"Firstly, there is a current ASIC investigation with evidence showing a total of 9 shareholders based in either Hong Kong or Singapore with links to WNI supporting all of the increase in WNI's shareholding from 22 to 52%. Wait for an outcome here. Then there is the next step of going back to the Takeovers panel with the evidence gathered first with ASIC"
To the best of my knowledge there is no current formal investigation taking place by either ASIC or the Takeovers Panel. BRM have only ever said that they MAY go back to these bodies, and/or are in "discussions" with them. If you are waiting for an investigation to occur it could be a long wait.
Wah Sham are currently being guided and advised by a member of the Takeovers Panel. Don't think they haven't taken the necessary steps to ensure that the Panel uncovers nothing substantial, even if they do investigate.
Their "representative" has even advised those contacted by the Panel to simply refuse to answer questions ... and yet the Panel responds to this by stating they have "insufficient evidence".
Wah Sham are in the box seat here, and will be hoping that "fear" will motivate the remaining shareholders into selling their stock on market to their associate goons.
It might be a rough ride in the short-term, but as long as the Directors remain strong and we have sufficient shareholders unwilling to surrender their stock they will have to pay a premium for it.
BRM Price at posting:
$4.48 Sentiment: None Disclosure: Held
