announcement out, page-7

The directors of this company clearly show they are out of their depth here. In our best interests... give me a break.

The takeover for Sundance by Hanglong was for all the shares in SDL as at that point in time with the permits in place full stop. Much like buying a development site and having a condition that the DA is approved by Council prior to settlement. Thats where it should have ended.

Hanglong was acquiring SDL at a price even when it was 57 cents a share at what many people here believed was a steal annd it probably was, either way, they were paying a lesser price than what even the experts report valued simply because they should be acquiring the company and thus carry all development risk after that.

Now they want to make sure that development partners, and god knows what else they require to derisk the whole project before they hand us the money.

Going back to my development site, its like saying to the seller of the land

I know we entered into a contract to buy the land with the development approval attached, however sorry but we cant settle on the land until

1. We get finance approval from the banks not only for the land but also for the construction of the development.
2. We really know nothing about developments so we will want to find a partner who will also go into this project with us.
3. We dont want to risk losing money on the project so we will also need to find a buyer for the completed development prior to even commencing any works.

Guess what the sellers solicitor would say if they received such demands after the initial contract was entered into.

yes you have it right

it would tell the other party to Go **** themselves.

I for one am definately taking legal action againts the board of directors because i have made several business decisions on the basis of what the directors stated in the first offer report and as a result of me acting on those statements i have no suffered a loss through not only the price reduction but also the increase in finance costs on the loan used to purchase my parcel of shares.