Nevada Gold & Casinos: Wynnefield Urges Board to Remove Chairman Winn

Jun.12.07 | About: Nevada Gold (UWN)

In a 13D filing Friday afternoon on Nevada Gold & Casinos (NYSEMKT:UWN), 9.9% holder Wynnefield Partners and related funds sent a letter to the company's Board of Directors urging the Board to remove H. Thomas Winn as Chairman and a director due to the negative impact Mr. Winn's mismanagement and missteps have had on the market price of the shares and their concern that his continued association is an impediment to rebuilding shareholder value.

Nelson Obus, Managing Member of Wynnefield, said:

It is the Board’s responsibility to remove Thomas Winn and establish a new regime of governance and direction toward a path that will rebuild the shareholder value which has been lost through his incompetent stewardship. Mr. Winn’s continued association with UWN is a clear impediment to rebuilding confidence in the Company’s ability to achieve the potential that caused shareholders to invest in the first place.

UWN 1-yr chart