30/05/2008 - 15:22

Portman again denies GW bid

30/05/2008 - 15:22

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Nedlands based Portman Ltd has again denied speculation it will bid to takeover Golden West Resources Ltd, despite applying for approval to increase its interest in Golden West from 14.9 to 19.9 per cent.

Portman again denies GW bid

Nedlands based Portman Ltd has again denied speculation it will bid to takeover Golden West Resources Ltd, despite applying for approval to increase its interest in Golden West from 14.9 to 19.9 per cent.

In a statement released today Portman said that despite media speculation, it has no intention to make a bid for Golden West.

"Portman repeats its position, which it announced on 28 May 2008, that it has not undertaken any preparation for a possible bid for Golden West and nor does it have any current intention to make a takeover offer for Golden West," the company said in a statement.

Portman was placed in a trading halt this morning as it prepared to deliver a statement.

Full Portman announcement below:

Portman notes the further speculation in today's The Australian regarding a number of matters in relation to Golden West Resources Limited ("Golden West").

Portman repeats its position, which it announced on 28 May 2008, that it has not undertaken any preparation for a possible bid for Golden West and nor does it have any current intention to make a takeover offer for Golden West.

Portman has not contemplated increasing its stake in Golden West through any transaction involving Fairstar Resources Limited ("Fairstar"), a major shareholder in Golden West.

Portman has applied to the Foreign Investment Review Board (FIRB) for approval to be able to increase its interest in Golden West to 19.9% as part of its strategic investment in Golden West.

If the FIRB approval is granted, this will give Portman the flexibility to increase its shareholding to 19.9%, should Portman determine to do so.

Portman has not undertaken any preparation for acquiring any shares whatsoever in Fairstar, and nor does it have any current intention to do so.

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