Gwr Group Limited · ASX:GWR
Gwr — Golden West Resources — Shareholder Meeting (November 2007)
10 slides from Gwr's shareholder meeting presentation, Nov 29, 2007
Slide 1: Annual General Meeting
Golden West Resources Limited ABN 54 102 622 051 Annual General G Meeting The Golden Ballroom North Sheraton Perth Hotel 29 November 2007
Slide 2: Topics
Topics • Appointment of Geoff Wedlock as Chairman • Wiluna West Project – 2008 Work Program • Capital Raising – Placement and Rights Issue • Takeover Bid – Offer from Fairstar
Slide 3: Appointment of Geoff Wedlock
Appointment of Geoff Wedlock • Experienced and respected iron ore executive −Former Managing Director of Grange Resources −Former F Managing M i DiDirector t and d CEO off P Portman t Mining Mi i −Former CEO and Executive Vice President of BHP Iron Ore • E Extensive i global l b l network k and d st
Slide 4: Wiluna West – 2008 Work Program
Wiluna West – 2008 Work Program • Continue aggressive exploration and resource drilling program • Commence Pre-Feasibility Study in January 2008 • Commence Bankable Feasibility Study in 3Q 2008 • Complete Mining Lease application • E Extend t dE Environmental i t l and dHHeritage it St Studies di tt
Slide 5: Placement and Rights Issue
Placement and Rights Issue • To fund exploration and development activities • Capital Investment Partners appointed as Lead Manager • Placement of upp to 14.466 m shares to institutional and sophisticated p professional investors at 80% of market price • Improve liquidity and provide support for fut
Slide 6: Fairstar Offer – Overview
Fairstar Offer – Overview • 5 Fairstar shares for each Golden West share • 50% minimum acceptance condition • Offer due to close 13 December 2007 ((unless extended)) • Independent Directors recommend that shareholders REJECT the offer • PricewaterhouseCoopers, the Independent Expert, concluded the o
Slide 7: Fairstar Offer – Reasons for REJECT Recommendation
Fairstar Offer – Reasons for REJECT Recommendation • Undervalues Golden West and dilutes shareholders’ interest in the Wiluna West Project • Does not offer access to any other substantial assets or an increased capability within the combined company • Fails to deliver meaningful cost synergies • Tri
Slide 8: Fairstar Offer – Independent Expert's Report
Fairstar Offer – Independent Expert’s Expert s Report • Concluded the offer is neither FAIR nor REASONABLE • Determined a midpoint valuation for Golden West of $2.92 with a range of $2.50 to $3.35 • Determined a midpoint valuation for the Fairstar offer of $2.43 with a range of $2.25 to $2.60 • Limi
Slide 9: Summary
Summary • 2008 set to be a landmark year for Golden West • Golden West is putting in place the team and funding required to take development of the Wiluna West Project to the next level • We urge shareholders to REJECT the Fairstar offer and maintain full ownership of the rapidly developing Wiluna W
Slide 10: Contact Us
Contact Us Gary Hutchinson (ASX: GWR, GWRO) Managing g g Director Email: gary@goldenwestresources.com Mick Wilson Exploration Manager/Director Email: mick@goldenwestresources.com Peter P t Thompson Th General Manager Operations Email: peter.thompson@goldenwestresources.com Phone: +61 8 9201 9202 Web
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