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ASX
COMPANY ANNOUNCEMENTS PLATFORM
2
May 2008
MIDWEST
SHAREHOLDER MEETING NOT REQUIRED
FOR YILGARN NOMINATION
After consulting with the ASX, Midwest Corporation Limited
(“Midwest”) has been advised by the ASX that, in its opinion,
listing rule 10.1 does not apply to the nomination of Yilgarn Infrastructure
Limited (“Yilgarn”) to the Western Australian Government’s
RFP process for the new Oakajee port and other associated arrangements between Midwest and Yilgarn.
As a consequence of the ASX ruling, Midwest
will not be calling a shareholders meeting in relation to the nomination of
Yilgarn and other associated arrangements with Yilgarn.
Following Sinosteel becoming a substantial shareholder on 24
January 2008, Midwest became concerned that
ASX listing rule 10.1 may apply to a nomination of Yilgarn. This arose because
Midwest understood Yilgarn may be an 'associate' of Sinosteel and the
nomination by Midwest of Yilgarn to respond to the RFP, and entry into other
arrangements with Yilgarn may be a 'disposal' of a 'substantial asset' by
Midwest to an 'associate' (i.e. Yilgarn) of a 'substantial shareholder' (i.e.
Sinosteel).
To ensure it complied with the ASX listing rules and to
ensure that any requirement for shareholder approval under listing rule 10.1
was addressed, and to avoid the possibility of the ASX requiring Midwest to
take corrective action, Midwest consulted with
the ASX and then sought the opinion of the ASX on the application of listing
rule 10.1.
Midwest Chief
Executive Officer, Bryan Oliver said the guidance provided by the ASX was
timely and welcome.
“Midwest has been using and will continue to use its best
efforts to achieve a nomination of Yilgarn to respond to the RFP in time to
allow the parties to participate in the RFP process,” Mr Oliver said.
Media contacts:
Cannings (02)
9252 0622
Martin Debelle 0409 911 189
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Purple Communications
(08) 9485 1254
Warrick Hazeldine
0417 944 616
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