Golden West tussle heads to court By Bevis Yeo of MiningNewsPremium.net
The directors of Golden West Resources have gone to the Supreme Court in a bid to oust chairman Geoff Wedlock and company secretary John Palermo.
Con Markopoulos, Alan Rudd and Michael Wilson asked Justice Nicholas Hasluck to impose an interim injunction stopping Mr Wedlock from acting as a director of the company and Palermo operating as the company secretary pending a full hearing into claims they were not validly appointed, the West Australian reported.
They added Mr Wedlock, who was appointed to succeed retiring chairman John Daniels, had violated a constitutional provision limiting the number of Golden West directors to five.
Mr Wedlock's appointment has also been challenged by Fairstar Resources, which is offering seven of its shares for every Golden West share under its takeover bid.
The judge refused to issue an injunction but ordered the matter be heard on Friday.
The trio launched their court bid after learning that Wedlock and his allies had resolved on Christmas Eve to hold a shareholder meeting in early February to vote on a call from Dubai-based shareholder Falak Holdings, which holds a 12 per cent stake in the company, to remove the three directors and appoint a Falak associate to Golden West's board.
Shares in Golden West were down 10c in morning trade to $2.20.
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GWR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
