29/08/2008 - 14:48

Portman proxies in GWR stoush invalid

29/08/2008 - 14:48

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Portman Ltd has been dealt a blow in its bid to oust two directors from Golden West Resources Ltd, with its proxies deemed invalid at today's shareholder meeting.

Portman proxies in GWR stoush invalid

Portman Ltd has been dealt a blow in its bid to oust two directors from Golden West Resources Ltd, with its proxies deemed invalid at today's shareholder meeting.

Shareholders in Golden West met at the Parmelia Hilton in Perth to vote on a number of resolutions put forward by Portman, including a proposal to vote out GWR chairman Con Markopolous and director Michael Wilson.

Portman has proposed that its own managing director Richard Mehan and Paul Piercy be voted onto the board, saying the current GWR board lacks experience in iron ore.

Since Portman's requisition for a meeting in late June, both companies have bolstered their campaigns of its views on the various resolutions by attaching completed proxies to announcements.

Today Mr Markopolous said Portman's proxies had been ruled invalid, based on the proportion of Portman's shares in GWR.

Portman does not accept that its proxies are invalid and had called for the meeting to be adjourned, however the motion was dismissed and a poll was held.

In addition, shareholders were told that results from the poll will not be known until next Tuesday afternoon with Justice John Gilmore of the Federal Court needing more time to process the votes.

Other resolutions that were voted on during the meeting included the acquisition of the Joyner's Find tenement and a share placement.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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