Streeter wins stay order in $60m case

Western Areas directors Terry Streeter and David Cooper will hang onto $60 million worth of shares that were awarded to unrelated company Western Areas Exploration, after winning a stay order in the WA Court of Appeal.

The Court yesterday made orders suspending key parts of a judgement against Messrs Streeter and Cooper until the outcome of their appeal against WAE, expected later next year, is known.

In July, the Supreme Court awarded about 11 million Western Areas shares to WAE after it found that Messrs Streeter and Cooper had breached their fiduciary duties in diverting a money-making opportunity to their own advantage.

WAE were looking to gain a portion of the profits made by Messrs Streeter and Cooper after both were allegedly presented with a potential nickel opportunity by three geologists, including Julian Hanna, which called themselves the Australian Nickel Project Consultants in 1999.

WAE claimed that Messrs Streeter and Cooper, who were both on WAE's board at the time, pursued the nickel prospect to float Western Areas.

In a statement today, Messrs Streeter and Cooper said that as a result of the suspension orders, both with continue to hold the disputed shares on trust, under escrow terms concerning their sale or transfer.

Lawyers for WAE have also asked for a three-month extension for the submission of its case in the appeal.