BRM - Brockman Resources

[TheAbyss]

Agree totally Shinobi

BHP do not want to share and will do whatever they can to avoid it. They have been instructed to so yes, AGO are in discussions however they are not signing a deal as yet.

Note that BHP straight away have stipulated some new rules for any other intending IO juniors looking for access which were not part of the initial instruction, JORC compliant BFS etc.

Long way to go and Goldsworty suits if BHP want to buy some time by giving at least one junior access and BHP dont need it anyway.

Still see no reason for BHP to be buying BRM, FRS or AGO though. I would like it but it wont happen which was my initial point.

Again, if BRM and AGO secure some access then it will be a huge positive without doubt and perhaps Barry Cusack knows more than he is telling regarding an actual access deal (and maybe that is why the Limo company want a bite of BRM also).

 

[kpas]

I think the rail deal might be coming this week (or tomorrow).

Some very strange buying on the hammer today, over $6m traded in a very short space of time pushing BRM to an all time high.

The only explanation for this kind of buying has got to be a third party rail deal which is the final piece of the puzzle for BRM.

Can anyone explain it any other way?

 

[kpas]

I think the rail deal might be coming this week (or tomorrow).

Some very strange buying on the hammer today, over $6m traded in a very short space of time pushing BRM to an all time high.

The only explanation for this kind of buying has got to be a third party rail deal which is the final piece of the puzzle for BRM.

Can anyone explain it any other way?

Actually, the only other explanation I can think of is WN is buying up more because they are going to offer a higher premium (due to their previously rejected offer of $6.50 being history).

Either way, it is significant volume today for what appears to be no real reason!

 

[countryboy]

i also believe a rail deal or opening to existing lines is just around the corner given todays trading in the last hour.
really annoys that people are privy to this info and the asx will do nothing about it other than a pat on the back for "risky" buying
For me FRS are a huge buy at the moment with BHP announcing rail haulage will happen as they expand their tracks

The alliance will pay for this expansion guarranteed BRM FRs AGo etc

 

[JTLP]

Sold half of my BRM at $6.17 yesterday. Was quite a ride since 2008 and am most fortunate to be in this highly profitable position

It looks like it has legs still and I would be interested to see who is buying up large parcels at such a high price. Somebody will reveal their hand soon..

 

[TheAbyss]

Actually, the only other explanation I can think of is WN is buying up more because they are going to offer a higher premium (due to their previously rejected offer of $6.50 being history).

Either way, it is significant volume today for what appears to be no real reason!

Cant see it being WN, they are only offering scrip so far which is why i think the offer will fail.

More news in the wings and it will be out of china imo.

 

[shinobi346]

The limosine company has launched an initial public offering on the Australian stock market today at 20c a share.

Someone please correct me where I am wrong here but when it is listed on the ASX, the company that mainly hires out limosines is offering 30 of these shares for every Brockman share. 30 of these equals $6.00. That is less than the $6.47 they said they were valuing Brockman shares at previously.

 

[TheAbyss]

The limosine company has launched an initial public offering on the Australian stock market today at 20c a share.

Someone please correct me where I am wrong here but when it is listed on the ASX, the company that mainly hires out limosines is offering 30 of these shares for every Brockman share. 30 of these equals $6.00. That is less than the $6.47 they said they were valuing Brockman shares at previously.

They offered Singapore listed shares which are valued at more than 20 cents

 

[shinobi346]

Makes you wonder then why they're even bothering to list on the ASX if your holding gets moved to an overseas exchange.

I'm bearish about the australian dollar too but thats another thing...

 

[shinobi346]

Takeover offer extended to the 16th of Feb. No surprises here they haven't got 90%. It gave the BRM sp a nice push today however.

 

[shinobi346]

Brockman appeals against Wah Nam bid

* David Fickling
* From: Dow Jones Newswires
* January 11, 2011 4:22PM

WAH Nam is acting in concert with other local companies in breach of Australian takeover law in its bid for Brockman Resources.

The Pilbara iron ore miner made the allegation against the Hong Kong investment company in an appeal to the country's takeovers watchdog.

The Takeovers Panel said that a submission from Brockman alleged "unacceptable circumstances" in the takeover application, and said that Wah Nam had acted in association with Leading Pride, Star Ray International, and Beach Road Shareholders to raise its effective voting stake above the level of Wah Nam's own holdings.

Officials at Wah Nam weren't immediately reachable for comment.

