They are proposing to offer 30 Wah Nam shares for each BRM share. Wah Nam's share price closed at 1.69 HKD = approx 0.21.6667 AUD equivalent.
This translates into an offer of $6.50 AUD per BRM share.
p.s. I am very tired so I am not going to do any more calcs at this stage.
That's a nice premium to yesterday's close, but far away from the what we know the true value to be. I think a bidding war could soon erupt. I also have little knowledge of Wah Nam as a company so I don't the underlying strength of their share price or activities.
All up this seems very cheap and wholly opportunistic on Wah Nam's part.
BRM Price at posting:
$4.74 Sentiment: LT Buy Disclosure: Held