something brewing??, page-6

The rights issue was fully underwritten therefore it was in fact 100% subscribed from day 1 by the underwriters. The question to ask is why would a major broker be prepared to have to fork out $6 million to a minnow?

I am unable to substantiate this but someone in the position to know tells me that the brokers took applications for potential unclaimed rights (which became the 38% cerhob is referring to) and had to close the book in a matter of hours and heavily oversubscribed. Every single share has been sold, vast majority to long term investors.

The other question to ask around the rights issue is who was the party that bought rights on market and converted into, I think, something like 60 million shares? Clearly a heavy hitter not currently a shareholder so with no right to participate in the rights issue or shortfall.

There's plenty more to come from the UCL story. Market cap currently $30 million at 1.2 cents.