"UCL has developed a strategy to raise equity for the development of Sandpiper. This strategy has proven successful given the recent equity and financial contribution received by MML at a premium in difficult market conditions."
Mr Jordinson doesn't know when you impair the balance sheet by $18m (more than 100% of our market cap) without any change in the nature of the relevant asset that it is easy to raise money at a premium to the share price no matter what market conditions are like?
Iran regime change will have to occur before 2014 if a new nuclear arms race/cold war is to be avoided, and of course regime change makes Mehdiabad worth far more than the $1m it is being, as far as existing UCL shareholders are concerned, effectively disposed of for. (See Sir John Sawer's comments in the link from today's Daily Telegraph). His comments only make Iran regime change more likely unless you believe the West should pay the Iranian regime more respect than we currently give it.
The shareholders of Copper Resources Corporation were diluted about 99% out as a result of the company being loaded with convertible debt, and who was MD of CRC? Mr Jordinson. The decision to "dispose" of Mehdiabad via massive stock dilution right at the bottom is what one should expect perhaps from such a person. There should be a new dictionary entry: to do a Jordinson = to lose money through incompetence and to needlessly put shareholders to trouble through vanity share consolidations and company name changes and to be shy about admitting who appointed you.
