Stokes gunning for board seat: analyst
Posted
Kerry Stokes is creeping up on The West Australian newspaper.
A business analyst says a move by Kerry Stokes to increase his stake in West Australian Newspaper Holdings (WANH) has shown the billionaire wants to be a long term player in the paper's future.
Mr Stokes' 7 network bought four million shares yesterday to bring its ownership of WAN to 22.3 per cent.
It follows an unsuccessful bid by Mr Stokes to spill the WANH board in April.
He had hoped to secure a seat on the board for himself and fellow Seven Director Peter Gammell.
Analyst Mark Nuitta says the latest development shows that Mr Stokes still wants a position on the board.
"I think it's convincing enough to make people realise that Kerry Stokes wants to be there, he doesn't want to go and he thinks it's a good investment or he wouldn't be putting his money into it," he said.
"I think if anything it's more a sign of hey, we're here to stay.
"I think he's probably still gunning for a position on the board and showing people that he's serious and he's a long term player. He's not about to reduce his stake and walk away."
