what next?

First time poster, long time holder and part-time looker at the thread posts.
WOW- What a mob of whingers.
For christ sake (apologies to Christians) we cannot help what has happened, and we need to look forward!! What has previously been a constructive thread, is now a councelling service!!
Can I ask everyone to perhaps stop, take a look at your posts, take a deep breath, and take a stance to post helpful rather than spiteful comments?

Crikey!!

The stock has been frustrating to say the least, and as a long time holder, I was astounded when I found out the board had been shuffled at such an integral period, and I agree that this throws into question what the hell Wah Nam (and its new board appointees) are doing? However now we MUST LOOK TO THE FUTURE and think about what is coming.

The way I see it-
Wah Nam (as at the 15th October) is 4 months passed the end of its takeover offer which was officially closed on 15th June. My understanding from reading the takeover panel website is that this officially means that Wah Nam can officially make another formal takeover approach to the remaining shareholders.

This really throws into question what Wah Nam have been doing in the last 4 months. I think it is plain to everyone that the only way that they were going to acquire the residual shares was through a cash incentive or buying on market (or a combo of both). Now they would be trying to do that as cheaply as possible.

I think that the overthrow of the board has been strategic. I know Wayne was pushing for a rail deal by end of September, but if Wah Nam is going to push full takeover, then a rail deal would be massively detrimental to their acquisition price. Hence board is pushed, and market goes the right way (down), rail gets delayed (due to management shuffle) which in turn holds up Bankable feasibility, and wahlah the price drops 40%. What a perfect storm.........Have they been buying any? Probably not given the restrictions on creeping subsequent to a takeover conclusion. Will they buy in the future? Bring on the 15th October and lets see!!

Have they been working on financing for the acquisition of the remaining shares? A real test for Wah Nam management and their corporate clout. Is iron ore still required? Of course it is and clearly valuable in this quantity. China still importing and trying to conclude iron ore deals, even as worldwide markets wobble.

Have they progressed the conclusion of the rail deal with FMG? Still the cheapest cap ex, and quickest option. I dont think we will know a rail deal until after a renewed bid. (sorry KPB)

I personally like the opportunity to be able to acquire a few more during this perfect storm, and the longer term believers MUST use this as an opportunity before Wah Nam start what I believe is an inevitable run at the stock once and for all. One investors demise, is anothers opportunity.


Watch for a new low ball offer to try and draw out the frustrated holders. Stay long and stay strong.....Whilst disappointing I think we are looking at $4 top end without rail!!

Hopefully the post is constructive?