How is it possible that UNV'S share price is back to nearly 10 cents after the funding of Kangala is completed and the resource upgrade for Berenice is due any day now? That means a steady stream of income and up to 1 billion tonnes of coking coal, which the market is now valuing at literally less than nothing - literally! Excuse me as a long-term holder, but I am finding it very very hard to hide my frustration. It makes no sense to me whatsoever. The Kangala funding, at a premium to the market of around 40% by instutional investors SHOULD have been THE catalyst for a rerating and yes, there was a brief flurry of activity just a couple of weeks ago. And now here we are, back in the toilet again, like we have been for the last two years or more, and I am disgusted. I think the company, with its pitiful information flow, has to take some of the blame for this. The Berenice update was due in September, was pushed back to the end of last year, was then due by the end of January, and here we are, still waiting. And while I'm on this rant, could somebody PLEASE explain to me why the Chinese and Indians, who are apparently in such desperate need for coal supply going forward have not snapped this company up, or at least made a low-ball offer for the supposed 1bn tonnes of coking coal, which even when taking all costs into account and by the most conservative estimates would give this dog a market cap of many times its current one? The only conclusion I can come to is that they don't believe it will ever come out of the ground. I recommended this company to a lot of people when they were trading in the 30-40 cents range and I thought they were good value, but now I'm just disgusted by the inaction. How do the rest of you shareholders feel?
UNV Price at posting:
10.5¢ Sentiment: None Disclosure: Held
