what a disgrace - make em pay, page-4

..but it looks to me as though they are scrapping the bottom of the barrel to fund this takeover - and if I'm reading it correctly it looks like they may even use BRM's own cash! The $33M they mention roughly equates to BRM's cash at bank.

The issue of the Subscription Shares will raise ~HK$333 million (~A$42 million3) from the issue of 555.1 million Wah Nam Shares at HK$0.60 per Wah Nam Share to Ocean Line. The issue of the Convertible Bond will raise ~HK$174 million (~A$22 million3). The issue of the Placement Shares will raise ~HK$78 million (~A$10 million3) from the issue of 130.0 million Wah Nam Shares at HK$0.60 per Wah Nam Share. Wah Nam currently holds unrestricted cash equivalent to ~A$33 million, which is uncommitted and will be available to fund the Offer.