Refer to todays article in The West Australian, page 38 and titled "Portman puts sackings plan on ore target", Peter Klinger.
The article succinctly interpreted and summarised Portman's position in that they are not interested in the other 80% GWR shareholdings but in the GWR resource asset itself.
"One analyst said Portman's move was designed to take control of Golden West on the cheap, while another suggested Portman was using the move as a leverage to secure an offtake agreement from the target's flagship Wiluna West project, which has an inferred resource of 86.3 million tonnes grading 60.1 per cent iron ore."
Delivery of the Board to Portman "amounted to a quassi-takeover".
Prediction: Share price will tumble post FAS offer and attempted Portman board spill. Portman unable to purchase anymore shares, capped at 19.9%.
Now that the FAS bid has lapsed and Portman is unable to purchase anymore shares in their name (capped at 19.9%), there is no need to support the GWR price.
Easy pickings to come for their friendly parties.
$1.60 during the month of July.
Portman control of the GWR Board is not good for the other 80% shareholders and share price, here's hoping a third party arrives. IMO.
GWR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
