Hello Socrates,It is nice to see other KOR share holders still...

Hello Socrates,

It is nice to see other KOR share holders still following UAU and thanks for updating. Hopefully UAU share holders will not get confused with your update and the link below and the paragraphs attached below between ****. They were correct but were old news in 2007 and are wrong as at today 23/3/10. The ASX announcements on 8/9/09, 3/9/09, 1/9/09, 28/8/09, 6/8/09 etc are relevant and replace the old 2007 news and as you already know, the latest information on uau is also available from http://www.uraniumaustralia.com.au/

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The progress of UAU is described here:

http://www.korabresources.com.au/documents/IPOdetailsUraniumAustraliaLtd23apr07.pdf

KEY POINTS:
*Uranium Australia Ltd IPO to raise between $20 million and $30 million
*Korab shareholders to receive a priority allocation in the IPO
*BBY Ltd appointed as lead manager of Uranium Australia Ltd IPO
*ASX trading code UAU reserved
*IPO being marketed to domestic and offshore institutional investors
* Proposed in specie distribution under review

Uranium Australia Ltd (UAU), a subsidiary of Korab Resources Ltd, is proceeding with the announced IPO and will seek to raise $20 to $30 million for additional
targeted exploration.
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you also stated below
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"It was not on ASX announcement sites, but came by email, I presume to UAU shareholders.

The main confusing paragraph is:

The currently proposed in specie distribution of UAU shares to Korab shareholders may limit Korabs ability to ensure the delivery of UAUs business plan and may attract negative tax implications. After considerable review Korab board believes that greater shareholder value can be created if a controlling interest in UAU is maintained. The board of Korab Resources Ltd is reviewing alternatives to the in specie distribution in order to maximise shareholder value I dont if that means a share dilution to ensure in specie holders end up in the minority!
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Let me tell you, the email you received is NOT an email to UAU share holders or KOR share holders and the main confusing paragraph (in the email, above) has been, to all intents and purposes, been implemented. Refer to NOTICE OF THE EXTRAORDINARY GENERAL MEETING, section 3, ASX announcement on 1/9/2009.


IMHO, if the market sentiment/ condition are right and institutions can provide supports for or participate the IPO, it could take place much sooner than 4 to 6 months as you mentioned. Many my mates and I are also hoping UAU can be floated ASAP and we bought in KOR not for UAU only but for other projects. Medium term loyal share holders may consider UAU as only the icing on the cake and it is not the main purpose of buying and holding KOR shares. In my humble opinion, Geolsec organic fertiliser project, Bobrikovo gold project, Melrose gold project, and Winchester Magnesium Project rank higher than the uranium project (UAU).

In your today's post in KOR thread/link, you mentioned the term / acronym "JP" a number of times. Do you mean AK or a professional/ sophisticated investor that used to be a substantial share holder of KOR and seed capitalist in LUG (Lugansk Gold), living in WA and J stand for John and P (I keep it confidential as he may not want to be disclosed in public and due to the privacy issue). BTW, AK is traveling overseas for 1 week.

As always, DYOR.

Regards,
BL