Brockman Resources has had a win at the Takeovers Panel, which ruled today that several Wah Nam-related entities could not purchase any more Brockman shares.
Brockman, which is currently subject to an off-market takeover bid by Wah Nam, told the panel Wah Nam associated entities, Leading Pride and Star Ray International, had acquired shares in breach of the Corporations Act.
The Takeovers Panel announced today that Leading Pride, Star Ray International, Yencon Enterprises, Platinum Investment Holding, Stockholm Limited, Tradewin International, and Ironwood Group had been blocked from buying or selling any further Brockman shares.
Individuals Cho Hong Cheen, Chen Pauline, Mo Yang, Wu Wie, Liang Wnechong and Ng Kog Kuang are also subject to the order.
Wah Nam disclosed on 16 December that it held 32.3 million Brockman shares, equivalent to 22.63 per cent.
