In it's first takeover attempt, Wah Nam announced it had FIRB...

In it's first takeover attempt, Wah Nam announced it had FIRB approval in the Bidder's statement. In fact they may even have had FIRB approval prior to launching the bid.

In either event, there has been no announcement by Wah Nam on the current status of FIRB. Given that Wah Nam has, on a generous take, a sloppy approach to its continuous disclosure obligations, is this something that has been gained, or is there a problem with FIRB.

One issue FIRB looks at is the character and track records of directors. Perhaps Joseph has out-clevered himself here. If he says to the FIRB, it was just a minor matter, it would raise the question why he made huge song & dance about it in October last year, sending WNI & BRM into pre-open. Was he trying to push the share price down?....that would go to the "character" issue, surely.

And if he says it's a serious issue, well that is surely, err...serious then...which in turn goes right to the character issue again.