universal coal

Anyone sign up for the UNV IPO?

Here's an extract from a 2009 broker report that got me interested.

Note
- JORC is now over 700MT
- Broker valuation UK 1.47/share!

- IPO @ 26c /share


http://www.universalcoal.com/im/files/broker/pursuit_09oct09.pdf


Universal has acquired a portfolio of near term coal development assets in
South Africa that it intends to exploit in order to feed the continuing demand
for coal in South Africa, India and China. The first development project,
Kangala, is expected to come into production in 2010 with Roodekop and
Brakfontein soon after. With feasibility studies and a commencement of
mining in 2010, there is plenty of upside potential in Universal.
�� Over 260Mt of mineable coal resources ? Universal holds 50?70.5% interest in
three quality coal projects across South Africa for a total JORC-compliant thermal
coal resource of 260Mt of local Eskom and export grade quality. We expect the
resource size and quality to increase based on the current drilling program.
�� Production in 2010 ? Production from Wolvenfontein, part of the Kangala Project,
is expected to commence in Q3 2010 with production from Roodekop and
Brakfontein from 2012.
�� Proximity to other coal operations and infrastructure ? Universal?s coal assets
are each located in established coal mining regions in South Africa presenting the
Company with opportunities to fast track the pre-production process and quickly
generate shareholder value.
�� Proven management team in place ? The management team in South Africa,
headed up by Tony Weber (Nkwe) and Tony Harwood (ex-Placer), has a trackrecord
of sourcing and developing high quality resources projects in South Africa.
�� Discounted valuation of ?1.47 ? Using DCF methodology and discounting
Roodekop and Brakfontein for time and development risk, we value Universal at
?105m or ?1.47 per share