take over, page-23

westcott,

i wasnt expecting such a detailed reply to my one liner.
and whether one agrees with you or not, and on a few occasions i have not, there is no doubting your committment to the research. i for one appreciate the info, especially when comparing with other juniors.

your last paragraph comparing FRS and UMC post announcements paints a very clear picture - the market is not liking UMC right now.

but as lex asked, why?
because we have no asset - no, we have railway and maybe mt robinson too.
because we have no transport - rubbish, all juniors have the same problem.
because we have no corporate deals - no, we fixed that with CRM, at a PREMIUM!!

so why is the market constantly pissing on UMC's parade?
what does she see that we are obviously missing??