placement, page-2

I don't mind this placement in some ways - its nowhere near as bad as the VCN deal in any case. Good points:

- "sophisticated" types see near term upside (at least that's what they're usually after).

- Moloney wants to top up his position (though he may have ulterior motives such as QMN interest).

- It may spell the end of the VCN deal. My legal advice suggests there are various avenues for shareholders to challenge the scheme (via the ASX, ASIC and the courts - potentially including personal action against directors). The more obviously "unfair" and unnecessary it becomes the greater the chance of success (even without these last resorts). Exploration success may kill it off entirely.

Still its too big, too much of a discount and the damage further compounded if the VCN deal does happen. No wonder URL is the only stock with a share price this low around the inlier. The CFO won't be finding another gig in a hurry so better give himself a pay rise while he has the chance.