UCL regards the terms of the Subscription Agreement, MML Convertible Note Agreement and MML Underwriting Deed to be on commercial arm’s length terms having regard to agreements of their type.
In particular, UCL notes that:
(1) the shares issued under the Subscription Agreement were issued were at a premium to prevailing trading prices for UCL shares at that time;"
You can't get more disingenuous than that can you Mr Jordinson when you have impaired the balance sheet by more than 100% of our market cap prior to the above transaction? Using your ability to procure a cornerstone investor at an approx 20% (from memory) premium after such an impairment of more than 100% of our current market cap is hardly evidence of an arms length transaction, particularly when the asset in question has a volatile value related to political change in Iran (or if you had bothered to start an arbitral case) to the strength of the legal arguments relating to that asset.
UCL Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
