Iron ore explorer Brockman Resources Ltd
(ASX:BRM) has lodged a complaint with the Australian Takeovers Panel claiming Wah Nam International Holdings Ltd has violated the 20 per cent shareholding provision.
Wah Nam and its associates in relation to Brockman, Leading Pride and Star Ray International, enabled Wah Nam to accumulate a shareholding in excess of the 20 per cent cap allowed under the Corporations Act.
Brockman is currently the subject of a $932 million takeover bid from Wah Nam, which the company has strongly opposed. Wah Nam currently holds around 23 per cent of Brockman.
Brockman posted a net loss of $24.2 million in the year ended 30 June 2010.
