re: Ann: WNI: Acceptances of Wah Nam's Au...
"Have you noticed that ALL shares that Wah Nam have in BRM and FRS are classed as,Available-for-sale investment. Looks like they will all be on sold to some one else."
Hi Westcott.
Yup I reckon you are on the money. The plan here is to secure a resource for the Chinese. Wah Sham is just that .. a convenient vehicle for the Chinese to use to achieve this aim.
My guess is that they will likely attempt to keep most of the Board, at least in the short-term, once they secure control. They will then continue to buy out the remaining shares so that it can eventually be de-listed and their own Board installed. At that point Wah Nam can be acquired resulting in the Chinese government exporting their own ore from the Pilbara.
Whilst "arms length" provisions are designed to protect us from such shennanigans, our regulators will have no chance to make head or tail out of Chinese accounts that mix copper mines, airport shuttles and iron ore.
Unfortunately shareholder interests are just collateral damage in this plan.
I believe that Wah Nam secured BRM back in early April and the farcical "slow release" of apparent true believers rolling over is just another example of the morally bankrupt people we are dealing with. The fact that our regulators and government authorities are standing idle whilst this theft is taking place poses even deeper questions on the state of this nation.
BRM Price at posting:
$4.71 Sentiment: Buy Disclosure: Held
