takeover panel

The Panel has received an application dated 30 January 2008 from Golden West
Resources Limited (GWR) in relation to its affairs. Fairstar Resources Limited (FAS)
is currently making an off-market scrip bid for GWR (Offer).
The application relates to a disputed acceptance of the Offer by Falak Holdings LLC,
a 7.98% shareholder in GWR through ANZ Nominees Limited. GWR submits that
the purported acceptance gives rise to unacceptable circumstances because the
purported acceptance:
1. was not authorised by Falak; and
2. is inconsistent with statements and representations by Falak to the market and
GWR.
GWR has sought a declaration of unacceptable circumstances and interim orders.
The interim orders include that, without the prior consent of the Panel, for a period
of 2 months from the date of the order:
1. FAS not exercise any voting rights or other rights attached to the affected
shares;
2. Falak be allowed to exercise any voting rights or other rights attached to the
affected shares; and
3. FAS not dispose of, transfer or charge any of the affected shares or any interest
in any of the affected shares.
The interim orders relate in part to a shareholder meeting convened under section
249D of the Corporations Act that is scheduled for 5 February 2008. GWR has not
yet detailed the final orders it is seeking.