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Brockman request to ban share movement accepted

Publishing Date
14 Jan 2011 10:44am GMT
Author
Mining Journal
Iron ore developer Brockman Resources Ltd’s request to bar associates of Wah Nam International Holdings Ltd from acquiring more, or transferring shares in, the company has been accepted by the Australian Takeovers Panel.

Hong Kong’s Wah Nam has been accused of breaching takeover law in the country by conspiring with its associates to acquire additional shares in Brockman prior to making a hostile takeover attempt.

Earlier this week, Brockman submitted an application to the takeovers panel making the request, and also asking for all shares owned by Wah Nam and associates above the 20% limit be divested.  

The takeovers panel’s interim order applies to Leading Pride Ltd, Star Ray International Ltd, Yencon Enterprises Ltd, Platinum Investment Holding Ltd, Stockhold Ltd, Tradewin International Ltd, Ironwood Group Ltd, Cho Hong Cheen, Chen Bernadette Pauline, Mo Yang, Wu Wei, Liang Wenchong and Ng Kok Kuang.

The order will be in force until the panel makes further orders, determination of proceedings or for two months – whichever come first. 

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