestic Resources for all of the shares in Diamond Company NL. The application for review is made by Majestic, which made the previous application.

Majestic asserts that the Namakwa 3 decision is inconsistent with the Namakwa 2 decision where the Panel declared that unacceptable circumstances existed in relation to statements about resources available to be mined. In that application, the Panel required Majestic to issue a supplementary bidder's statement. The application in Namakwa 3 alleged deficiencies in the valuation of Namakwa of shares in Namakwa's target's statement.

The Namakwa 3 Panel considered that the nature of the matters raised in Majestic's application meant that they may be appropriately raised by Majestic in a response to Namakwa's target's statement.

This application will be called Namakwa 4.

The President of the Panel, Mr Simon McKeon, is assembling a sitting Panel for this application.

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