Take the money and run !, page-5

Very good points - made - the biggest two risks will be known in hindsight:
If bendigo Sale does not complete and UML stuck with $6M+ plus in enviro rehab that would kill all projects on their books for at least 3 years. No bank will fund UML until that liability is gone.
If permitting at Dargues delayed further or greenies go feral thats another 12 months on top of 15 month development time so cash will be gone.
Without no reserve / resource in near term to back it up from henty and its tough to see it back in production at the rate they're drilling (slow).
In a very tough funding market its best to be producer or explorer but getting stuck in the middle as a development play is ticking bomb without a "big brother" investor.

Board must be negative on the risks - if risks hit Directors look like heros - if not they are trigger happy - look at bright side - we get to see the bid at 60%+ at minimum instead of the board trying to keep itself employed as no role for any of them going forward if bid happens - unusual for Boards to vote themselves out of a job in this market ? none of them are full time execs or have contracts (nothing disclosed) like Mcilwain who walked out with a truck full !
so if nobody turns up ahead of the vote to outbid - I am over and out ! good luck UML shareholders