I broadly concur with your sentiment. I take it as a positive that BRM is still able to negotiate with WNI as a majority holder. This was one of my biggest concerns about the takeover. If that is the case, BRM is pretty much home. But we're still not out of the woods. Much depends on Wah Nam's behaviour from here on in.
I also noted the rise in WN-HK yesterday. To be frank I could probably lay out to a dozen scenarios as to why that might be occurring, and I still would probably get it wrong.
If Wah Nam: 1. Wants to make money 2. Keep the BRM team together 3. Wants to get a rail deal 4. Fast track Marillana to production
...and these maybe "ifs" they don't want. But if they do, then it is in their interests no to stuff around with a debilitating scrip offer or a low ball cash offer. Either take us out fair & square, or act like a responsible majority holder, sit back & watch the investment grow.
Now according to yesterday's announcement they were sounding like good boys...for now.
BRM Price at posting:
$2.90 Sentiment: Hold Disclosure: Held
