open letter to mr drummond

Open letter to Mr Drummond

Dear Mr Drummond
If you have passed a fitness and proper test of suitability to be a director of an ASX listed company, can you explain what steps you have taken to ensure Matthew Trivett’s recent broker research note supports your and your Board’s belief as stated in today’s ASX announcement:

“Minemakers regards Patersons’ recommendation as a strong, independent endorsement of its Offer”

particularly given that Mr Trivett ascribes a $40m valuation to the Wonarah phosphate resource (page 11) (which in all probability exceeds any valuation NMDC might put on it) and a valuation of zero (page 10) on an $18m investment made by UCL Resources that resulted in the discovery of the largest undeveloped technically and economically feasible zinc mine in the world, situated in a country where there is a growing consensus (and arguably urgency) for the necessity to bring about regime change (Iran).

I am surprised by other ASX statements such as "Wonarah (Phosphate Project) has regional proximity to Tennant Creek" (distance exceeds 200 miles) “"PORT KEATS ROCK SALT PROJECT: MAJOR EVALUATION ADVANCE” (no effect on share price) and MAK’s TSX listing enhances share liquidity when less than $750 of MAK shares have traded on the TSX in the last two weeks and when the spread is in excess of 20%?

Are you a fit and proper person to be a director of an ASX listed company? I look forward to hearing from you via an open reply to hotcopper.com.au.
Yours sincerely

NobullnotOzzie
A UCL shareholder.
P.S. Can you also explain how Minemaker’s relationship with Patersons allows Mr Trivett’s report to be independent, and do you accept that misleading statements to the ASX can result in fraud?