06/02/2008 - 15:40

Stockbroker confirms Police raid over Golden West takeover

06/02/2008 - 15:40

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Fairstar Resources Ltd corporate advisor, Findlay Securities Ltd, has confirmed that the Australian Federal Police raided its Sydney offices on January 31, seeking information in relation to Fairstar's takeover of Golden West Resources Ltd.

Fairstar Resources Ltd corporate advisor, Findlay Securities Ltd, has confirmed that the Australian Federal Police raided its Sydney offices on January 31, seeking information in relation to Fairstar's takeover of Golden West Resources Ltd.

Findlay said it had fully co-operated with the AFP search warrant and provided documents in relation to Fairstar's $200 million takeover of Perth-based Golden West as requested.

Contrary to recent media reports, Findlay said no computers were seized in the raid.

The Sydney Morning Herald reported on February 1 that the AFP had also raided the home of a Findlay stockbroker and that of his girlfriend, on the same day the Findlay office was raided.

Fairstar recently extended its takeover offer of seven shares for one Golden West share until February 13.

Golden West's major shareholder, Dubai investor Falak Holdings, which has opposed the takeover offer, claimed on January 29 that its custodial agent had mistakenly issued instructions to accept the offer.

The companies have since launched an investigation, while Fairstar maintains Falak's acceptance of the offer was valid.

Findlay said today it remained committed to Fairstar's bid and continued to underwrite it.

Golden West has firmly rejected Fairstar's advances in the past, arguing that the value of Fairstar scrip is highly uncertain and volatile and that Fairstar adds nothing to the planned Wiluna West iron ore project.

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