I've never been a fan of THX owning UMC shares.1. They did...

I've never been a fan of THX owning UMC shares.

1. They did nothing to get those shares, except own some dud diamond tenements.
2. They've contributed nothing to UMC iron ore
3. THX's major asset along with their UMC holding is a tiny nickel laterite deposit. In other words... it may just become a cashed up shell company who got a free ride of Matt Hogan's iron ore tenements.

The only mistake Matt made when he secured the iron ore tenements from DFD Rhodes may have been to drop the project into UMC. In hindsight he could have used a cleaner shell company (e.g. VNS).

Before people go blaming the exec directors of the company, it might pay to remember some of UMC's history and who brought what to the table.

I don't believe Matt or Barry are behind the inside buying/dumping, but there may be other people on the board who sometimes get over enthusiastic about things. At least we got good access to some drilling rigs when the boom was on.

Joel