Portman spends $4m in share raid

Portman Ltd has spent over $4 million shoring up its shareholding position in Golden West Resources Ltd, after a share placement diluted its stake last week.

The company today advised the stock market that it had increased its stake from 17.38 per cent to 19.2 per after buying over 2.3 million shares.

Portman's original 19.9 per cent stake was diluted last week as a result of GWR issuing further shares to China's Hunan Valin Steel Tube & Wire Co Ltd as part of an offtake agreement.

The shareholding boost comes ahead of a Golden West shareholders meeting on Friday, which was requisitioned by Portman in a bid to replace two Golden West directors with its managing director Richard Mehan and Paul Piercy.