dcrowe23, I called ASIC to tell them all chinese are crooks and they said they would "look into it".
There is no doubt that things are not looking up (the "imminent" FMG rail deal bullsheet sure fuels anger), but (trying to look on the bright side - in the absense of any good news) the eventual outcome is bad but may not be as bad as we dreaded (certainly the worst case scenario of $1.5 + dunny roll may actually not be less than what WNI is paying on market now: $2.2. HENCE NO REASON TO ACCEPT ! as the worst that can happen is we end up with the same deal as gringo.
Based on today close in HK of WNI at $HK 0.475 and exchange rate of circa 1:8, the takeover deal of $AUD 1.5 + 18 dunny sheets is valued at approx $AUD2.5+
If (and if) WNI is indeed trying to flog off the business to another entity (within the next 6-12 months) valuing the port allocation, Marillana, Sirius, ophthalmia, then maybe WNI sp will appreciate (even with the dunny roll printing press working overtime) to reflect a takeover premium. Will the overall deal then be north of $AUD 3 eventually. dunno ?
Hence everything to gain by NOT accepting and in the worst case scenario of compulsory acquisition the risk may not be as dire (assuming liquidity in WNI shares).
BRM Price at posting:
$2.24 Sentiment: Buy Disclosure: Held
