kungpow, your calculation of what i'm doing is correct 9assuming I'm forced to accept). I'm effectively getting WNI shares at half price with a view to trading in HK if I need to sell them in a short period of time. In the last 2 weeks I've bought 75K brm shares between $2.04 and $2.22. I plan to buy a further 75K at up to $2.13. I'm hoping that those that don't want the WNI scrip will sell cheaper than $2.13.
With my optimist hat on, I reckon there is a good chance that WNI's market cap will double to circa $650 million AUD once they have total ownership of BRM. This should make their share price in hk about 12 cents(allowing for dilution due to brm share conversion). So my 150 brm top up amounts to 2.7 million WNI shares. If they do get to 96cents or 12 cents AUD, I've made a profit of $216,000 (2.7 million x8 cents) on an outlay of about $96,000 (takes into consideration I get back $1.50 and I've bought brm at $2.15).
Tax I haven't figured out yet but will worry about that if and when I sell - which could be over 12mths from now.
BRM Price at posting:
$2.11 Sentiment: None Disclosure: Held
