Portman Iron Ore Limited (Portman, ASX: PMM) is disappointed...

Portman Iron Ore Limited (Portman, ASX: PMM) is disappointed that, following last Friday’s general meeting of Golden West Resources Limited (Golden West, ASX: GWR), resolutions for the appointment of Portman Managing Director, Mr Richard Mehan and independent director, Mr Paul Piercy to the Golden West Board were not passed.
Portman notes that the Federal Court today ruled against its application for validation of proxy forms lodged in support of Portman's positions on the resolutions, which represented approximately 12% of the voting shares.
Portman received considerable support from Golden West shareholders who shared Portman's concerns about the level of iron ore experience on the Golden West board.
“It is clear there is an appetite to boost the iron ore expertise at the top strategic level of Golden West Resources,” Portman Managing Director Richard Mehan said.
Portman is also disappointed that the other resolutions proposed by Golden West in relation to options to non-executive director, John Lester, further share and option placements, and the acquisition of the Joyners Find tenements were also passed. Again, there was significant shareholder support for Portman's objections to these resolutions.
It is clear that the substantial share placement completed just days before the general meeting was a critical factor in defeating the position of Portman and many other shareholders.
Portman holds a 19.2% interest in Golden West and is currently assessing its options in relation to this investment.
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Who thinks a takeover is coming now? I hope so