phone call from umc, page-30

In the case of UMC, the Resolution will only pass if a majority of individual shareholders who are actually voting the Resolution (in person or by proxy) vote " For" and at the same time at least 75% of the shares as voted are in favour of the Resolution ( page 7 of the booklet). ie. if greater than 50% of individual shareholders vote " Against", the Resolution fails ( regardless of the number of shares actually voted " For".).
That is probably why the Board is worried ---- shareholders with just a few votes ( as registered at 5pm on Australia Day ---- after a four day "break" ) , hold equal sway.
Another interesting point in the Scheme Booklet.: In the assessment of value, the tonnage of high grade hematite "available" to UMC is accepted as being 50M tonnes. The other 50M tonnes of the high grade core of Railway is assumed to be quarantined because of the BHP claim boundary. There have been instances where a Minister has approved mining on adjacent tenements subject to the stockpiling of any third party ores and storage of waste material to the satisfaction of the adjacent tenement holder. That option would also be negotiable for UMC.

BHP, of course, will have access to all of the core 100M tonnes of the Railway Deposit. And just to demonstrate the potential value to BHP, the assessed operating cost in the booklet is about $49 per tonne of sale product ("third party access case " --- 5M tpa). Capital for that (including new spur line) is about $240M say, $2.50 per tonne.
If the overall cost is say, $55 per tonne and the FOB price at Port Hedland is say, $90 per tonne, BHP's annual operating margin would be $35 x 5M equals $175 M ---- not a bad return on an acquisition outlay of $200M. (At 10M tpa, double the numbers).
At 5 million tonnes pa for 20 years (assuming the same operating margin in today's terms) ---- $3.5 billion cash flow from Railway !
Based upon other Pilbara juniors' share prices, they must reflect confidence that some form of rail haulage or actual access will occur. UMC currently does not have access to shipping but surely that was no reason for the Board to raise the white flag .