penalty you pay for trusting the wrong board, page-2

Article in today's west sums it up pretty much...

I quote,

"UMC director's windfall
The erstwhile board of iron ore junior UMC has shared a further $1.4M in rewards after cashing in options as part of a friendly takeover.
Most of the options had a $1.75 exercise price, compared with BHP's $1.30 a share offer.
The 5 UMC directors led by chief executice Matt Hogan and exploration boss Barry Fehlberg are expected to resign on Thursday under the takeover terms"

Getting paid for out of the money oppies to the tune of $1.4M to sweeten the deal for them to recommend it to shareholders....you gotta love that don't ya?

BHP got themselves a bargain when you consider the spot price is double the benchmark price and BHP have publically stated that any settlement on contracts for the benchmark pricing system are likely to be at double last years price.

How smart do you feel now Matt selling out at effectively the bottom of the iron ore market??

you picked that to a tee didn't ya...

Incompetence at it's most extreme displayed here..