WAM shareholders oust Shanahan

West Australia Metals Ltd's board has undergone an overhaul after shareholders today voted for the removal of director Terrence Shanahan and the appointment of three new directors.

Today's meeting follows a requisition by stakeholders Vargas Holdings Pty Ltd, Kaliara Nominees Pty Ltd and Mallee Minerals Pty Ltd - which collectively hold about 6 per cent - in June to oust Mr Shanahan who has been a non-executive director for WAM for nearly three years.

In turn the group of companies, headed by shareholder Roger Nikolaenko, proposed to appoint Gary Stokes, Kevin Judge and David Sanders to the board.

WAM chairman Rodger Johnston and chief executive Leon Reisgys continue to serve the board.

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.

Comment was being sought from West Australian Metals at time of writing.