bhp & rio - only a handfull will make it., page-24

true Ohyeah.

though the fundamental problem is still the same unsolicited or otherwise.

That is that we are starting from such a low base shareprice wise.

In this climate of corporate activity it seems that takeover offers are in the vicinity of somewhere between 40-60% of last closing price or VWAP.

From 91c to $1.35 is a 50% premium....not a bad offer

Is it a true representation of the value of UMC?
NO WAY NEAR IT!

But unless a new bidder emerges, which is quite possible and only likely to be the chinese if one eventuates, then it is hard to see it being much more.

UMC should never have been allowed to get down to these levels and that is something which management are totally responsible for.

We are not in the middle of a financial meltdown now and a lot of other Fe explorers have well and truly recovered and that is without a substantial increase in resource either.

There is much more to this then meets the eye, one just has to dig a little deeper to unearth the rot.