I agree with your analysis. The only fly in the ointment is that MAK is more likely to want to use paper for any take-over offer: using current mkt. caps, a 1 MAK for 66 UCL looks expensive for MAK and is of no interest to UCL shareholders, except, IMO, we now have a rather disingenuous man in charge of our company who makes Andrew Drummond look an attractive alternative by comparison, and for the record I rate A.D.'s trustworthiness near the bottom end of the scale. The most likely scenario for a MAK takeover is that UCL's share price falls to 0.3 cents first and then MAK makes a takeover offer. A 0.3 cents share price seems highly do-able with Mr Jordinson in charge ($800 a day for his salary will soon make us run out of cash - and of course his "service" of writing quarterly activity reports that don't tell us where the ship with the vibracorer is or how many samples have been collected or how many remain to be collected and instead substitute his opinion using intensifiers like "well" in "the scoping study.... is well underway" should all help to get the share price down to 0.3 cents. (The ship with the vibracorer is BASED in Ludervitz - LOL).
Also Mr Jordinson owns no shares in our company despite the $800 a day salary. It is hard to know whether he was responsible for any value creation at any of the companies he has worked for previously without a good understanding of those businesses, but the share price performance at Copper Resources Corporation for example was dismal (> 90% loss from listing to delisting?, although Mr Jordinson's resignation preceded the final killer debt for equity swap by about a year). I think these shares are best avoided until Mr Jordinson has drained more cash from the company, or until he buys shares himself. I am long on these unfortunately.
UCL Price at posting:
0.5¢ Sentiment: None Disclosure: Held
