I think the letter to shareholders sent 12 months ago to BRM...

I think the letter to shareholders sent 12 months ago to BRM holders sums it up nicely.

The only thing that has changed is the sentiment of the "Independent Directors" .. now why would that be?

Once again I would like to thank ASIC, The Takeovers Panel and the FIRB for doing what they do best ... nothing.

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24th Jan 2011

SHAREHOLDER UPDATE – WAH NAM TAKEOVER OFFER

Dear Shareholder

I would like to take this opportunity to update you on developments relating to the Wah Nam takeover bid and to invite you to call our information line should you have any further queries.

In late December you would have received Brockman’s Target’s Statement in relation to Wah Nam’s takeover bid. It remains the unanimous recommendation of the Brockman Board that you TAKE NO ACTION and DO NOT ACCEPT the Wah Nam offer. The key reason being:
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concerns over the underlying value and liquidity of the Wah Nam shares being offered to you in exchange for your Brockman shares;
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the uncertain and highly conditional nature of Wah Nam’s bid; and
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Brockman does not need Wah Nam in order to deliver further value for Brockman shareholders.

The Board’s concerns about the underlying value of the Wah Nam scrip have been fully justified by recent trading in Wah Nam shares. Since the launch of the bid on 10 November 2010, Wah Nam International securities, listed on the Hong Kong Stock Exchange have fallen from A$0.218 to A$0.171 (as at 17 January 2011), a drop of 22%.

At A$0.171, the implied price of the bid is A$5.13 per Brockman share, which represents a premium of less than 1% to the Brockman share price on the same day of A$5.11 per share. Brockman’s market capitalisation is now significantly higher than Wah Nam’s as a result of this fall in Wah Nam’s share price.. "