all Uranium spec players should read this note from wrxsti
i had to copy your comment onto its own thread it was that good. thank you
tilerman, Fair questions and glad you asked. I'll reply in the interests of those unaware, including yourself.
The benefecial owner of Queensland Uranium Pty Ltd is Allan Blood. The price payable is entirely encompassed in the Performance Hurdle Package by way of MKY/Queensland Uranium Ltd. equity to be issued, as offered to Allan Blood - on the further proviso that he took over the running of MKY, the Company, and oversaw its operations.
If the stated average Uranium grade target is proved up, and achieved as required, amongst a few other requirements, Allan Blood will get his shares as offered. Note:- These shares will be escrowed for 18 months.
So therefore, to accurately state a price payable, you would have to know the SP 18 months ahead from April 4rth,2007.
With regard to the samples and results thus far, you should note there have actually been x3 tenements approved, x3 sets of results announced straight after, and obviously x2 tenements pending via the Queensland Mines Department.
It has become very obvious that as they have been approved, results have followed almost instantaneously. Since Queensland Uranium Pty Ltd is Allan Bloods own private Company under takeover, one would naturally expect that other exploration work, assays and the like, would have been carried out on the tenements previously. That being the case, its fair to assume that Allan Blood knows exactly what he has got, exactly what he can offer, and exactly what is needed to reach the required target for success in attaining the Performance Hurdle Package. The Geologist concerned (Drake Brockman) is a World Renowned Uranium Expert Geologist, and he only works exclusively for WMT and Allan Blood/MKY/Queensland Uranium Pty Ltd, and has done for some time. He obviously knows what he is doing, and how and why he is doing it. MKY have even flown him onto the tenements by Helicopter on some occasions, weather dependent. It's my best guess that they have done some trench sampling and/or possible drilling previously on these last two original tenements, but until they are approved, announced, or discussed in closed company at the EGM, MKY Management would be remiss and/or hesitant to make the market and/or opposition companies at large aware of results any prior. Tenement EPM 14315 (pending) shows on the last announcement that work has already been done, and past experience would suggest that this may be the next cab off the rank as far as an announcement of results.
The timing is obviously tighter than would have originally been expected, but shareholders will be brought up to speed prior to voting IMO, if not imminently announced in the next few days prior.
Its my belief also, that the latest aquisition of Consolidated Exploration NQ Pty Ltd (a further eight tenements in Queensland, some adjoining the originals) is also an Allan Blood related vehicle being brought into the MKY Company at zero cost, or zero additional equity, on the proviso that the original deal as above-mentioned is approved via shareholders.
I was speaking to Allan on the phone recently, and I asked him if the Board had any concerns about getting the numbers to get the aquisition over the line.
His response, firmly and flatly -"Absolutely None".
And I would wager that would be his same response if he was asked if he had any concerns in the future of attaining the grades, reserves, requirements etc. to reach the Performance Hurdle Package too!
On this basis, I believe it is all fair and reasonable (the aquisition and all conditions precedent), especially when you consider that Allan Blood is doing all the work, flying to Japan and China meeting consortiums, throwing in a further eight high potential tenements for nothing extra, and having to prove up a 'substantially significant high grade Uranium deposit resource'- all the while having to wait 18 months to see any of his shares. And I am sure shareholders will see it that way as well.
wrxsti
in response to 'tilerman' as below:
'MKY?
Notice recently lodged regarding the acquisition of Queensland Uranium Pty Ltd. Meeting scheduled for 4 April to approve acquisition.
Honest question. Have any shareholders got details of how much they are planning to pay Queensland Uranium Pty Ltd for their tenements and who the beneficial owners of Queensland Uranium Pty Ltd are?
Correct me if I'm wrong, but aren't shareholders being asked to approve this purchase based on two announcements concerning sedimentary samples and prior to proper trenching and drilling being undertaken?
On this basis, how is it that a fair and reasonable price can be determined for Queensland Uranium Pty Ltd? I'm all ears.'
MKY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
