Australian-Media.com.au News

• Seven wants to "Refresh the West"

  March 7 2008 6:57am (UTC+8)  -  Article by Kevin

  
  The Seven Network has launched a new website directly targeting the board of West Australian Newspaper Holdings (WAN). The website, Refresh the West, says that WAN "can do better for its shareholders".
  
  Seven, the largest shareholder in WAN, wants to remove all WAN directors except Managing Director Ken Steinke.
  
  The network claims it is seeking to "refresh the WAN Board to improve the performance of the company".
  
  Seven has nominated Kerry Stokes and Peter Gammell as candidates for election, and has asked other candidates to nominate themselves for the other two positions.
  
  Seven says that it has "reluctantly taken this action as it has become increasingly concerned about the company's performance, particularly the 30% fall in WAN's share price since last September and the cut in dividends from 30 cents per share to 21 cents."
  
  The network continued to say that it will "exercise its right to vote and will vote in favour of electing Mr Stokes and Mr Gammell to the WAN Board", however Seven insists that it is not seeking control of the company.
  
  "Seven has made it clear that it is not seeking to control WAN", the website says.
  
  "Seven believes all shareholders will be best served by it remaining as an independent listed company and recovering shareholder value through improved performance. This is why, in Seven's announcement, Seven encouraged others who felt they could make a meaningful contribution to getting the company back on track to put themselves forward as candidates for the two remaining positions on the Board."
  
  "Seven is only seeking two Board positions. There will be three other directors unrelated to Seven who will represent the majority on the Board."
  
  Australian-Media.com.au

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