High noon in the wild West

The ultimatum issued by the directors of West Australian Newspapers may be shareholders' best bet in extracting a control premium from Kerry Stokes.

Stokes, whose Seven Network owns 19.4 per cent of WAN, has requisitioned an extraordinary meeting of WAN shareholders next month to attempt to evict all four non-executive directors from the board, including chairman Peter Mansell.

Stokes has nominated himself and his lieutenant, Peter Gammell, as candidates for the board and encouraged others to nominate. Attracting nine other nominations for what would be two board seats if the incumbents were all ejected.

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