will mak launch takover bid for ucl, page-3

mr Asia

did you miss this part of the announcement?

Since that time Union has been negotiating with
various Iranian parties in an effort to resolve the impasse and progress the Project. At the
same time, Union has been exploring the possibility of resolving the matter through
arbitration and has made initial preparations for instituting arbitration proceedings should
that become necessary
During the Quarter
During the quarter Union continued to hold discussions with the relevant Iranian parties in
an effort to resolve the Project dispute and progress the Project, however no substantive
progress was made.
The political situation in Iran continues to be difficult, and there appears little prospect of
any improvement in the short term.

This stock is going nowhere under an Iranian Govt IMO