UCL 0.00% 30.0¢ ucl resources limited

Reconstruction of Capital 10:1

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    Reconstruction of Capital

    UNION CAPITAL LIMITED 2002-10-28 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    Subject to shareholders' approval and in accordance with the Listing
    Rules of the Australian Stock Exchange Limited, Union Capital Limited
    ("Union") proposes to undertake a reconstruction of the capital of
    the Company. The reconstruction will involve the consolidation of all
    the issued capital of the Company, on the basis of every ten (10)
    existing fully paid shares in the capital of the Company being
    consolidated into one (1) fully paid ordinary share. The
    consolidations are to take effect on the fifth (5th) business day
    after shareholder approval, anticipated to be at the forthcoming
    Annual General Meeting on 29th November 2002.

    The board of directors of Union feels the company's current share
    price is not reflective of either the real or potential value of the
    Company's diversified investments. The board sees the proposed
    consolidation to a lower number of shares on issue as an important
    step in its present restructuring plans for the Company.

    Post consolidation, it is estimated there will be 78,608,626
    ordinary shares on issue, 31,119,666 listed options exercisable at
    one dollar each and 1,060,000 unlisted directors and employee options
    at three dollars each. In addition the $ 1 million of convertible
    notes on issue will have their conversion rights amended to a ten
    times higher price. Other securities in the process of being issued
    will be similarly adjusted in price.

    The board considers that, with this number of shares on issue, the
    company will achieve better market support than with the current
    number.

    MANAGING DIRECTOR

    Email: [email protected]
    wwww.union capital.com.au

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    Fig Jam

    I don't hold UCL

 
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