re-quarterly, page-2

Vrohy thanks for your perspectives on the South Korean project. I do however think that the chances of the ULT deal getting approved at the AGM are very low. CLY have said that they are voting against it and you have to assume that others have backed them. MLM have said that they will sell their shares to CLY, however it is confusing that the ORM Board (which has 3 of 4 directors from MLM) has been advocating for the ULT deal. You have to ask how much the MLM Directors really like the deal if MLM is selling their ORM shares. Perhaps MLM are just desperate for cash right now and no matter how good the ULT deal for ORM, "cash is king".
I think that the ORM board have flagged that a reason to support the ULT deal is because the company stands to lose a lot of money by not proceeding. The release from the ORM board (and 3 MLM Directors) indicates that the loans from ORM to ULT have not been struck with the right level of security to protect ORM. Reading the statement it appears that ORM have covered the obligations of ULT on the assumption that the deal was proceeding. If it does not proceed, ULT will most likely fail and there will be no prospect for the recovery of those loans by ORM.
Either way, after the postponed AGM this coming week, the ORM board's position looks pretty tenuous. You can safely assume that they know how the votes will play out already on ULT and perhaps that is the real reason why they postponed the first AGM. If the vote is going to go against ULT, I would not be surprised if we see a mass resignation prior to the AGM. Even if the board prevails on ULT, they will have to go pretty soon after - they have been publicly brawling with CLY - and he will be able to summarily dismiss them once the take over closes and they have 51%. The only benefit for the ORM board in staying is that they may get a couple of weeks to cover their tracks and bury the ULT loans in smoke and haze before they are out the door.
Let's hope that the ULT deal really is that fantastic that they find another partner and that ORM's funds are returned quickly and in full.