Two weeks after resigning as chairman of eastern European uranium hopeful Uran, Perth mining boss Michael Kiernan has quit the board.
It seems Kiernan has his hands full putting together a rival proposal to buy his old employer, Consolidated Minerals.
When Kiernan joined Uran last year, he put a rocket under the former nickel explorer's share price and promised big acquisitions which would make it a uranium producer this year.
Unfortunately, a deal with the Czech Government to buy an old uranium mine has been placed on hold and another deal with Ukraine has faced long delays.
Still, Kiernan's son, Laurence James, did just fine from dad's uranium company. He sold down $2.5 million in shares to buy property around the time the share price began its downward spiral.
But don't feel too bad for daddy. Kiernan, who subscribed for a $600,000 placement last year, would still be able to flog off the shares for nearly twice his entry price. He also holds 10 million options which are in the money, if not by a lot. ------------------------------------------------------------------------ December 18 2006 Uran announced it would be producing uranium from 2 and possibly 3 deposits by July 2007.
The share price absolutely sky rocketed to $1.68.
Not long after his son started to dump millions of URA shares on the market from daddy's investment company Crawley Investments.
Doesn't take a smart man to work out who gave the order to dump does it.
One of MK's last acts as Chairman was to spin of Urans only asset - a nickel deposit so they could concentrate on it's uranium deposits.
During this meeting he told URA share holders he believed the share price would easily jump to $5 to $10 on what Uran already had with it's agreements in the Ukraine.
Only weeks later he jumped ship.
Uran currently still have diddly squat and the share price is clinging to 20c.
I do not and never have held MON shares and this post has been made to make sure all MON holders are aware of their Chairman's ethics.
Cheers
MON Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
