Has been some time since i posted and judging by lack of posts...

Has been some time since i posted and judging by lack of posts everybody is feeling beaten-up.

Markets have been to say the least extremely weak. Investors have lost confidence and cash is king atm. Whether we have reached a bottom or are close probably depends on whether governments can respond with authority or merely argue amongst themselves making the job harder. Be interested to see whether any more comes out of IMF/G20 meetings.

UNV has a number of high quality projects and very strong management that understand SA. Even verus peers UNV trades a huge discount - a large part is SA. The nationalisation risk seems to have reduced and with Xstrata putting down a billion dollars to buy a coal producer the big guys seem comfortable.

On a fundamental basis it is significantly undervalued but that does not mean it cant or wont go lower. That being said, long term investors will do very well at these levels as markets do always recover and usually start this when the fear factor is at its highest. I think this is worth multiples of current value but requires patience and catalyst in current market.

News flow will pick up in Oct with updates on thermal and wide diameter coking coal testing results which are critical for bringing in a strategic investor. This should provide upside on previous reported coking information as typically narrow drill testing understates position. Not that market is in mood to rally on basis of this atm.

In my opinion the big driver in current market is a strategic investor as makes people realise value. Having worked with a number of the likely groups they are very active in these periods as they take long term views and deals are easier to negotiate. The coking deposit is of a scale that will attract major strategic investors. Once the coal analysis information is released it should allow a transaction to be done. I would be surprised if a number had not already carried out DD.

This is what management need to focus on delivering as will be significantly more important than any project related updates.

Good luck to holders and keep the shares in the bottom draw as no poi on focussing on daily or weekly movements atm.