UML - Henty Drill results, page-3

Extract from recent correspondence with Frank Terranova:
Form your own opinions.

It is and always was my objective when I joined UML some months
ago to build a mining company however access to capital was
totally not available to UML in a form that was in shareholder
interests for various reasons, many being the view financiers had
of the assets.

Absent of access to capital it was a view that shareholders
should have the choice to receive cash (before it's totally
consumed on preserving the assets) as the alternative would be
for shareholders to be asked for equity in the future to fund the
projects given revenue would cease.

A number of potential groups had attempted to want to seek to
asset strip the company eg: stripping the cash and /or the assets. Therefore in the interest of all shareholders a process was run.