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  • WAN shareholders deny Stokes' seats

    April 23 2008 4:32pm (UTC+8)  -  Article by Ben

    Media mogul Kerry Stokes has failed to make corporate history in his bid to roll the board of The West Australian newspaper.

    The Seven Network executive chairman called an extraordinary meeting of about 800 shareholders at 2:30pm AWST in an attempt to dump the existing board of West Australian Newspapers (WAN).

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  • DIY
    April 23 2008
    6:33pm
    #1 of 7

    Ben said:
    Media mogul Kerry Stokes has failed to make corporate history in his bid to roll the board of The West Australian newspaper.

    The Seven Network executive chairman called an extraordinary meeting of about 800 shareholders at 2:30pm AWST in an attempt to dump the existing board of West Australian Newspapers (WAN).

    Proxy votes counted showed a 60-40 result against Mr Stokes.

    Australian-Media.com.au

    So much for improvement.

    [ Edited on April 23 2008 at 7:48pm by DIY ]

  • Bargearse
    April 23 2008
    7:40pm
    #2 of 7

    Ben said:
    The Seven Network executive chairman called an extraordinary meeting of about 800 shareholders at 2:30pm AWST in an attempt to dump the existing board of West Australian Newspapers (WAN).

    Sorry, you got this wrong. Stokes didn't want to dump the board; he only wanted 2 board seats. The other WAN directors threatened to take their bat and ball and go home if he got the seats.

    9 News Perth also got it wrong; this wasn't a takeover attempt.

  • Kevin
    April 23 2008
    7:42pm
    #3 of 7

    Bargearse said:
    Sorry, you got this wrong. Stokes didn't want to dump the board; he only wanted 2 board seats. The other WAN directors threatened to take their bat and ball and go home if he got the seats.

    Seven have said many times that they would remove all but 1 board member.

    AM News said:
    Seven, the largest shareholder in WAN, wants to remove all WAN directors except Managing Director Ken Steinke.

    + Article

  • Bargearse
    April 23 2008
    7:51pm
    #4 of 7

    Actually you are right, my apologies.

    Did the WAN directors threaten to quit before or after they announced this? (see http://www.sevencorporate.com.au/_uploads/...WAN_250208.pdf)

    [ Edited on April 23 2008 at 7:51pm by Bargearse ]

  • gregorius
    April 24 2008
    2:39pm
    #5 of 7

    Dont know why kerry stokes doesnt just start another newspaper. Culd be three tim es per weekly focusing on really good journalism and with maybe literary supp. Something akin to the london times or herald tribune kind of formatt. ie., not big and unruly as in the oz.

  • Smacca
    April 24 2008
    5:13pm
    #6 of 7

    A report from the 7.30 Report from the 22nd April, before WAN shareholders voted against Stokes' bid.

  • Smacca
    April 24 2008
    5:36pm
    #7 of 7

    And this from Media Watch...



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