02/09/2008 - 17:05

Golden West, Portman outcome delayed

02/09/2008 - 17:05

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The final outcome from the Golden West Resources Ltd extraordinary meeting will not be known for another two weeks, with a Federal Court judge today reserving his judgment.

The final outcome from the Golden West Resources Ltd extraordinary meeting will not be known for another two weeks, with a Federal Court judge today reserving his judgment.

At a hearing today, the judge ordered that directions handed down on Friday be upheld which include that results from the meeting not be declared until further notice.

It is understood that the judge will hand down a decision in about one to two weeks, until which time Golden West will not be allowed to implement any resolutions.

At the meeting held on Friday, a Golden West representative said Portman's proxies had been ruled invalid, based on the proportion of Portman's shares in GWR.

Portman challenged this and had called for the meeting to be adjourned, however the motion was dismissed and a poll was held.

In light of the events on Friday, shareholders were told that results from the poll will not be known until today with the Federal Court needing more time to process the votes.

The eventful meeting was requisitioned by Golden West major shareholder Portman Ltd, which put forward several resolutions including the removal of two GWR directors in favour of its own managing director Richard Mehan and Paul Piercy to bolster the iron ore experience of the board.

Portman holds a 19.2 interest or 24 million shares in Golden West.

It has been reported earlier that proxies lodged at the meeting showed about 60 million shares voted against each of Portman's resolutions.

Golden West is currently conducting a study into its Wiluna West iron ore project in the Mid West region.

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