Rods and nobull have it pretty much covered. There have been 2...

Rods and nobull have it pretty much covered. There have been 2 reconstructions along the way, a 10 for 1 and the recent 30 for 1. Neither particulalry unusual for an explorer that has been around for 20 years but it does produce an odd chart.

Given that we have been an explorer all this time the chart doesn't tell a clear story without knowing the fundamental background.

In the early days UCL was basically a gold explorer but also looking for other minerals. In the late 90s tech boom, wealthy German investors got involved in the company and steered into a couple of tech investments - the idea was to make some money and fund exploration. They were actually genuine prospects unlike many at the time and got a huge ride at the time - I recall from around 3 cents to 40 odds cents.

After the tech wreck the Germans gradually disappeared and we got back to our core business of exploration. By then the company had acquired the Mehdiabad zinc prospect which they spent the best part of a decade exploring and proving as a major resource, attracting new significant investors along the way ( Lunding Mining). It went all the way to funding stage when the Iranian government did the dirty on us efffectively taking it off our hands and leaving us in limbo since 2008 on that project. lundin eventually sold out to MAK.

That brings us to the present phase which is about Sandpiper phosphate. The project was acquired by Frank Reid, a phosphate expert and has led us to today with 2 significant cornerstone investors in Twynam and the Omanis.

So when looking at the UCL chart you are seeing 4 different extended periods. It looks scary but each story needs to be considered in its own right. They are basically the stories of most junior explorers - ie the rollercoaster of the spec world. The negative is that the company has yet to make it out of explorer status. The positive of the stories is that the company has always managed to find bigger money wanting to work with us off the back of positive projects.