can mak be a multibagger, page-9

News on Bon from Google news.

"JOHANNESBURG (miningweekly.com) – The board of ASX-listed diamond-miner Bonaparte has set up a takeover response committee, comprising independent directors, to study the unsolicited takeover offer from exploration company Minemakers.

Last week, Minemakers made a conditional scrip offer for all the shares in Bonaparte, on the basis of one Minemakers share for every ten Bonaparte shares. The offer was focused around the company’s Namibian marine phosphate project.

Bonaparte stated on Friday that it would appoint an independent expert who would prepare a report on whether the takeover offer was fair and reasonable, as well as his reasons for that opinion.

The independent directors would also carefully consider the offer made by Minemakers, in conjunction with the report being prepared by the independent expert.

However, the company said that while the offer was being explored, the company would continue to progress the fast-track development of its marine phosphate project in Namibia, with the objective of establishing a strong phosphate business that had entry into the global market.

During 2008, the Bonaparte board moved to advance the Namibian project, and capitalise on the growing world demand for fertilisers.

The company entered into a joint venture with ASX-listed Union Resource and Namibian partner Tungeni Investments, to incorporate the majority of the core enrichment zone of the phosphate deposit.

The marine sampling and resource delineation programme was advanced to demonstrate the potential of the phosphate deposit, and scoping and contracts with the relevant parties to clear the development path of the project were actively pursued.

To demonstrate its full commitment to the progress of the Namibian project, Bonaparte suspended diamond activities in South Africa during March this year, in response to the falling gemstone prices that accompanied the global financial crisis."