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

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.