re: Ann: Waiver of 80% minimum acceptance con... BRM Target's...

re: Ann: Waiver of 80% minimum acceptance con... BRM Target's Statement clause 6.16 Minority Ownership Consequences states that if Wah Nam holds greater than 19% it will have the ability to creep that is acquire futher BRM shares in 3% increments every 6 months. Therefore if they get to 85% it will take a further 12 months before they can obtain the required 90%. If the offer is closed they can do this without further BRM shareholder approval or launching another takeover offer.

The question is if the takeover is still current can they legally trade in BRM shares without BRM Shareholder approval.

The clause also states that if they acquire 75% or more of the total number of BRM shares they can pass a special resolution among other things to change Brockman's constitution.

Maybe they are trying to get to 75% so they can change the constitution in their favour to acquire further BRM shares on more favourable terms to WNI.