The Australian Government's Takeovers Panel received an application from New World Resources (ASX:NWC) shareholder Kinterra Capital GP Corp. II, regarding the affairs of the company, according to a Friday filing with the Australian bourse.

The application alleges that a proposed share placement by NWC could frustrate any potential competing bid for the company, the filing said.

Kinterra is seeking final orders to block the placement, arguing it may deter alternative proposals.

Mayfield also claims in its application that these associations failed to fully disclose their association to the market, the filing added.

The application also seeks interim orders to prevent the placement from proceeding before the Panel hears the case.

New World Resources said the placement is conditional on no superior offer emerging within 14 days of the agreement.

The mining firm disclosed on May 21 that it signed a scheme implementation deed for Central Asia Metals to acquire all of its shares on issue.

The Acting President of the Panel declined to make interim orders, noting that a sitting Panel could later address any unacceptable circumstances.

The Panel has not yet decided whether to conduct proceedings.

Shares of New World Resources rose 6% in recent Friday trade.