With meeting deferral, we now have a couple of days to speculate...

With meeting deferral, we now have a couple of days to speculate about what an alternative game plan may be for UML. So here goes for one idea, (from left field, for those who like the baseball idiom).

UML has in excess of $100M income tax benefit on its books ($101,216,000 in FY 2015 report; increased a little to now), though this is not recorded as an asset as it is not certain that it can be realised in normal course of business.
$100M is about 8.8c per share (i.e. about 3x current price).
This $100M income tax benefit would mean that a company with this on its books would have not company tax to pay on ~$350M of profits.
To realise the value of this tax asset UML would need to be taken over by a business operating in the same field (gold mining) that could utilise the asset (i.e. a profitable gold miner).
Some of us consider that there is very good long-term value in Henty and Dargues, but at the moment this view is not holding much weight in the market, and so UML future income tax benefit is by far our biggest asset.

What if Brahman and Pybar with support from our directors can achieve the following:
1. sell UML to a profitable miner - New Owner ;
2. Pybar gets operatorship and majority ownership of Henty;
3. shareholders get capital return about 2cps, plus either some payout (say 2cps from takeover (or shares in buyer) ).

New Owner gets (for about $20-25M outlay)
a. $100m tax asset
b. revenue share of Henty without operatorship responsibilities
c. Dargues (to do as they please)
d. Ballarat and other assets - low value

Two or three days may tell if this has been considered or is part of the new game plan....