Yep, the recent valuation has annihilated the value for shareholders. I was always bullish on UPD (though they have been slower with making things happen than expected) but it has all been turned on its head with the latest valuation. They say it's all a result of having to raise cash in the current market and that this is in line with the drop in value of other similar companies (though by my reading it was actually a bit more). The only way they could get funds was from existing major holders who have them over a barrel and have taken their pound of flesh by basically naming their price. And it gets worse in that the associated rights offering has now been extended twice - in other words they haven't had much uptake. But that's hardly surprising since it's only open to Sophs in Australia.
UPD Price at posting:
99.5¢ Sentiment: None Disclosure: Held
