Like a twerp, when I last posted on this subject, I forgot to check whether Union Gold were still halted, and there will no doubt be a rush to buy as soon as they start trading again. However I think they will they will quickly find their level, so that the window of opportunity to make a quick killing will be very short. In addition I assume, as is usual with a reverse takeover, that the Board of SPE will replace the board of UN, and this move will probably be effected at the AGM. Also, at some point, the name of the company will probably be changed. This raises for me a number of questions.

1. Will Union Gold be able to start trading again immediately the merger is agreed at the AGM, or will there be further formalities to go through, such as the distribution of shares to SPE's shareholders?

2. How long will Union Gold be able to trade before any name change, and will this have an effect on the bids?

3. If oil is struck before the merger is finalised, how long will SPE as operators and under the tight hole status, be allowed to sit on news which might give them an advantage over the two other publicly listed companies with which they are partnered?

4. Where would this merger leave any directors of CIVC if they already held shares in SPE or had bought in to UN?

5. If oil is struck and it becomes public knowledge, wouldn't the share price at which the company resumes trading be affected?

6. If the company did start trading under a different name, would the bids for UN shares put in during the halt automatically become pro rata bids for shares in the new company, and be filled as such?

To my mind the business of buying in to UN could be more complex than it looks, and I certainly would be hesitant to risk selling shares in CIVC during the halt in order to buy into Union, though if I had a bit of spare cash, I would maybe risk a punt.

These are genuine questions by the way, and I would be grateful if any posters with a bit more trading knowledge could come up with some answers.

Regards
Dunnock