using the atlas numbers to value brm, page-7

"There will be no advantage for WNI to drive BRM sp down, so it should recover once/when rail deal especially is announced."

If Wah Nam have any future now, they must secure 100% of BRM. It makes sense for them to drop the price as low as they can, before they make a low-ball offer in a hopefully futile attempt to mop up.

The FRS Board are to be congratulated for managing to avoid the prospect of FRS shareholders ending up with WN pulp. Unfortunately for BRM shareholders that is still a possibility and until that risk is dealt with I suspect the market will ingnore the massive discount.

BRM now trading lower than BCI... can't ever recall that happening.