fmg $5+, mgx 1.83. umc sold out for zip, page-2

well I never bothered to read any of the company propoganda that came out once the BHP offer was tabled as it was all absolute crap....

One only has to look at the recovery in iron ore demand, the spot prices, record imports for year just passed into China.
India increasing export taxes of iron ore, etc etc etc, to realise this is not the case and we were sold out for peanuts to feed the monkeys running the company.

Look at the recoveries in some examples listed below.

AGO 2.13
BRM 2.58
FMG 5.20
FMS 16.5
IOH 1.65
MGX 1.82

Any one of these companies and many more for that matter could have been purchased at the bottom of the market by selling your UMC holding and switching into anyone of the above.

The returns would have been far superior without even bothering to work the numbers...spent enough energy and time on this company to waste anymore.

It's a crying shame what happened here.

Had we gone with CRM I would wager that we would be travelling closer to the $2 mark which is what Matt originally wanted from BHP.
Sadly he thought he was smarter then his intellect allowed him to be and boxed himself into a corner and this is the end result...

The last 2 purchases of Oz companies by BHP in the last decade resulted in 2 bargains...
...WMC and UMC..
That's where the similarities ended though.

What a shame..