The good ship UXA seems to still be chugging along. Having been torpedoed below the waterline and left dead in the water, and all crew having abandoned ship. Somehow someone stuck up a sail and a friendly wind set it going again and the crew returned, if only temporary. Sold off all the assets on board and paid off the debtors.
Palgrave repaired the engine to chug along on fresh air and a return to port to raise cash for the new journey, and to unload the old crew (directors) and take on a new ones.
Thus the previous owners (shareholders) are left wondering about the next meeting and plans to raise cash at 5c a share.
If you are a bit puzzled by all this then I cant blame you, so am I.
La Jolla Cove and another lender, we are told, have converted their debt into shares. Is this at a 20% discount to 0.2c a share, and in the other case, 8.5% discount to 0.2c. Not quite clear all this though it would seem so.
Lots of shares in issue now, must be about 2 billion.
If cash raising is at 5c a share then there may be an explanation coming or maybe I missed it.
We have all been patient for nearly 2 years, so waiting another year somehow isn't a problem really - good luck to us all.
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
