Hi all,I fired off an email to BRM today, partly out of...

Hi all,

I fired off an email to BRM today, partly out of frustration, and partly out of anger at the deafening silence coming from the BRM board. I got a response within a couple of hours.

As this is a mater that concerns us all, I have copied the full text of my email below along with a brief summary only of the main points the response contained.

Regards,
Bones
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Good afternoon,

I am one of the long standing BRM shareholders who are strongly opposed to the Wah Nam takeover bid. I find it incredibly frustrating that Wah Nam and their 'associates' seem to be moving inexorably towards success, particularly now that they have waived the 90% minimum acceptance condition for the off-market takeover offer of FerrAus Limited, if they receive sufficient acceptances to give them a relevant interest in more than 50% of FerrAus shares. I have no doubt that a similar change in acceptance conditions for BRM will also be announced in due course.

The lack of information from the BRM board on any form of possible dilution of Wah Nam's percentage holding through a capital raising or other means, and the apparent lack of any progress on a rail solution (supposedly at the stage of 'advanced negotiations' back in November last year) is incredibly exasperating from a board in which I have previously had such great confidence to take us through to production. ANY update to shareholders that can be provided should be released by the board as soon as possible. Like many others, I am now asking the question 'What the hell is going on?'

You are risking a defection of BRM shareholders to Wah Nam on a significant scale, enough to call 'game over', if this deafening silence from BRM continues. I am really worried that we appear to be on the verge of losing control of our company to a Hong Kong based limousine company of all things, for an outrageous script only offer, while the Takeovers Panel continue in their totally ineffective stance on the sidelines. For goodness sake, if you have something you can say to reassure current shareholders, then get the message out there. It is desperately needed.

Could you please respond to this email if you have anything positive you can say.

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BRM RESPONSE:

In essence, BRM's response was to state that they understood my concerns and that they continue to have concerns over:
- the make-up of the BRM register,
- the trading behaviour of BRM shares, and
- the subsequent take-up of the Wah Nam offer by major off-shore investors.

Brockman stated that they are pursuing relentlessly all possible legal avenues towards verifying their concerns and to see also that minority shareholders concerns and rights are managed within the regulatory processes available.
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