good news, page-14

just a little more Hi All

Back from Brisbane now. Thanks to Andrewe for posting my notes and to both Andrewe and Opaline for additional pieces of information.

Just a couple of things:
i. I also asked James Collins-Taylor about Kestrel which was the investment fund that bought in last year that he was part of. They were a significant seller for a brief period about 12 months ago but have not sold since. I wanted clarification of their intentions. JCT is no longer a director of theirs however he was confident to say that they are a long term holder of UCL. (approx 80% of the companies shares will remain in long term hands)
ii. Copper. As Andrewe and Opaline indicate the copper does look much better than we initially thought. Opaline and I could be out in our initial guesstimates by a good magnitude.
iii. Equity raising (for Tarax). Finance was discussed as mentioned in my previous posts. The company has no plans to raise capital. At this stage we still have $6 million cash in the bank. Given that the bulk of the drill work etc is done I would not anticipate that we will need funds for a while yet. The board will notify us but it appears they are hoping to not have to do anything until the actual financing of the project.
iv. Timing. As Andrewe said we need to have an investment perspective not trading (although don't hesitate to take advantage of any spikes if that suits your profile). An 18 month outlook though is not a long time from here and is in fact an escalation of time for us.

I'll add more if I remember any extra stuff. If the Merrill rumour is true, and it seems logical, then that brake will be removed soon. All we need than is for someone to dry up a bit more of the available float and we might start to move back towards the 7-8 cents mark which formed platform for the move to 13 cents.