re: Ann: WNI: Wah Nam Offer to close on 14 Ju... Hi Sabbath, for the record it wasn’t me who said they have 90%. I was done here on this thread but since your post was addressed to me I just want to say I haven’t got a clue what’s the % they now hold. That’s the whole point. It’s a game of brinkmanship and bluff. If they come out with a 88%+ release (it’s likely they already do IMO), then a possible scenario is that holders in increasing numbers may rush to the head of the queue to sell before the gate shuts (hence their confidence in calling this the final extension).
The unscrupulous Chinamen and their BRM director dogs are very crafty. They figure as the market tumbles, more may sell into WNI. They know that in relative terms (AGO - a NWI brethren is now 50% + down from recent peak), a $2.5 BRM market sp may be perceived as equivalent to $5 a year ago. The other side of the coin is they can hold the price around this level (I don’t think they will lower it otherwise transactions dry up) and if the market improves, then holders may realize they will miss the boat of not having the cash to rotate into other stocks. If there is a mother of relief rallies, then the pain will be amplified.
Everybody’s risk appetite is different. Those who hold out may get a whopper reward in a sp spike in the line to the finish. I am inclined to think that Marillana will never get off the ground as per all the valid reasons stated by phillip_k. I speculate that should there be a FMG/AGO tie up, then WNI shares become literally worthless (as per the PHA use-it-or-lose-it provision). Mr. Luk will get the same sinking feeling as when AGO snatched FRS from them, only this time it’s the end of the road. The risk equation then becomes holding out for $3 cash (or more) or risking getting $1.5.
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