it was a bad deal at the time why do you think now that it's an even worse deal the directors will change their minds? the iron ore market was always going to bounce back, even when the deal was announced the Baltic Dry index was rebounding sharply and spot prices were at a premium to contract prices...the directors would have or should have known that (which made their recommendation all the more puzzling).
The directors obviously got what they wanted out of this deal or it would have been laughed at by them 2 months ago...as it was they bent over backwards (no shop provisions etc) to get it signed....shareholders were just bent over.
I am over this stock. I wish I could put all iron ore stocks on ignore as the future is clear where most are heading....and nearly all of them have inferior resource or prospects to those UMC had (past tense).
UMC Price at posting:
$1.29 Sentiment: None Disclosure: Not Held
