Brockman maintains opposition to Wah Nam bid

Brockman Resources has reiterated its recommendation for shareholders to reject Chinese predator Wah Nam Internationalonline gold ore for sale’s all scrip bid for the company, labelling its offer as not representing fair value. Wah Nam International today made its bid for the Brockman unconditional after last week revealing it had netted 42.07 per cent of Brockman's shares despite the company's board opposition to the all-scrip bid.

Defending its recommendation against the 30-for-one offer, Brockman said Wah Nam had not demonstrated an ability or plan to source the funding required to develop the Marillana iron ore project or the proposed rail and port infrastructure. Brockman also expressed concerns about the liquidity of Wah Nam shares in Hong Kong and Australia. “Brockman has significant concerns regarding recent share trading activities in its stock and the circumstances surrounding recent acceptances into the offer, resulting in Wah Nam’s current voting power,” the company said in a statement...