The rights issue was not cleverly worked out and most of us could have done a better job in 15 minutes. A deeply discounted rights issue is what was needed to have a chance here - one for two at 0.75c and one free option/warrant for every two shares convertible in 2012 at 1c per share. Drilling would be slowed down as much as possible to reduce costs and a move more towards GAA Wireline expansion and flotation of 49% of the company in 2012.
UXA Price at posting:
1.6¢ Sentiment: ST Sell Disclosure: Held
