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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Union | LSE:URL | London | Ordinary Share | AU000000UCL4 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Please see correction of earlier release. Union Resources Limited ANNUAL GENERAL MEETING - CHAIRMAN'S ADDRESS Please find below the address to be delivered by the Company's Chairman of Directors at today's Annual General Meeting. The Managing Director's presentation concerning the Company's Sandpiper Namibian Phosphate Project given at the Annual General Meeting can be found on the Company's website www.unionresources.com.au. . UNION RESOURCES LIMITED John Lemon Company Secretary Enquires to: Australia: Union Resources Limited Dr Frank Reid - Managing Director Phone: +61 07 3833 3833 London: Hanson Westhouse Limited Bill Staple or Martin Davison 0207 7601 6100 Bankside Consultants Simon Rothschild / Louise Mason 0207 367 8888 UNION RESOURCES LIMITED Annual General Meeting 2008 Chairman's Address Ladies and Gentlemen, In keeping with many companies and in particular junior exploration companies, your company has been faced with challenges outside of its control which have not been experienced for many years in the global markets. As is the standard for the majority of junior exploration/development focused companies, Union went into the current financial year fully aware that it had to raise funds during the year to advance its project in Iran, find additional projects, and significantly advance them to diversify the risk faced with Iran. In June 2008, the Company announced that it had secured control of a very promising phosphate deposit in Namibia (the "Sandpiper Project") and in October 2008 merged the Sandpiper Project with additional phosphate interests held by Bonaparte Diamond Mines NL and Tungeni Investments which are also in Namibia. During the course of this meeting, Dr Reid, the company's managing director, will give a presentation on the merged joint venture. The rational for this merger was to accelerate the development of the combined projects with a view to creating a significantly stronger project than each of Union or Bonaparte could hope to achieve individually. While successful in August and September 2007 in raising AUD 2.4 million, the increased political tensions between Iran and the West and the declining global markets have made raising further funds since then extremely difficult. The company in late October 2008 announced a rights issue to raise AUD 2 million specifically for the Sandpiper Project. In addition to the rights issue, your Board is currently exploring a number of alternatives to finance the Sandpiper Project. However, deteriorating market conditions for all companies and in particular, junior explorers, is making the rights issue difficult to successfully complete. Despite significant progress in resolving the issues the Company faces in Iran and the securing of the Sandpiper Project in Namibia, the performance of the Company's share price has been extremely disappointing. The continuing deterioration of the Company's share price in the face of the global Market problems and in particular global commodity prices has resulted in an unprecedented liquidity freeze which has made fundraising from traditional methods near obsolete. The Board is currently pursuing a series of alternatives to resolve this. In the absence of a successful fund raising via the rights issue or the securing of alternative financing the Company is facing significant problems and the alternative may be more dilutive to existing shareholders. Your board therefore continues to consider alternative proposals to generate value from the Company's assets. The fundamental potential of the Company's assets and in particular the Sandpiper Project remains strong despite market conditions. It will be the Company's ability to continue to demonstrate this value by further development and exploration of the Sandpiper Project while resolving the problems in Iran that will lead to the long term success of the Company. For this reason I urge all Shareholders to support the current rights issue. I thank Shareholders for their support in this current trying environment and look forward to describing a more positive report on the Company in 2009. James Collins-Taylor Chairman END
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