The Panel said that Brockman had asked it to prevent the three other companies from transferring their shares during the takeover period and to stop Wah Nam from declaring its offer unconditional. Brockman also sought orders demanding the divestment of shares acquired in breach of Australia's takeover law, the Panel said.

Start of sidebar. Skip to end of sidebar.

End of sidebar. Return to start of sidebar.

Wah Nam in November offered $930.6 million in a stock-based bid for Brockman and neighbouring iron ore developer Ferraus.

The company's major assets are a Hong Kong-and-mainland Chinese-based limousine company, its stakes in Brockman and FerrAus, and a copper mine in mainland China.

According to the company's 2009 annual report, it is controlled by Leading Highway, a company registered in the British Virgin Islands and wholly owned by Hong Kong toy manufacturer and investor Cheng Yung Pun.

http://www.theaustralian.com.au/bus...inst-wah-nam-bid/story-e6frg9df-1225985725830












It appears wahhhhh nam is resorting to dodgy practices to try and take over the company easily. May be if they made a more appealing offer people might take it up but who wants to trade a company with a flagship product with a company with a flagship product and two lacklustre ones. If a BRM holder wants FRS they can go buy shares in it themselves. Thats what I did. I don't need a wah nam-brm-frs gimmick to own shares in the two good ones out of those three.

 

[kpas]

Brockman appeals against Wah Nam bid

* David Fickling
* From: Dow Jones Newswires
* January 11, 2011 4:22PM

WAH Nam is acting in concert with other local companies in breach of Australian takeover law in its bid for Brockman Resources.

The Pilbara iron ore miner made the allegation against the Hong Kong investment company in an appeal to the country's takeovers watchdog.

The Takeovers Panel said that a submission from Brockman alleged "unacceptable circumstances" in the takeover application, and said that Wah Nam had acted in association with Leading Pride, Star Ray International, and Beach Road Shareholders to raise its effective voting stake above the level of Wah Nam's own holdings.

Officials at Wah Nam weren't immediately reachable for comment.

The Panel said that Brockman had asked it to prevent the three other companies from transferring their shares during the takeover period and to stop Wah Nam from declaring its offer unconditional. Brockman also sought orders demanding the divestment of shares acquired in breach of Australia's takeover law, the Panel said.

Start of sidebar. Skip to end of sidebar.

End of sidebar. Return to start of sidebar.

Wah Nam in November offered $930.6 million in a stock-based bid for Brockman and neighbouring iron ore developer Ferraus.

The company's major assets are a Hong Kong-and-mainland Chinese-based limousine company, its stakes in Brockman and FerrAus, and a copper mine in mainland China.

According to the company's 2009 annual report, it is controlled by Leading Highway, a company registered in the British Virgin Islands and wholly owned by Hong Kong toy manufacturer and investor Cheng Yung Pun.

http://www.theaustralian.com.au/bus...inst-wah-nam-bid/story-e6frg9df-1225985725830












It appears wahhhhh nam is resorting to dodgy practices to try and take over the company easily. May be if they made a more appealing offer people might take it up but who wants to trade a company with a flagship product with a company with a flagship product and two lacklustre ones. If a BRM holder wants FRS they can go buy shares in it themselves. Thats what I did. I don't need a wah nam-brm-frs gimmick to own shares in the two good ones out of those three.

Take a look at what BCI has been valued at, translating their resource back to what BRM has and it is no surprise that as a long term holder of BRM I have been waiting a very long time for them to finalise rail infrastructure!

You can imagine how disapointed I would be to have them forcefully taken over for $6.50/share with a rail and port deal with FMG just days/weeks/months away.

Rail is the absolute key to BRM becoming a company, if they can't get FMG on board for whatever reason then it will be a significant set back to the market cap. If they can sign it and start making a profit off Marillana then they will easily be able to reinvest the profits from that mine into Duck Creek etc.

Don't forget they have like 20 other tenements which are unrealised potential. Once the first one is underway, they will definitely be able to develop the others.

IMO, it is just a matter of being patient and waiting for ticks in the boxes. Trust me, after 4+ years it is almost there!

 

[enigmatic]

Not sure what is happening with this one, everyone seems to have lost interest and is hoping the take over doesn't however slowly but surely they are buying out BRM which has such a great project worth far more then the current offer. I just don't understand the ease of which this offer has been accepted.

 

[YELNATS]

Not sure what is happening with this one, everyone seems to have lost interest and is hoping the take over doesn't however slowly but surely they are buying out BRM which has such a great project worth far more then the current offer. I just don't understand the ease of which this offer has been accepted.

