Panel Declares Circumstances in Relation to Majestic Resources' Bid for Namakwa Diamond Company Unacceptable

The Corporations and Securities Panel has made a declaration in relation to Majestic Resources' (Majestic) off market takeover bid for the ordinary shares in Namakwa Diamond Company (Namakwa) that unacceptable circumstances had arisen as a result of a number of deficiencies in Majestic's bidder's statement and the accompanying letter from the Chairman of Majestic.

The Panel declared that Majestic's disclosure in its bidder's statement and the Chairman's letter contained a number of deficiencies, including: