Shares in besieged takeover target Golden West Resources Ltd continued their downward spiral today, following the shock resignation late Friday of the company's chairman Geoff Wedlock and managing director Gary Hutchinson.
Shares in besieged takeover target Golden West Resources Ltd continued their downward spiral today, following the shock resignations late Friday of the company's chairman Geoff Wedlock and managing director Gary Hutchinson.
Golden West shares dropped 5 cents or 4.2 per cent to close at $1.14 each, meaning they have lost half their value since January.
The company confirmed today that its shareholders will meet at the Hyatt Regency Hotel on Thursday to vote on key board appointments, including Mr Wedlock's recent appointment as chairman.
Mr Wedlock, Mr Hutchinson and executive director Peter Thompson resigned on Friday, with no explanation. It has been speculated they were frustrated at divisions within the Golden West board.
Mr Con Markopolous has been appointed interim executive chairman. He said in a statement "the recent board split had been damaging to the company at a crucial time" and reiterated the board's oppositon to the scrip takeover offer from Fairstar Resources Ltd.
Mr Markopolous had opposed Mr Wedlock's appointment as chairman.
The takeover has become increasingly hostile, and has highlighted board divisions.
It has also become caught up in Takeovers Panel disputes as the competing groups seek advantage through legal means.