re: Ann: WNI: Supplemental Circular re Takeov...
The whole BRM story gets more macabre each passing month. It's amazing to think a little over 6 months ago BRM was the leading emerging I/O junior on the ASX, with a rail deal forthcoming and an "ambitious" takeover that almost all thought inconceivable. We were looking forward to a capital raising probably north of $6.
It's no surprise the Wah Nam chairman is "assisting" ICAC with an investigation, however he can't be blamed entirely for BRM's woes. If it turns out the Luk is little better than a common crook (which has yet to be proven, he has the presumption of innocence), the old BRM board should have seen the warning signs. I recall several posters raised this prospect back in 2009. And we had WR selling to Wah Nam when its holding in the high teens. The way Luk used his Associates showed all that this is a guy who obviously sails close to the wind - a "charitable" interpretation.
FRS should count its "luky" stars that he decided on BRM first, and that AGO emerged as a white knight.
All up it has been a failure of management. I can't imagine Flanagan, or Twiggy in the early days allowing this to happen their respective share registers.
BRM Price at posting:
$1.90 Sentiment: None Disclosure: Held
