From Perth NowBetter not use the same "independent" expert .....

From Perth Now

Better not use the same "independent" expert .. and the effective $6.20 valuation was for Marillana alone!

What a joke!

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"...The new offer values Brockman at $456 million – less than half of the $930 million valuation the Hong Kong company initially set on the iron ore hopeful, based on the then value of its Hong Kong-listed shares.

The new figure is also short of an earlier independent valuation of Brockman’s Marillana iron ore project, commissioned by Wah Nam in August. The Jones Lang LasSalle Sallmans report, released in a market disclosure by Wah Nam in October, put a fair value of the asset at $515 - $843 million, or $3.55 - $5.82 per share.

At the time Brockman’s was also carrying around $43 million in cash at bank, pushing the total valuation closer to a top-end of $900 million, or $6.20 a share.

Wah Nam said today it will raise the additional capital through a share and convertible bond issue to existing shareholder Ocean Line, to raise around $64 million, and through a $10 million placement to clients of REORIENT Financial Markets.

The announcement of the deal was made after the close of the market, and neither company has traded today.

Wah Nam shares last closed at 5.9c, and Brockman last traded at $2.26"

http://www.perthnow.com.au/business/holdout-brockman-resources-directors-support-new-wah-nam-international-bid/story-e6frg2r3-1226220183861