In this last quarter report to 31/12/2012 there are small pluses and minuses, and unknown factors that mean UXA are not yet batting all that well: Bowling is wayward and they have not yet caught many catches and there might as well not be a wicket keeper - the captain has left the ship -- I jest, but what else is there to do:
Uncertain as to whether UXA have received the US$350k for GAA USA; as it's not mentioned I guess not. They will also receive fees for leasing PFN tool to North America but no mention of how much. [sold for about 30% of its original cost, but cash useful]
UXA have received AU$37,500 for the sale of its Straights SA tenements and receive AU$337,500 about April this year once certain agreements are concluded. [some cash going forward that is useful]
Cash available is down to AU$598k from AU$730k at the previous quarter and AU$1,004,000 6 months ago.
Debts which are not stated in this quarter are AU$500k to Lind and no mention of interest and the additional AU$100k plus interest and costs. [a bit worrying that] Also there's the La Jolla debt and interest, total around AU$900k and no comment on their position. [of concern]
UXA appear keen to drill at their new Commonwealth Hill tenement in SA. [Looks OK if cash is available to do it] Also continuing on the Mundi Plains exploration. [can UXA afford it, hmmm]
No mention of future cash raising plans and how much they will get for GAA Wireline Australia including PFN tool. (cost about AU$6 million in total) -- [may only get AU$2 million or so, maybe I'm being unfair] -- Based on recent comment of a drop off in logging work on the coal and iron ore decline.
[UXA have survived so far and reduced costs I think. Maybe directors buying shares at 0.15c would inspire confidence, just AU$100k each would be a start - just a thought.]
UXA Price at posting:
0.2¢ Sentiment: None Disclosure: Held
