BRM - Brockman Resources

[enigmatic]

Something dodgy is going on the share price has dropped 14% today.

BRM is a company that was seiously undervalued at the time of the offer now its just looking dirt cheap

 

[papatee]

Something dodgy is going on the share price has dropped 14% today.

BRM is a company that was seiously undervalued at the time of the offer now its just looking dirt cheap

Latest announcement from the BRM board this afternoon almost suggests they are conceding a loss of control of the company is now inevitable!!

This is absolutely extraordinary stuff that the all-scrip offer which so many scoffed at when it was announced some time back from a taxi/limousine company with no substantive assets outside of their BRM/FRS stake now seems certain to succeed given wholesale acceptances of a small number of offshore holders in Sing & HK who are alleged to be associates of the bidder.

I have to say the BRM board have been totally outmanouvered and made to look fools by the extremely cunning and ruthless game corporate play that WNI have pulled on them (and on us minority shareholders).

I find myself wondering more and more what WNI's real goal is here and what other parties are standing behind them ???? I suspect however that the answers to these questions will not become apparant until the fat lady has well and truly sung, and probably far too late for the small shareholders like us.

. . . . as I said, quite extraordinary stuff !!!

 

[countryboy]

Todays announcements involves raising the white flag and i have to admit to being stunned . I intend to keep my shares for the moment and see if BRM ends up in the hands of a steel maker. If BRM can under WN control aim to make a profit for shareholders ,not much changes but if we are going to be onsold to a company that wants a cheap supply of IO I 'll be jumping ship,

In the 80s we had a number of companies under seige from corporate raiders who made it really difficult and put up a real fight. Bring back John Elliot ..he knew how to fight !

 

[papatee]

Todays announcements involves raising the white flag and i have to admit to being stunned . I intend to keep my shares for the moment and see if BRM ends up in the hands of a steel maker. If BRM can under WN control aim to make a profit for shareholders ,not much changes but if we are going to be onsold to a company that wants a cheap supply of IO I 'll be jumping ship,

I too will continue to hold at least until some further clarity emerges as to the final outcome and implications of this TO, however of the two scenarios you have mentioned above I very much fear the latter may well be on the cards unfortunately.

 

[YELNATS]

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...

JLTP, I still hold some BRM and have been a holder since about mid-2007, when they were known as YML. I have been fantastically successful in investing in this company, so they owe me nothing, as I now hold only about 10% of the shares, at less than $1, I held at their peak.

I was interested in increasing my holdings once again, but in view of the current malaise I'm half inclined to cut and run.

From what I can glean, I don't think WR or the rest of the board foresaw the threat that Wah Nam has become, I guess he just sold some of his shares at very good prices, the same thing that many of us have done, or would be very tempted to do at the time.

 

[Risk Chaser]

Wah Nam International Australia achieves control of BRM.

so does this mean the takeover will go ahead?

 

[YELNATS]

Wah Nam International Australia achieves control of BRM.

so does this mean the takeover will go ahead?

I would say "yes", as they now have 53% of BRM.

I wonder what their real plans are - to run this company to realise its' full potential as a miner/exporter or to try to attract offers to flog it off at a profit. I suspect the latter, and because of the uncertainty about its' long term path, I have fully exited BRM.

 

[Nero64]

This stock has fallen 35% over the last week and I don't think it is justified.

Other sector related stocks such as BCI and Atlas have fallen 5-10%.

Perhaps it is back where it started before the Wah Nam raid, but it has so much potential.

Nothing has changed. It still has the same board and Management except allowing one Wah Nam representative.

Is it panic selling or do they need funding for its Marillana mine?

 

[skc]

This stock has fallen 35% over the last week and I don't think it is justified.

Other sector related stocks such as BCI and Atlas have fallen 5-10%.

Perhaps it is back where it started before the Wah Nam raid, but it has so much potential.

Nothing has changed. It still has the same board and Management except allowing one Wah Nam representative.

Is it panic selling or do they need funding for its Marillana mine?

From early April, many iron ore stocks have been hammered...
BRM - $6.2 down to $2.8 = -55%
GRR - 78c down to 42c = -46%
SDL - 50c down to 30c = -40%
IOH - $1.8 down to $1.15 = -36%
MGX - $2.24 down to $1.65 = -26%
GBG - $1.15 down to $85c = -26%
AGO - $3.9 down to $3.3 = -15%
MMX - $1.2 down to ??? (45c out of suspension would be my guess)

With the exception of GRR, the producers in general has held up better than the prospectors...

