Here is an updated version of the questions you would like management to answer.
Please, we really need someone from Perth who is prepared to put these questions to management.
I was happy to collate them to avoid any sort of uprising for an EGM. As i first posted, we do need questions answered to restore a good level of confidence for any shareholder concerns.
Who is prepared to step upto the plate??
1) Why didn't UMC join the NW Alliance when the opportunity was there for the taking?
2) Given that we are looking at being a mine producer according to the latest presentation, how do you plan on raising the funds?
3) When do you expect to be in production at the earliest?
4) How do you propose to get the ore to port?
5) Why are assays taking so long compared to peers?
6) The plant being constructed at Railway. What is envisaged as being maximum capacity?
7) Has the Company visited China steel mills / plants and broken the ice with potential iron ore customers?
8) How is allocation progressing for UMCs ore at Port Headland port?
9) It was late last year that the Co submitted its proposal as a user for the Third Part Haulage to the Pilbara Rail Access Interdepartmental Committee (PRAIC). Has any progress been made with these submissions?
10) Why only 5mpta?
11) Could we please have an update on the Top 20 Shareholders List given the changes that would have occurred over the last few months?
12. Has the Rio/BHP merger proposal been a value destroying fly in the ointment for umc? The share price would seem to indicate this is the case.
13. If that was the case, did management have a Plan B in place?
14. Is management confident that the game of pass the parcel with large traches of shares now at an end?
15. Thx has said it is not a long term holder of umc stock. Does management have a contingency for the purchase of this tranche by a non-raider investor?
16. Would management commit to a spp for current shareholders ahead of a any placement to sophisticated investors?
17. Why don't they use a large broking house in Australia to actively market and support this company?
18. Given Hole UI314 appeared as a drilled intersection to a depth of 178m on ASX release 28 May 2008. On 3 October 2008 that hole was reported as "returned the best data recorded so far".
Q. Would one consider the best hole to-date market sensitive?
A. Yes
So why did it take +18 weeks to report?
19. Given the following below and what appears to be a lack of a systematic reporting structure in place for timely updates to shareholders, what confidence can you give to both current and future shareholders that management does have a vision for the best interest of the shareholders?
• Lengthy delays for Railway results
• Incomplete results for Jumbo
• Incomplete results for Railway East
• Not one RAB result for Yandi
• 13 weeks has passed since drilling recommenced and all we have is a couple of visuals for Railway.
20) What was the reason for the June Presentation?
Cheers markco2
UMC Price at posting:
85.0¢ Sentiment: Hold Disclosure: Held
