In the name of transparency for all,I wish to share an email I...

In the name of transparency for all,I wish to share an email I sent to the Takeover panel recently and their response. One which might prove to be a challenge for some share holders.

{ I hereby lodge my official complaint in regards to the takeover of Brockman Resources by Wah Nam.

One of the statements in question is in relation to the "independent" directors recommending the takeover. I know of at least 3 board members who have a vested interest in Wah Nam but no financial interest in Brockman Resources. How can they be classed as independent and working in the best interests of Brockman shareholders?

One of the directors Mr Peter Luk is currently under investigation by ICAC. Is he in a position to be on both Wah Nam's board, Brockman's board AND under investigation but still drive a takeover attempt?

What is Mr Luk under investigation for?

Has the FIRB looked into how Wah Nam acquired its stake in Brockman Resources through the use of associates and loans in Asia? ( As per the takeover panels findings )

As a shareholder in Brockman Resources, myself and other minority holders have been alarmed at the way in which Wah Nam have acted in acquiring their holdings. I urge the FIRB to investigate the current precedings by Wah Nam into the attempted takeover of Brockman Resources. I believe this i corporate theft requiring both the FIRB and ASIC's immediate attention. }

Response from their lawyer

{As you may know, while the role of the Panel is to act as the primary forum for resolving disputes about a takeover until the bid period has ended, the Panel cannot initiate proceedings of its own volition. It must receive an application for its power to be enlivened. Should you wish to make an application you must identify the circumstances that are unacceptable and the effect they will have. You must also ensure that the application contains all of the information required by the Procedural Rules. Unfortunately the application process is quite complicated, so parties usually seek legal advice, although it is not required by the Panel. To make an application, you also need to pay the fee of $2010.00, payable to the Department of the Treasury.

It appears from your email that you are seeking the assistance of FIRB and ASIC in relation to this matter and that your email was sent to the Panel for information only.

Please consult our website: ***.takeovers.gov.au for further information about the Panel (and for a pro forma application, if required).

We have copied this email to FIRB. If you would like us to forward your email to ASIC we will do so. }


I've seen this response before. My reply will be something along the lines of I shouldn't have to pay a fee to have someone stand up for minority shareholders and do their job! Which leads to my next point....Why would I watch my money go down the toilet when the board couldn't be bothered the first time to make a connection......why would they see anything different?

A proper investigation into how WNI has and still is acquiring shares in Brockman Resources.
The former directors first raised the question, now they have bailed on us. Too hard basket perhaps.
Got tired of looking so stupid for allowing this to happen and bail out...

Unless we here on HC are all deluded with what we see happening....

What would the chances of that be!

So, the response from the Takeover Panel invites me to raise the issue and I figured that was worth sharing with those of you who here on HC, have far more exposure than I do.

Have a great weekend all!