Well it looks like the I/O cycle may have turned. Even if Wah Nam were able to rid itself of the odium it has attached to itself and somehow convince debt and equity markets it is worthy of being entrusted with 2-3 billion++ to develop the project, it still does not have rail and is at risk of losing its port allocation.
Small things it has done to destablise BRM may come back to bite them...eg. HK's ICAC investigation of Peter Luk: what is the status? If it was just a beat-up to scare BRM holders into selling, what does that say of WNI's ethics, and underscores the difficulty WNI faces in the integrity stakes. Another one is ASIC: we have not been privy to what is going on there. Maybe more has gone on behind closed doors. Also The lack of independent directors on the board. Any potential funder of Marillana will only have to do a little bit of due diligence on a couple independent directors that we know well...and that alone should close the case.
I could go on with more scurrilous behaviour but we all know the story.
Vale Wah Nam, from hell's heart I cast a final stab at you.
BRM Price at posting:
$2.48 Sentiment: None Disclosure: Not Held
