news from the agm

Hi everyone
Seals and i went on our usual pilgrimage up to the sunshine state for the AGM.seals will add his comprehensive report shortly.

After reading the presentation before i went in i was prepared to let fly with both barrels feeling that management was not working in our interests due to the fact that they had obtained no other project to advance the company.

i came out of the meeting totally convinced that the management will do everything in its power to get another project on board.

Dr Frank Reid is a quality individual who will add value to this company.

1. In my opinion frank has done significant work towards Mehdiabad.
2. We must assume mehdiabad will not proceed for 1-2 years and in what form we dont know.
3. Frank is negotiating on a project now in Saudi Arabia and is very close to doing the deal. However nothing is guaranteed so only buy based on your own convictions. The project he believes is meaningful and will be possibly in Aluminium (my interpretation not his actual words).
4. They have committed to reviewing the potential to extend the 2009 options past that date in light of the delays in the project (nothing guaranteed).


ths possibility of reinventing UCL whilst we wait for the resolution of Iran is exciting.

regards andrewe