great post westcott, u have consistently identified many issues...

great post westcott, u have consistently identified many issues of great concern & good points justreading, jayson1, chakay

A few points I'd like to add.

1. ASIC will get to the bottom of the issue of any shadow directors and their influence on the UMC board and via public promotions of the Company (such as via www.hotcopper.com.au), rest assured on that.

2. Also picked up that post, chakay. theseawolf's own words:


re: management disappointing (theseawolf)
Forum: ASX - By Stock (Back)
Code: UMC - UNITED MINERALS CORPORATION NL ( $1.265 | Price Chart | Announcements | Google UMC)
Post: 4115071
Reply to: #4114713 from Vayama Views: 930
Posted: 01/06/09 21:19 Stock Price (at time of posting): 97.5c Sentiment: Buy Disclosure: Stock Held From: 58.6.xxx.xxx
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Well - having waded through this string I think a few of your should consider the alternative to a takeover. If UMC finds a away to get their ore to market then run the numbers- $2.00 will look absurd if they can cut a deal with ???? FMG/BHP/Rio? Start the number crunching with US$60/tonne and go from there - a take out at $2.00 will look silly - so maybe dirty hands will prove to be the order of the day in the end - it just takes time, patience and nerves - and that is what we pay the directors to achieve for us ...

... so according to theseawolf, a vocal supporter of UMC management in various hotcopper postings, if UMC was taken over for $2.00 (or less) that possibly "dirty hands were involved"!

There u have it folks.

3. How naive of theseawolf not to realise that the CRM legal team would be going over the disgraceful set of events that have unfolded in UMC with a fine tooth comb, and that the BHP/UMC m/ment's actions have had far-reaching implications.
Management and their mates are so keen to present this deal as a fait accompli - when that is simply not the case.

4 . Re Venus - indeed it does have some iron ore tenements.
ASIC is already looking into allegations of conflict of interest concerning the vending of some of those tenements. Stay tuned theseawolf.