The board of WA Newspapers Holdings Ltd is weighing up its defensive strategies as several new names are understood to have emerged for board positions, with nominations set to close at 5pm today.
With the potential of a big field of candidates in addition to Kerry Stokes and Peter Gammell who have been nominated by Seven Network Ltd, the existing four independent directors are believed to be considering an all-or-nothing option as one strategy to thwart Seven's bid to dump them.
The take-us-or-leave-us option would put the issue of board continuity squarely in front of investors. It would also be a practical outcome to avoid a split board should Seven be successful in its initiative.
At present, no corporate heavyweights are known to have nominated for board positions, outside those aligned with Seven.
Shareholder activist Stephen Mayne has just announced his last minute nomination for the five-person WAN board, which he has criticised for number of reasons, including its size.
"This is a backflip from earlier plans but having booked flights to Perth for the April 23 meeting, I decided that a board tilt was appropriate, if only to highlight the no vacancy rort which WAN is using like so many other listed companies," Mr Mayne said in this afternoon's bulletin of his new web venture The Mayne Report.
Among the known names are internet entrepreneur Aidan Montague, University of WA deputy vice-chancellor Margaret Seares and former editor of Melbourne's Age newspaper Steve Harris.
WAN chairman Peter Mansell was reluctant to provide names until WAN had released its own statement after the 5pm deadline.
On the subject of strategy, Mr Mansell said the board had several options in front of it. They will need to make their decision by Wednesday next week in order to meet the deadlines required to advise shareholders.
"We are thinking about all options but you would be well advised to see what we advise in the notice (convening the meeting)," Mr Mansell said.
This story will be updated.
