Brockman Resources – Wah Nam no thank you Ma’am
Besieged iron ore hopeful Brockman Resources released a letter to its shareholders updating them on the recent takeover activity from hostile suitorWah Nam International Holdings.
In the lengthy letter Brockman advised shareholders, “Wah Nam had publicly advised that it had received acceptances for its offer bringing its holding in Brockman to 45.39 % of the total Brockman shares on issue. Wah Nam’s offer is now scheduled to close on Monday 16 May 2011 at 4pm WST (subject to any further extensions by Wah Nam).”
The Brockman board reiterated its position to shareholders telling them not to accept the Wah Nam offer.
“The Brockman Directors do not currently intend to accept the Wah Nam offer as proposed, in respect of their personal holdings in Brockman,” the company continued.
The letter came hot on the heels of another release from Brockman responding to Wah Nam claims that a broad section of its shareholders had already accepted the offer.
Brockman said an overwhelming majority of shareholders had not accepted Wah Nam’s offer with 96.49% of the total acceptances so far having come from only 9 shareholders, with only 0.59% of acceptances from Australian / NZ registered shareholders.
“Based on information received by Brockman… 96.49% of the total acceptances received by Wah Nam had come from only 9 shareholders or 0.34% of Brockman’s total shareholder base of 2642 shareholders,” Brockman claimed.
“These 9 shareholders accounted for 21.77% of the 22.56% increase in Wah Nam’s relevant interest in Brockman as a result of the takeover.
“Of those acceptances received to date, the majority have originated from off-shore investors located in Hong Kong or Singapore. Acceptances by Brockman shareholders with registered addresses in Australia or New Zealand account for only 0.59% of acceptances (which equates to 0.12% of Brockman’s issued shares).
“From these figures, it is clear that the overwhelming majority of Brockman shareholders have NOT accepted Wah Nam’s offer.”