pretty simple really, compulsory mop up of the remaining 7.5% shares at offer conditions. Luk immediately bought WNI shares on market at 5cents knowing that the manipulation of the last 15months depressing the BRM share price is no longer required, so the market cap of BRM tenements goes back up to the circa $900 million of pre takeover, pushing WNI up to about 10cents. They need WNI as high as possible for any cap raisings for next stage of development.
Personally, I've got the WNI shares, so if they push the WNI price to 10cents, I'm not complaining. Ideally, I'd like to see 20 cents and be rewarded for my pragmatism.
Buying no doubt is by those happy to accept the WNI shares through compulsory takeover, hence BRM price reflecting the $1.50 cash and 18 WNI.
BRM Price at posting:
$2.59 Sentiment: None Disclosure: Not Held
