the pen is mightier than the sword!

Well its not one of my best works but please feel free to modify or send it as is to whoever you like.

BRM Defender, your mate at Perth Now might like a read.

I'll spam this out when i get a chance hopefully over the weekend!
ps ( My bullet points didn't copy across as such, so I've modified the text to look right here on HC with spacing. I had "the construction contracting strategy" + the Sino story in bold and underlined)



Dear Sir/Madam,



May I quickly draw your attention to the plight of Australian shareholders and soon to be , the Australian government. Let me show you the new extent of China moving in on the Pilbara and how it could possibly exclude Australia almost entirely, from start to finish.


Wah Nam, predominantly a limousine company in Hong Kong makes it first takeover bid for Brockman Resources 11.11.10. It concludes 15.06.11 unsuccessfully. WNI shareholding goes from 22.8% to 53.4%. Amazingly, 96.49% of the total acceptances have come from only 9 shareholders & only 0.59% of acceptances are from Australian / NZ registered shareholders! ( from a base of f 2642 shareholders. )

Brockman board complains to the Takeover Panel, highlighting inconstancy with the trading of Brockman shares. The takeover panel response was that they were "concerned" about the use of Chinese associates who accepted into the offer however ," the Panel was not satisfied on the material available to it that it could draw the necessary inferences and find the alleged associations."

WNI takes seats on the BRM board and removes most of the existing board. They then proceed to ignore months of work presented to them with the Front End Engineering and Design (“FEED”) by UGL - claiming there are changes and improvements to be made. Some of these changes relate to "the construction contracting strategy" outlined in the FEED.

Now, may I highlight this article written in Dec 2011 in relation to the MoU cancellation with Sinosteel by the new BRM/WNI management -
http://www.sinocast.com/readbeatarticle.do?id=68105

in it they highlight -

"The Australian iron ore producer's new management prefers to cooperate with Chinese steel producers rather an iron ore trader and also wants to introduce several infrastructure construction companies to form an investment consortium, said a source close to the Australian iron ore producer."

BRM/WNI didn't even notify Brockman Resource shareholders about this cancellation! When the MoU was announced it was a big deal requiring a trading Halt of Brockman shares.

WNI launches a new takeover offer. Still relying on printing more WNI shares to fund the takeover of Brockman Resources. Not only that but using Brockman's cash reserves to FUND part of the takeover.

In October WNI releases their own "independent expert valuation" on Brockman Resources which valued the company at $4.47 - $6.87. The current offer is substantially less. ( $1.50 cash + 18 illiquid WNI shares ) What's changed?

Shareholders are being intimidated by Wah Nam with the threat of delisting Brockman Resources if they secure 80% of acceptances.

Wah Nam director and imposed director on the BRM board Peter Luk is placed under investigation by ICAC ( Independent Commission Against Corruption )

New BRM management remove all brokerage reports from their website, highlighting their valuations in excess of $5.00-$6.00+ per share

Brockman Resources directors continually advise their shareholders NOT to accept the first offer however now they now recommend a lesser offer even though the project is far more advanced by this stage.

Brockman Resources directors also continually update shareholders of "advanced" negotiations with FMG regarding a rail deal which never eventuates. Was there ever a rail deal or were shareholders lied to by a management?


So not only are Wah Nam using associates based in China to procure one of the Pilbara's most advanced Iron ore projects, they are also trying to take the entire company in order to delist it then build a mine using Chinese labour.

Wah Nam have also made it clear that they wish to deal directly with Chinese steel mills not sell Iron Ore. You can bet their reasoning is to avoid paying the MRRT in the future. This could be achieved by selling iron ore at cost ( or below cost ) to the steel mills, then receive a kickback from them. WNI's income will be from Steel, not Iron Ore.

Our government misses out, the Chinese government gets the tax from WNI and the steel mills, Brockman shareholders get delisted, Chinese labour is used to build the Iron ore mine instead of employing Australians...this isn't as far fetched as it sounds.

There is corporate theft occurring right under the noses of our government and our regulators are too incompetent to act. Australian shareholders are also being treated with contempt by Wah Nam and fleeced of their hard earned money due to loopholes in our laws.

Thank you for taking the time to read my email, I have listed where further information can be found.