shareholders letter, page-62

Hi Yarramundi,

Your figures are correct.

#5 CITICORP NOMINEES PTY LIMITED have sold 153,941 since 03.04.12
#6 JP MORGAN NOMINEES AUSTRALIA LIMITED have bought 96,430.
#7 HSBC CUSTODY NOMINEES have sold 1,292,083
#8 ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD have bought 185,631

So it looks like the funds have either been selling down or nominees of the funds have been selling to their mates who have bought up and tipped shares into the take over offer.

Either way....the nominee funds still have a LOT of BRM shares.
Obviously using associates to buy shares on market with the intent of helping your mates to take over an asset is perfectly legal in Australia!

I still think management ( being mostly WNI people ) deliberately manipulated the company out of the ASX 300 which resulted in funds selling out and WNI associates soaking up those shares.
Of course I have about as much chance of proving that as the Takeover Panel has of proving associates located in the same location are colluding to help WNI steal Brockman Resources :/