Two articles attachedInvestors query Brockman talks as questions...

Two articles attached

Investors query Brockman talks as questions are raised

MINORITY investors in Brockman Resources have called on its new chief executive to halt the iron ore explorer's takeover by Wah Nam until an independent revaluation of the company's assets is complete.
Russell Tipper, whose appointment was announced yesterday, was poached from fellow Pilbara explorer Aquila Resources.

The rebel shareholders reject the Brockman board's recommendation to accept what they say is a low-ball bid equal to about $3.03 a share, most of which would be in Wah Nam scrip plus $1.50 cash.

Shares in Wah Nam yesterday remained untraded at 6c.

Brockman shares climbed 1c yesterday to $2.11. Before the Wah Nam tilt they had traded above $5.

Shareholder Andrew Dunchouk said he had concerns about the board's independence because most of its directors, including the chairman Luk Kin Peter Joseph, were also directors of the Hong Kong-based Wah Nam.


"This week Brockman announced that it had established a rich vein of iron ore at Ophthalmia, which appeared to be many times more valuable than their $1 billion Marillana reserve," said Mr Dunchouk.

He is associated with the BRM Collective, which is fighting the bid.

"Until the company can attribute some value to its new ore body, it would seem wrong to expect shareholders to accept an offer that did not include the value of this latest discovery," he said.

Australian Shareholders Association chief executive Vas Kolesnikoff said there were a number of matters that "raised questions about the probity of the acquisition".

http://www.heraldsun.com.au/business/investors-query-brockman-talks-as-questions-are-raised/story-fn7j19iv-1226255717299
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Brockman poaches Aquila's Russell Tipper for chief executive role

BROCKMAN Resources has nabbed Aquila Resources' executive Russell Tipper to be its new chief executive.
After months without a chief, Brockman today made the announcement, with Mr Tipper to begin his new role on March 1.

That will be after Wah Nam International wraps up its current takeover bit for Brockman, with the Hong Kong outfit currently holding a 57.67 per cent stake.

Mr Tipper comes with plenty of iron ore experience, having previously been Aquila’s general manager iron ore for the past four years.

He looked after Aquila’s West Pilbara Iron Ore project, which is waiting on a State Government decision on a new port at Anketell Point, key to the project’s viability.

Mr Tipper past work experience also includes a time at Gina Rinehart’s Hancock Prospecting, working on the Hope Downs iron ore project in the Pilbara and has also worked on the Karara iron project in the Mid West.

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Brockman investors hold out on Wah Nam
A REBEL shareholder group is gathering numbers to hold out on Wah Nam International’s latest bid for Brockman, pushing for a better cash return for their shares. ...End of sidebar. Return to start of sidebar.
Brockman is currently focusing on its Marillana iron ore project in the Pilbara, and is in talks with Fortescue Metals Group over a rail access deal to haul the iron to a port.

“Russell is a highly-credentialed mining industry executive with a distinguished career to date in delivering iron ore project feasibility studies, rail and port infrastructure solutions and operational management,” Brockman chairman Peter Luk said.

“He is uniquely qualified to assume leadership of the Brockman team at this critical time in its transition to iron ore producer.”

Shares in Brockman climbed 2c, or 0.95 per cent, to $2.12 at 1115 AWST

http://www.perthnow.com.au/business/local-business/brockman-poaches-aquilas-russell-tipper-for-chief-executive-role/story-e6frg2s3-1226255350728