BRM in a trading halt today pending an announcement concerning the Wah Nam attempted takeover. Wah Nam now has over 42% of BRM shares. It does look as though they are slowly wearing away at BRM's resistance. Also note that FRS who are also subject of a Wah Nam takeover bid, seems to be taking a softer line.

As per FRS May 5 announcement,

Quote
FerrAus is continuing to monitor and review Wah Nam’s offers for both FerrAus and Brockman and the Board may reconsider its recommendation in relation to the offer for FerrAus should circumstances change.
In particular, the level of acceptances for the Brockman offer is one of the important factors, as the Board considers there to be merit in combining the assets of FerrAus and Brockman
Unquote

(My underling/bolding)

 

[dmc333]

It's worth understanding what has happened here. Wah Nam's associates have clearly warehoused shares on its behalf. At the time Wah Nam and their associates had a total of 39%. The associates had about 16%. Brockman went to the takeover panel without success on the matter.

The t/o panel, while not making a recommendation, suggested if that 16% all transferred into the bid they'd have to reconsider their position. Brockman's trading volume has been non existant since that point. Until in March and April there were 2 separate occasions where huge volume went though - strangely enough the volume traded in those periods equaled 16%. Then later in April Wah Nam starts getting a large amount of acceptances for their bid - all of the acceptances besides 0.15% have been from offshore - Hong Kong and Singapore.

The big suspicion is those associates have transferred their shares to new entities who quickly accepted the bid.

 

[JTLP]

I've written it before on the other site - holders got screwed by Wayne and his flogging of shares to WNH.

What did he think he would achieve selling substantial holdings to a limousine company? He was clearly putting his own interests first - and now holders are paying dearly for it. If he couldn't envisage something like this happening then he shouldn't be running a company.

This is a slow and painful death for BRM holders - i'm glad I sold out half my holdings and have the ability to ride a free carry (on the extremely slim chance they get out of jail on this one).

 

[YELNATS]

I've written it before on the other site - holders got screwed by Wayne and his flogging of shares to WNH.

What did he think he would achieve selling substantial holdings to a limousine company? He was clearly putting his own interests first - and now holders are paying dearly for it. If he couldn't envisage something like this happening then he shouldn't be running a company.

This is a slow and painful death for BRM holders - i'm glad I sold out half my holdings and have the ability to ride a free carry (on the extremely slim chance they get out of jail on this one).

A serious accusation, if you are referring to Wayne Richards, Managing Director and a member of the board of BRM, which is stenuously fighting this takeover.

What evidence do you have of this?

 

[G-Zilla]

A serious accusation, if you are referring to Wayne Richards, Managing Director and a member of the board of BRM, which is stenuously fighting this takeover.

What evidence do you have of this?

I beleive WR has admitted in QandA previously and there were various announcements which confirmed the sale. I don't believe the take over was on the cards then and I believe he had no idea Wah Nam were going to pull this... I am a long time holder and WR has only been a man of integrity, its unfortunate he was taken advantage of like that.

On a side note I think any holders who accepted the Wah Nam offer are either insane or part of the Warehousing plot. I just hope ASIC actually can act in this case otherwise we will set a precedent and other companies will be targeted in the same way.

 

[JTLP]

A serious accusation, if you are referring to Wayne Richards, Managing Director and a member of the board of BRM, which is stenuously fighting this takeover.

What evidence do you have of this?

Are you a long term holder? (This isn't meant to be rude).

If so, look back through the ann's when WR was selling at a premium to the market price to WNH - either $1M parcels or 1M shares - either way no small punt.

What advantage do you get out of having a limousine company on your share registry as a majority holder? What was he thinking at this point? His back pocket no doubt - and now it's bitten him back.

WNH look to have accelerated the 'warehousing' tactic though - jump in holdings by 3%. Smug CEO too - that letter irked me.

Yelnats I want this CO to succeed just as much as you - just don't look through rose coloured glasses. As i've said - i'm free carried so I mind but not to the extent other holders do...

 

[countryboy]

Im quite surprised whan nam have managed to get themselves to 45% or there abouts. They and if they have associates do have a line of reasonable credit despite this all scrip offer sounding like they are getting this company for free.
I sold half my holding some time ago and now need to re-evaluate what are a WN controlled company may add in value....and this is extreemely hard to do given the lack of knowledge about their team.

I am surprised the board have not offerred up 15% of the company to a white night- I guess there hard to find

How many times do we hear of placements going to "sophisticated investors" another way of describing it is giving shares to whoever we want.