Corporate Overview
- Alan Eggers heads company as Executive Chairman
- Company well funded with over $5.0M in cash and listed investments
- Key Australian and International resource funds backing the Company
- Drilling the Double 8 uranium deposit at Ponton in WA a priority
- Double 8 deposit has 17.2Mlb JORC reported uranium oxide resource with an additional 2.5Mlb to 5.5Mlb uranium oxide exploration potential reported
- Stallion South prospect has mineralisation potential reported of 8 to 16Mlb uranium oxide
- Highway South prospect has mineralisation potential reported of 8 to 16Mlb uranium oxide
- Ponton prospect has mineralisation potential reported of 15 to 30Mlb uranium oxide
- Further exploration drilling upside at Double 8 and along the palaeochannels at Ponton
- All uranium mineralisation is hosted in permeable sand palaeochannels around 60m deep that are amenable to in-situ leach ("ISL") metal recovery techniques
- Experienced management team to pursue growth through mergers and acquisitions
MANHATTAN MANAGEMENT
Manhattan has an experienced management team that has previously built one of Australia’s premier uranium companies to an ASX Top 200 company.
Manhattan’s Executive Chairman, Alan Eggers, has a long and well credentialed track record in the Australian and international uranium industry and was the founding director, substantial shareholder and Managing Director of Summit Resources Limited, a uranium company that had a market capitalisation of $1.2 billion at the time it was taken over by Paladin Energy Ltd in May 2007. Mr Eggers was also a founding director of the Australian Uranium Association ("AUA").
The Company’s board includes Chairman Alan Eggers; John Seton, an Auckland based solicitor and the former chairman of Summit and chairman and director of a number of ASX and NZX listed companies, and West Perth law firm Blakiston & Crabb senior partner Marcello Cardaci.
INVESTOR SUPPORT AND MARKETING
Manhattan is focused on its projects, balance sheet, share register and funding needs to create shareholder wealth going forward. Manhattan is debt free with a stable share register.
The Company will advance its flagship uranium project at Ponton, expanding and upgrading the confidence levels of the reported resource and presenting these results clearly to Australian and international investors.
Manhattan has developed an extensive database that identifies corporate opportunities to acquire quality uranium resources and grow the company.
Importantly, Manhattan’s activities have attracted the attention of key Australian and international resource and specialist uranium funds in Sydney, Hong Kong and London and resulted in them taking up significant positions on the Company’s share register.
COMPANY FUNDING
Manhattan is well funded to achieve its medium term objectives with over $5.0 million in cash and listed investments. Manhattan had at 31 December 2010 around $0.2 million in bank cash deposits and $4.91 million in investments in liquid ASX listed uranium companies.
Importantly, there is not expected to be any need for the Company to go back to shareholders, or seek to place its shares with new investors in order to raise additional funds, in the foreseeable future.
ISSUED CAPITAL AND TOP TWENTY SHAREHOLDERS
Manhattan has 90.23 million ordinary shares on issue.
The Company also has 3.10 million options on issue with a strike price of 20 cents, 5.55 million at 60 cents, 4.55 million at $1.00, 100,000 at $1.80 and 100,000 at $2.20.
The top 20 shareholders of Manhattan hold 75.72% of the Company.
Alan Eggers and managed investment fund Minvest Securities (New Zealand) Limited has a combined 31.2% stake in the Company. Over 38% of the Company is controlled by the board with fellow directors John Seton having a 3.8% holding and Marcello Cardaci a 3.1% holding.
