looks very unlikely..----------------Shareholder approval is...

looks very unlikely..
----------------
Shareholder approval is being sought in Resolution 3 to grant 6,000,000 Options in three
tranches to Mr Michael Hulmes, the Managing Director of the Company, for no issue price. The
Options will be granted in the following tranches:
(a) Tranche 1 – 2,000,000 Options with an exercise price of 15 cents per Share and an
expiry date of 5 years after the day of grant. The Tranche 1 Options will vest at
completion of satisfactory commissioning of the Roseby mining and treatment operation
by 31 March 2008 or such other date as is agreed by the board of Universal;
(b) Tranche 2 – 2,000,000 Options with an exercise price of 17.5 cents per Share and an
expiry date of 5 years after the day of grant. The Tranche 2 Options will vest on 30
September 2008 provided that Universal's share price performance has matched or
exceeded a suitable ASX resource index, which is to be agreed between Universal and
Mr Hulmes;
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(c) Tranche 3 – 2,000,000 Options with an exercise price of 20 cents per Share and an
expiry date of 5 years after the date of grant. The Tranche 3 Options will vest on 8 May
2009 provided that Universal's share price performance has matched or exceeded a
suitable ASX resource index, which is to be agreed between Universal and Mr Hulmes.