Ferraus Limited (ASX:FRS) Update On Wah Nam (HKG:0159) Takeover Offers
Perth, June 14, 2011 AEST (ABN Newswire) - Ferraus Limited (ASX:FRS) (PINK:FRRAF) notes the announcement by Wah Nam International Holdings Limited (HKG:0159) on 10 June 2011 that it has declared its off-market takeover offer for Brockman Resources Limited (ASX:BRM) will not be extended beyond 15 June 2011. FerrAus also notes Brockman's response welcoming the conclusion of the Wah Nam bid.
FerrAus is of the view that having now acquired a substantial shareholding and controlling position in Brockman, the underlying value and quality of Wah Nam's scrip has improved significantly since the offers were announced in November 2010.
As announced previously, FerrAus remains in active discussions with various parties, including Wah Nam, and the FerrAus Directors have indicated that they may reconsider their recommendation in relation to the Offer for FerrAus should circumstances change. Specifically, the FerrAus Directors consider that an improved offer together with a deeper understanding of a combined strategy may warrant a change of recommendation.
FerrAus will continue to update FerrAus shareholders and the market in relation to the Wah Nam Offers and the outcome of any discussions as appropriate.
About Ferraus Limited
FerrAus Limited has been delisted from the Australian Securities Exchange following its acquisition by Atlas Iron Limited. For all enquiries please visit the Atlas Iron website at www.AtlasIron.com.au
Wah Nam International Holdings Limited
Brockman Resources Limited