Wah nam says Peter Luk is 'assisting' the ICAC with a corruption investigation. Everyone assumes that Peter Luk is the one being investigated, but where does it say that? IMO it is only the conclusion that what Wah Nam 'want' everyone to jump to, and it has worked. Over the past 6 months, everything Wah Nam has done has been to manipulate the share price lower,
1. Remove shareholder information from the web site, including broker reports, etc.
2. Go completely silent and not release any announcements on progress or strategy going forward.
3. Destroy chances of rail deal with FMG which has been now 12 months since WR said 'advanced negotiations'.
4. Announce the chairman Peter Luk is assisting the ICAC with a corruption investigation (October) and then go silent.
5. Sack half of the independent board of directors that do not fold to their shonky ways (IMO).
6. Scrap FEED work and delay it and rail talks by another 6-12months. They say they are 'optimising', but really the aim was just to delay releasing any good news and frustrate shareholders so they can insert another low-ball takeover offer.
7. Launch a 'strategic review' taking 4 months, which amounted to nothing more than an analysis of the shareholder register, for the sole purposes of launching another takeover offer for $1.50 and with useless scrip not worth mentioning.
No one in their right mind would purchase ASX:wah nam shares. They are worthless and have zero liquidity. Wah nam management have already demonstrated they cannot be trusted and have zero ethics. Yet they try and fool everyone into accepting this $1.50 takeover offer? Less than half the value of their previous takeover offer unanimously rejected by the previous board 12 months ago.
Australian investors are not interested in wah nams on any stock exchange. This should be blatantly obvious from the previous takeover offer of 30 wah nams, which failed to get any Australian investors. A wah nam takeover bid with scrip will fail. The wah nam scrip is like the leaflets people hand out in the street for free. Most people avoid them or promptly throw them in the bin at the first opportunity.
The company is not worth less now than it was 12 months ago.
Wah nam should be fully investigated by the FIRB, ASIC, ASX or whatever for market manipulation and breaches of corporate governance IMO. There has to be something in there. This is not how an Australian company should be run. It goes against every principle. Even a child can see this latest takeover offer from wah nam is theft. Just like those unsolicited offers from people who try to get you to sell your AMP shares off-market for $1.
The only reason I can see the so-called 'independent' directors are saying yes is because they are being rewarded with bonuses and free option conversion. But we are not being offered those things are we? This whole thing amounts to nothing more than corporate bribery in my eyes. How on earth can directors Patterson and Norgard say $1.50 is in the best interests of all shareholders when 12 months ago they supported a valuation of $6.47 ???
Why aren't directors fighting for a fair price?
That not just unethical, it is un-Australian.
They should be ashamed of themselves. It is a public disgrace.
BRM Price at posting:
$2.26 Sentiment: Hold Disclosure: Held
