would accept 40c , page-18

Sundance is a different situation. The current sp means nothing as one shall see by around November. Perversly, it is competition that has resulted in the current sp which is very misleading.

China scuttled it's own intial bid which was itself signifcantly elayed due to insider trading crime that ASIC investigated - a Chinese charged and key witness - head of HanLong absconded to China and never returmed.

China using $US 200M of state money via a private front - an obscure company in Sichuan province to buy up 14% of SDL' stake. On the surface, it would appear the Chinese did a last minute u-turn.

Reality is now resuming the takeover via State enterprises (including giant steel mills of the Chinese Iron & Steel Association). Something China could do credibly with a Sichuan company that has no money (china's competition is said to include Glencore / Xstrata and India's largest steel companies).

Why ?

Because the Chinese thought it was a China-Only deal to take lock-stock-barrel, only realizing upon the Africans (Congo and Cameroon) granting the mining permits to Sundance that there would be a market driven competition for the resource.

The Chinese still keep every single share of the 14% stake (bought at 44c using money from the China Development Bank - state money).

6 Chinese entities are bidding for the infrastructure tender (as well as non-Chinese entities).

Chinese and non-Chinese entities are also recipients of a 50% asset level equity sale.