well, I got out not long ago - but took a very big loss.
I complained ages ago, when Shortall was tossed out, and the new bloke entered the scene.
I specifically complained that UNS was not providing shareholders with the VERY BASIC information a company listed on the ASX should have been providing. ie what products it was producing, direction debt, cash flow, how it would remain liquid, sales, customers etc etc.
It is called Continuous Disclosure - and frankly just basic info.
UNS fed us crap about not being able to produce accounts, or other basic info, because it was investigating the SHortall situation. But they already had stated there would be little fallout, so imho, there would have been no issue producing accounts, and providing info, but maybe qualifying it because of Shortall situation.
So point is, for what maybe 12 mths shareholders and markets have been trading in shares in which the market was totally uninformed.
So if you guys had known the true situation, would you have held, or dumped your shares and taken a loss - better that Suspension and total loss??
IMHO, there must be a case for an action against the UNS board.
There would be all sorts of issues.
We simply do not have any info to work with, because s/h were told bugger-all.
But for example, I stated maybe 12 mths ago, that one of the lenders had put a guy into the boardroom of UNS!!
So that's what is called a "Shadow Director" !!
What part did Amgen and Orbimed play in the running of UNS??
Were they Shadow Directors?
Did they in fact direct the company?
They were major lenders, but also took security - so did they play with a straight bat?? I have no idea.
Did the directors of UNS do the right thing by ALL shareholders? I have no facts or idea.
But fact is, UNS is broke, and shareholders will lose 100% of their money! FACT.
The re was a US Ambulance Chasing law firm considering a Class Action in the US.
I would suggest any aggrieved shareholders contacting them, and having a chat.
If s/h want to get even 1c back, I would think that is the only chance.
Directors have insurance, and the deep pockets are with Amgen, Orbimed etc.
Just all imho.
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