the thx stake sold was sized and sold exactly as required so as to NOT have to flag the fact they were selling... even tho they've always maintained that their UMC, ROY and Aldershot holdings are INVESTMENTS not long term core positions.
While THX will need cash approx $5m say for Copernicus plus exploration capital etc etc they certainly wont need $20M. My guess is Brett and the guys would be keen to keep as much as possible and would only offload a stake large enough to facilitate a TO of UMC if they were going to partake in the rewards... ie only into a TO rather than just before. Ie why sell and allow another party to then launch a bid at a much higher multiple for the rest.
I've always maintained that THX are a very good psuedo "capital protected" play on UMC. With the U thing finally active (with the 2 new geo's etc) and Copernicus putting a bottom in beneath the SP... everything else including copernicus deeps, sherlock and perhaps even some canadian interests, PGM etc etc etc ... at such a low market cap a run in UMC will leverage into THX big time.. particularly with all the UMC oppies they own.
DYOR
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
