GWR 2.22% 9.2¢ gwr group limited

its begining

  1. 153 Posts.
    i can see things unraveling very quickly over then next week or so....

    this is the second attempted investment in golden west i have heard rumors about, both of which it is rumored that John doutch stopped, how many more offers and meetings were there?

    Oh and wait for tomorrows paper im sure it will talk about the reasons i mentioned for the directors leaving....

    Golden West reel as directors quit
    Kevin Andrusiak | February 18, 2008

    THE Golden West Resources board has imploded in spectacular fashion, with three directors resigning late Friday night.

    Chairman Geoff Wedlock, managing director Gary Hutchinson and executive director Peter Thompson quit their posts without any indication as to reasons, leaving Con Markopoulos as interim chairman. Mr Markopoulos will lead a three-man board, with the other positions filled by Alan Rudd and Mick Wilson.

    The bombshell comes as Golden West tries to stave off an opportunistic bid for the company by junior explorer Fairstar Resources. It is also the latest in a long-running saga involving the two companies, which has seen an Australian Federal Police raid on the financial advisers to Fairstar and an "accidental" acceptance of the bid by Golden West's major shareholder, the Dubai-based Falak Holdings.

    The three surviving board members had been trying to depose Mr Wedlock -- the former head of BHP Billiton's iron ore division in Western Australia -- by taking legal action against his appointment, but had failed on numerous times.

    Mr Markopoulos said he remained opposed to the Fairstar 7-for-1 scrip bid for Golden West.

    Neither Mr Rudd nor Mr Wilson are able to make any recommendations or take part in talks about the bid because of conflicts of interests, while Fairstar's bid is now unfunded after Findlay breached its underwriting obligations.

    The share prices of both companies have plunged since the bid was launched last year, with shareholders complaining to regulators alleging market manipulation. They were to have voted last Thursday at an EGM on whether to appoint a representative from Falak Holdings onto the Golden West board.

    Falak and Golden West have appealed a decision by the Takeovers Panel not to grant a declaration of unacceptable circumstances over Falak's claims that it inadvertently sold its 8 per cent stake in Golden West into the Fairstar takeover. On Friday, the panel said it would begin hearing an appeal by Golden West and Fairstar, but Mr Markopoulos said Golden West would now approach Falak and see if it wanted the EGM to go ahead, given the three resignations.

    Meanwhile, observers said the resignations paved the way for market regulators to step in and take control of Golden West and investigate shareholder concerns.

    Details have emerged about how Mr Wilson emailed confidential board correspondence to the company's top-ranking shareholder John Doutch in 2006, within minutes of receiving details about a meeting between Mr Hutchinson, former Golden West chairman John Daniels and Chinese steel company Lian Feng Steel. The meeting concerned a possible partnership between Lian Feng and Golden West over Wiluna West, including the placement of shares to raise $21 million, and incremental investments of $450 million, to earn a 45 per cent stake in the project.

    The deal failed to materialise, but other shareholders were not made aware of the developments.
 
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