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 Takeovers Panel yesterday dismissed the application made by Vincorp Wineries Limited on 28 February 2001 in relation to the takeover offer made for Vincorp by Simon Gilbert Wines Limited.

The Panel decided to dismiss the application following the announcement by Simon Gilbert Wines that a defeating condition of its bid would not be fulfilled and that all contracts and acceptances under the bid would therefore be void at the end of the offer period on 2 April 2001.

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 Takeovers Panel has received an application from Pinnacle VRB Limited (Pinnacle ) for a declaration of unacceptable circumstances in relation to the bidder's statement issued by Reliable Power Inc. (Reliable ) for the purposes of its cash bid for Pinnacle. Pinnacle's application was received on 15 March 2001. Reliable sent its bidder's statement to Pinnacle shareholders on 20 March 2001.

The Takeovers Panel advises that it has published its reasons for declining an application from Troy Resources for interim orders and a declaration of unacceptable circumstances in relation to St Barbara Mines' takeover bid announced on 21 December 2000. The Panel received the application on 5 February 2001 and announced its decision on 14 February 2001.

The application raised three matters for consideration by the Panel:

The Corporations and Securities Panel today made a declaration that unacceptable circumstances had resulted from the publication of a misleading statement about the funding of the bid by St Barbara Mines Ltd (St Barbara ) for all of the shares in Taipan Resources NL (Taipan ).

St Barbara stated in its bidder's statement on 15 February that it had:

The President of the Takeovers Panel, Mr Simon McKeon, said today that he was delighted with the operation of the rejuvenated Takeovers Panel in its first year.

The Takeovers Panel today advises that it has declared that St Barbara Mines caused unacceptable circumstances and breached section 606 of the Corporations Law by acquiring 4 million shares in Taipan Resources on 12 October 2000. St Barbara thereby increased Strata Mining Corporation's voting power in Taipan to more than 20%. An application for the declaration was made by Troy Resources on Tuesday 13 February. Troy is also bidding for Taipan.

The Takeovers Panel today advises that it has ordered that 2.7 million shares in Taipan Resources that were acquired by St Barbara Mines on 12 October 2000 be vested in ASIC for sale. The Panel had previously declared that St Barbara Mines caused unacceptable circumstance and breached section 606 of the Corporations Law by acquiring 4 million shares in Taipan Resources on 12 October 2000. St Barbara thereby increased Strata Mining Corporation's voting power in Taipan to more than 20%. An application for the declaration was made by Troy Resources on Tuesday 13 February.