With the AGO-FRS tie up today, Wah Nam has little chance of netting FRS and consolidating the assets. Perhaps investors fear that BRM will become even more stranded with WNI's holding killing the liquidity...

 

[JTLP]

This stock is pretty much out the door and out of flavour now. Wah Nam holding a majority of shares (whether legally or not is anybody's guess) and WR giving donuts on the rail front (in the making for 3 years apparently)...it would appear that this Iron Ore hopeful will remain that...a hopeful.

Perhaps an opportunistic bid from AGO of FMG might give it a bit of spark...but they could wait it out until the things hits a buck and then offer 2.

Thankfully I free carry but might sell the remainder in fear of nothing happening...

 

[G-Zilla]

well something happened today... board cleanout.

Im thinking rail negotiations were going nowhere and Wah Nam decided to take control. Based on the wording of their announcement I guess previous rail deals discussions were based around no JV while now the new team sees a JV as an option or bargaining tool.

 

[countryboy]

mr Luk does have some ability raising capital. his ?? hundred million move on Brm proves this. Its amazing how all these small holders (all under 5%)came together to get to 55% of BRM.
combine this with Dick from Broken Hill and his knowledge from hancock mining and we may be in a better position to move this project forward.

Wham bam will have some extra cash soon after they exit FRS

 

[kpas]

I agree, maybe a new board is what this company needed. Market definitely had no confidence left in the old one to deliver on it's rail promises and the two new additions definitely have experience in the right areas.

WN clearly have been capable of getting finance and or money as they have put >$400m into BRM already.

As long as they can continue to get that finance in the world markets and the new board gets things rolling, then quite possibly now is the time to be buying.

$2.50 is so cheap considering they were poised to clear $10 or maybe even higher once rail infrastructure was solidified. If world markets continue the way they are going it may even drop below $2 for the first time in a LONG time.

I'll continue to watch from sidelines.

 

[Nero64]

$2.50 is so cheap considering they were poised to clear $10 or maybe even higher once rail infrastructure was solidified. If world markets continue the way they are going it may even drop below $2 for the first time in a LONG time.

It hit $1.60 today. Yearly low. I remember it being a 1 -2M Volume traded stock and it would rush from $5 - $6 in a few days. I heard terms about it being a Mini Rio due to its diversification.

I sold out today for a staggering loss. Rarely do I hold out as a long term buyer but with this one I did for some reason. The dream ended months ago with its wild fluctuations. When other speculators like KAR, PDN and LYC jumped this one didn't, the writing was on the wall. There was a glimmer of hope as it rushed to $2 from $1.68 but then it fell 20% in 6 days.

I wouldn't be surprised seeing it go up now, but in a way I am glad to be rid of it.

Good luck to those that still hold it.

 

[kpas]

It hit $1.60 today. Yearly low. I remember it being a 1 -2M Volume traded stock and it would rush from $5 - $6 in a few days. I heard terms about it being a Mini Rio due to its diversification.

I sold out today for a staggering loss. Rarely do I hold out as a long term buyer but with this one I did for some reason. The dream ended months ago with its wild fluctuations. When other speculators like KAR, PDN and LYC jumped this one didn't, the writing was on the wall. There was a glimmer of hope as it rushed to $2 from $1.68 but then it fell 20% in 6 days.

I wouldn't be surprised seeing it go up now, but in a way I am glad to be rid of it.

Good luck to those that still hold it.

I share your sentiment although I am stubborn enough to sit and wait to see what Wah Nam will deliver in 2012.

They have >$400m invested as well, I do not think they will want to see that investment turn into $0 overnight.

That is the only reason I have not sold yet.

 

[kpas]

Interesting development just now - ASX price query has resulted in BRM CEO admitting that there is a potential corporate transaction underway for the ownership of the company.

 

[mr. jeff]

Would be worth watching for that level to be broken.




I know nothing of this stock , anyone add anything relevant to current situation ?

 

[prawn_86]

wow hadn't looked at these guys for years. Talk about a fall from grace

 

[JTLP]

Would be worth watching for that level to be broken.


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I know nothing of this stock , anyone add anything relevant to current situation ?

Do not touch with a 10ft pole.

They are currently being 'taken over' by a limosuine company - who somehow managed to buy shares and warehouse them to their associates without coming under any scrutiny.

Only hold a free carry but will look to dump if they get above 80% acceptance (which 1% has come from AUS holders LOL)

 

[uvelocity]

the takeover offer supposedly is unconditional now, I guess better accept too.