After a tumultuous year for Brockman Resources that has seen its shares fall by 60% and its hostile Chinese suitor seize control, shareholders could only manage one question at yesterday's annual meeting: what could the board do about the poor lighting in the room and the lack of parking outside the Royal Freshwater Bay Yacht Club.
Mr Warren Beckwith deputy chairman was diplomatic in his response, saying "I think it's a point that we'll take into consideration before the meeting was closed and drinks served to the 35 or so attendees who had trekked out to Peppermint Grove."
Earlier shareholders of the iron ore hopeful were equally sanguine when it came to resolutions to approve an increase in the non executive director fee pool and the remuneration report, both of which passed easily even disregarding the 55% stake of Chinese shareholder Wah Nam Holdings.
One board member admitted after the meeting that he had expected to field more questions, given Brockman has yet to outline its plans to take ore from its Marillana project in the Pilbara to the port and its talks with Wah Nam, widely speculated to relate to a potential mop up bid.
Speaking to reporters after the meeting, acting CEO Mr Colin Paterson said that rail access remained the key factor for Brockman, which is hoping to strike a deal with Fortescue Metals Group, BHP Billiton or Gina Rinehart's Hancock Prospecting. Brockman is also understood to have held talks with QR National, which is looking to break into the Pilbara and has been in talks with Atlas Iron, among others.
Mr Paterson conceded Wah Nam's initial plan to be a third party infrastructure provider was now pretty much off the table. That strategy, which would have resulted in Wah Nam building its own railway, was predicated on it also securing control of FerrAus, which has since been taken over by Atlas.
Asked about the status of talks with Wah Nam, Mr Paterson said there was no update to give. Asked if he believed Brockman would still be listed on the Australian Securities Exchange this time next year Mr Paterson said "I don't know".
(Sourced from www.thewest.com.au)
