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WSA - WESTERN AREAS LIMITED


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Miningnews.net , 30-3-03

 

"As noted in a change of directorÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s interest notice lodged today on the Australian Securities Exchange, Streeter has sold 414,492 Western Areas shares at an average price of $3.36 per share.

The share sale reduces his stake in Western Areas from 16.7% to 16.4% and comes after he offloaded some $7 million worth of shares in the company earlier this month and $2 million worth of shares in December. "

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Miningnews.net , 24-3-09

 

TodayÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s opening ceremony of the nickel concentrator was attended by Western Australian Mines and Petroleum Minister Norman Moore, Western Areas board members, shareholders and management.

 

However, Western Areas chairman Terry Streeter missed todayÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s ceremony as he had to attend the second day of a Supreme Court trial with unrelated private company Western Areas Exploration (WAE).

 

WAE is claiming that in 1999, Streeter and David Cooper, who were then directors on the board of WAE, breached fiduciary duties.

 

The company alleges that Streeter and Cooper were presented with a potential nickel opportunity and pursued the opportunity not through WAE, of which they were directors, but through the float of Western Areas in 2000.

 

WAE is now seeking a share of the profits from Western Areas.

 

Streeter yesterday labelled WAE's claims as "highly opportunistic".

 

"You have to question the motives and the timing," Streeter said.

 

"The resources sector is inherently risky and individuals like to be opportunistic when you turn this risk into success."

 

The trial is expected to last for 18 days.

 

Streeter owns 16.7% of Western Areas after offloading some $7 million worth of shares in the company late last week.

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I have looked through all the recent report headings issued by WSA and I cannot find anywhere that shareholders have been notified of this action taken against their Company. Can anybody find it ? If you do, let me know, as it's a bit of a puzzle.

N.M.Mer.

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Hi Barra,

 

I read through that article. Thanks for posting the link. They are actually asking for 10m shares, not $10m. I am not sure if they are sueing the directors for those shares, or sueing the Company itself. It's all very confusing.

 

Maybe they are just sueing the directors, as I cannot find any report about it issued by WSA.

 

A puzzle, but I had made good money out of the WSA I bought in Nov. 08 and was not about to risk loosing it. I bought IGO at the same time and they are up about a dollar. Still doing my butt on MCR which "I bought on the way down when I thought they looked cheap" !

 

Cheers,

 

N.M.Mer.

 

PS. Done any boofing lately ? I new a guy called Barra once- used to fish the Barra Classic every year.

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G'day N.M.Mer

 

As I understand it they are suing Streeter and Cooper who were directors of Western Areas Exploration (WEA) for allegedly pinching a nickel find which Lex Bailey is said to have found for WEA. Streeter and Cooper are accused of poaching the resource for WSA when they were directors of WEA . It does sound very dodgy, but after so long I can't see WEA getting too far with it..but if they do maybe they get some of the shares ..which as you point out would be alot more significant at $3.30 a share. If they got all of them that would be 33 million or about 6% of the company! I only know what is in that article , but it sounds like it could hinge on whether Lex Bailey is testifying and what he gets up and says??

 

I agree WSA shareholders should be more aware of this- unless Streeter and Cooper plan to settle it with their own shares/dosh if the ruling comes down against them.

 

Cheers

 

Barra

 

P.s No fising the Barra Classic unfortunately ... not too many of them around the Hawkesbury here in Sydney just bream and flathead.

 

 

 

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