I'm doing my little bit by buying more. I've got my first order at $2.00 which hopefully will get filled. I'm not sure if the sellers will come down in price or if it will get higher as the month progresses. I'll have to adjust as the month goes on.
I'm pretty sure that if Wah Nam succeeds, their shares will rise a few cents, which would in effect double the value of the worth of those attached to the BRM shares bought up to $2.25.
Building up my stake to reject the offer is probably like pissing into the wind, but if enough holders do the same, then it may mean that Wah Nam don't get to 80%. Of course, those doing the same as me would have to be prepared to take Wah Nam shares should the takeover succeed.
If Wah Nam achieve 80% without my support, I will need to accept their offer. Holding off once they achieve 80% and before they declare the offer closed 80% will be fraught with danger. I have no doubt that they will crush the SP and virtually make BRM worthless so that they can pick up the remaining shares for next to nothing. They're a devious mob that we're dealing with and will be ruthless in attaining total control. Anyone believing that the Australian regulatory authorities will look after us is deluded. The world markets are stuffed and Wah Nam will use it to their advantage. Anyway, I'm trying to make the most of a bad situation.
Curiously, today Wah Nam's share price dropped significantly in HK and there was little buying of BRM. Has there been a hiccup in their plans?
BRM Price at posting:
$2.18 Sentiment: None Disclosure: Held
