ceo matthew hogan in the uk, page-40

At the 2007 AGM I pointed out to Matt that the company had only conducted one SPP and since that time UMC had acquired the Pilbara tenements and attracted a new breed of investors. It was for that reason I asked Matt if the board will consider giving existing shareholders the opportunity to participate in a future cap raising.

Matt's reply was that the "board always looks after its shareholders".

Yeah sure Matt I really do feel like I've been looked after and I suppose you're in the UK in an attempt to pick up a new cornerstone investor. You know, like the one who dumped their load last Monday, only to part ways leaving the sp in the gutter.

But of course if the board did decide to conduct a SPP, you and Barry would be forced to participate as well and that would hurt after you guys picked up 1,772,814 shares at 35 cents each.