I dont hold any BRM but have AGO, BCI & IOH so interested in the...

I dont hold any BRM but have AGO, BCI & IOH so interested in the possible end game here.
Notice IOH has been slowly moving up of late.
Not sure whats happening but clearly the Limo boys have someone else pulling the strings on the outcome.
Good luck to BRM holders right now I prefer BCI at least it can get its ore to a ship.

Cheers
Hotlegs

HONG Kong's Wah Nam has moved to mop up the shares of Brockman Resources it does not already own in a cash and scrip deal to gain full control of the junior's Pilbara iron ore assets.

The bid, unanimously recommended by the target's board, sees directors who had previously opposed Wah Nam's all-scrip offer last year now receiving cash for their interests.

Wah Nam is offering Brockman shareholders $1.50 in cash and 18 Wah Nam shares for each Brockman share held. The deal has an implied offer price of $3.03, which the company says is a 34 per cent premium to Brockman's closing price on December 9. Shares in Brockman last traded at $2.26.

The Hong Kong vehicle had secured a 55 per cent stake in the Perth junior through its bid, launched in November last year, which offered investors 30 Wah Nam shares for each Brockman share. Brockman's board strongly opposed that bid from the outset, saying it undervalued the company, and raised with the Takeovers Panel allegations of questionable trading behaviour by offshore investors associated with Wah Nam. These allegations were dismissed.

Those who opposed the original bid included Brockman deputy chairman Ross Norgard, who has a 9.3 per cent stake; former managing director Wayne Richards, who has 2.07 per cent; and chief executive Colin Paterson, who has a 2 per cent stake.

Mr Norgard said yesterday the new offer was in the best interests of Brockman's shareholders because it allowed investors to realise value through the receipt of cash as well as retaining exposure to the upside potential from the flagship Marillana iron ore project.

Warren Beckwith, director of Wah Nam, said if successful the deal would speed up funding options for Marillana and streamline the company's corporate structure.

"We felt we had to move quickly at this time because a split structure in a partial ownership doesn't allow us to unify and move the management forward quickly," he said.

"In the first deal we thought we could achieve what we wanted without a cash offer and the market was a different animal to what it is today. But in order to mop up, you had to be serious about getting a recommended bid."

Mr Beckwith said he noted that the market questioned Wah Nam's background and its lack of previous mining development experience, but he said once the deal completed the company's focus would become clear. "Wah Nam's major asset is its stake in Brockman and once we own 100 per cent of Brockman it will be much clearer who we are."

Mr Beckwith added that the Wah Nam team were treating the matter of project funding as its higher priority. "Wah Nam does have some expertise in financing and we are well connected in debt and equity markets. And we are well connected amongst Chinese steel mills and Japanese and Korean traders -- people who have started to express interest in being involved in this project from a funding point of view," he said.