Panel Publishes Reasons for Declining to Consider Further Application in Relation to Majestic Resources' Bid for Namakwa Diamond Company

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The Takeovers Panel has published its reasons for declining 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 was made by Majestic on May 2001. It alleged deficiencies in the valuation of Namakwa of shares in Namakwa's target's statement.

The Panel advised on 11 May 2001 that it 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.

The sitting Panel for this application was the same as the two previous applications, Nerolie Withnall (sitting President), Fiona Roche (sitting deputy President) and Chris Photakis.

Nigel Morris

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