News: Brockman Welcomes Conclusion of Wah Nam Bid, page-22

re: News: Brockman Welcomes Conclusion of Wah... so much for ASIC and/or Takeover Review Panel, looks like BRM board has been rolled over by WNI.

Just a matter of time IMO B4 China makes a play for all of NWIOA


Wah Nam wins Brockman
Sarah-Jane Tasker From: The Australian June 18, 2011 12:00AM

MINING: Junior Pilbara hopeful Brockman Resources has conceded it has a new controlling shareholder, Hong Kong's Wah Nam, after failed attempts to fight off the unwanted suitor.

The Perth-based company said yesterday it was business as usual for the junior after Wah Nam emerged with a 55.33 per cent stake in Brockman and revealed that as the major shareholder it was committed to the iron ore hopeful's existing business strategy.

Brockman has opposed Wah Nam's offer of 30 Wah Nam shares for each Brockman share since the Chinese company -- which derives most of its income from a limousine business -- launched its bid last November.

In trying to ward off the bid, Brockman raised with the Takeovers Panel allegations of questionable trading behaviour by offshore investors associated with Wah Nam.

The company strongly denied the allegations and Brockman's complaint was dismissed but it continued to warn shareholders against the offer and said it was seeking an investigation by the Australian Securities & Investments Commission.



Yesterday Brockman said it and Wah Nam would "jointly" advance the company's Marillana project, and that the board would be expanded to accommodate two Wah Nam representatives.

Shares in Brockman jumped 12 per cent to $3.93 yesterday.

Wah Nam is also bidding for Brockman's Pilbara neighbour, FerrAus.

FerrAus, after initially recommending the bid be rejected, hinted this week that it was open to accepting the offer.

Wah Nam chairman Peter Luk said "the consolidation of iron ore projects in the Pilbara, which is demonstrated by Wah Nam's takeover bid for FerrAus and its continuing evaluation of other opportunities, would be a positive next step in group development".