Here are the key parts from today's Brian Firth article...if WN & Associates does not sound suspect, I don't know what does. Anyhow this is what ASIC will be investigating ------------------------- Wah Nam has responded to Brockman by stating that its analysis showed that Asian investors, excluding Wah Nam, owned 31 per cent of Brockman and that Australian investors owned only 21 per cent.
However, that analysis ignores the fact that in recent unusually heavy trading in Brockman shares, many of the Asian shareholders named in the panel application have been selling down their shares to be replaced by other Asian investors, who have then turned around and accepted into the Wah Nam offer.
Parties who were named and have sold down include Leading Price, Tradewin International and Yenchong.
Buyers include Kingston Securities, China Guoyin and RBS Coutts.
They have all accepted into the Wah Nam offer.
None of those buyers have been encouraged by Brockman to invest and it is clear they bought with the intention of becoming shareholders in Wah Nam.
That may be a legitimate purpose but it should also be cause for ASIC to at least make inquiries to satisfy itself that foreign investors have not simply found a way to bypass Australia's foreign investment rules.
BRM Price at posting:
$4.37 Sentiment: Hold Disclosure: Held
