good deal or bad deal, page-24

I do not like the deal. I think UML were too generous. UML has a market cap of 70 mil, CRC 30 mil. It would be fairer if they were offered a 2 for one deal. We have 40 million in cash + a 50koz producing mine and we are merging with a company with no cash and a mine that first has to be developed to produce 50koz a year. CRC is clearly the winner in this deal. I do understand that the CRC shareholders probably would have refused anything less.

UML shareholders should have been paid a dividend this year, I think we do deserve it. We could have had 30 or 20 million in the bank and CRC would have still accepted the deal on the same terms. UML could have given us a large dividend and it would not affected anything, instead now with this merger, the cash each share contained has been effectively diluted, we should have been/should be paid before this happens.