Ann: OFFER BOOKLET Non-Renounceable Rights Issue, page-29

dideoxy - I agree with your observations and like you will also be be supporting the CR as I have confidence in the management who I have known a long time.
The UCM management are innovators and this CR is very cleverly structured. UCM is a small company and has been in business long enough to know the finer points of capital raising and the costs involved.
They have pointed out in their Offer Documents that "all the major shareholders, Board members and Management have already agreed to subscribe". In effect - the raise is effectively underwritten at no cost to the company. With the standard broker fee for capital raising, of around 6-8%, raising $4-5m would otherwise cost UCM around $250k to $350k. Participation of the major shareholders, Board members and Management would suggest a significant level of confidence in the prospects of the company.

When I compare this performance with some of the fancy CR footwork that has passed over my desk and ended up in the rubbish bin, in the last few months - USCOM are exemplary - this is in their "DNA" and is why I like and support the company as I do.