06/08/2008 - 22:00

Shanahan out at WAM

06/08/2008 - 22:00

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THE board of uranium explorer West Australian Metals Ltd has undergone an overhaul after shareholders this week voted for the removal of director Terrence Shanahan and the appointment of three new directors. Monday’s meeting followed a requisition by stakeholders Vargas Holdings Pty Ltd, Kaliara Nominees Pty Ltd and Mallee Minerals Pty Ltd – which collectively hold about 6 per cent of WAM’s stock – in June to oust Mr Shanahan, who has been a non-executive director of WAM for nearly three years. In turn, the group of companies, headed by shareholder Roger Nikolaenko, proposed to appoint three new directors: former Department of Industry and Resources senior executive and current Magna Mining NL chief executive Gary Stokes; accounting firm Judge Constable’s founding partner Kevin Judge; and lawyer David Sanders.Mr Nikolaenko and Mr Stokes work together at Magna Mining NL, which is chaired by the former while Mr Stokes is the chief executive.WAM chairman Rodger Johnston and chief executive Leon Reisgys continue on the company’s board. Mr Reisgys has previously indicated that he would review his position with the company if shareholders approved the resolutions put to this week’s meeting. Last week, WAM had sought to delay the meeting, saying that material distributed to shareholders by the three companies contained “serious material misrepresentations”. WAM had previously said it had become very concerned by a German media report suggesting Mr Nikolaenko may control more than 40 per cent of the shares. Meanwhile, shareholders rejected a proposal to issue 17 million options to Canadian group Falco Investments, which had assisted with a capital raising. They also voted down a proposal to change the company’s name to West African Metals Ltd. Rebecca Lawson

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