Never mind that there is a distinct possibility that the Instos who have been mopping up UMC shares in the last few months will veto the deal, I think most retail share holders will do likewise.
Anecdotally (as there is no prove unless the telephone calls are taped - surely after being exposed on HC, they won't dare pull this stunt again), the dirty tricks employed in the Phone-UPs tell you the degree of desperation on the part of the directors. I wouldn't go as far as saying so, but one can be forgiven to suggest this is almost criminal.
Think about it, most UMC share holders who have CHOSEN to keep this stock (I know many have bailed out and they don't count) chose this stock as a speculative longer term investment for significant gains. They are also likely to be significant holders relatively speaking.
They are also likely to have consciously invested in similar profile stocks (CXM, FRS, BCI, BRM, IOH) and more than likely the producers AGO, FMG.
They all would have seen what happened to those SP recently and MORE IMPORTANTLY where those SP will be heading for in the next phases of the commodity bull cycle.
On this basis, you can almost conclude most of the ballots are marked NO !
UMC Price at posting:
$1.29 Sentiment: Buy Disclosure: Held
