I stick to the numbers and underlying analysis as too much...

I stick to the numbers and underlying analysis as too much credit given to Directors (most are dumb in junior mining) being clever enough to come up with big plans and schemes! One of the issues here that makes me come to the conclusion below is that Board has no skin in the game and never has had but for the newest member and it looks like his value add was to get rid of the former MD (andrew) who chose to ride the moral high horse at Dargues and slaughtered the company and walked away with a truck load of options and payout ! BOARDS DON'T THROW THE KEYS UNLESS THERE IS REAL RISK AS THROWING KEYS = NO DIRECTOR FEES !!!

$20M in cash will disappear very fast with 3 assets in care and maint. Bendigo is sold but not settled and costing money every day ! Henty has stopped producing and needs a lot of capital to start up again. Dargues is a good project but UML stuffed it up post Cortona.

Who in their right mind would give the long standing directors and past management additional capital (equity) at the best of times let alone in this position. Henty will need at least $10m and Dargues needs $35m++. With a burn rate of probably $3M a quarter, come time to vote on this deal they will have $12M in the bank if they are lucky? If make cap = cash at bank (and it has for the past year) no Pybar bid = the share price will be 1 cent !!!!

If the company can't attract new / cheap capital it will be death by 1000 cuts, e.g Pybar has cash flow and can continue to creep up to 20% +++ and pay no premium. My read is that if the deal does not get up, assets will still be sold to generate cash (they can't afford to keep both Dargues and Henty) and give it back to shareholders but not at 2.9c, it has to be less as longer it takes the less cash at the bank. It looks like some of the Board made judgement call that now is as good as it gets to maximise bid or hope (pray) new capital can be found.

Cleary smart money is buying - everyone ! should be buying at below 2.9c and getting Pybar to cut a cheque for the difference. Nobody is coming over the hill on this one as assets are not good enough and cash is evaporating by the day.
Vote no at you peril - best approach is to buy sub 2.9 and cash in all day every day at Pybars expense. If they (UML) manage to keep it independent get ready for a massive discounted rights issue and placement that if you don't participate the stock might as well be used a kleenex tissues once and for all - I will never get my capital back on this one so hoping to cash out and top up along the way to recoup losses - Good luck UML shareholders if vote gets defeated ! This one deserves to be put out of its misery!