ann: raises 40 mill via convertible notes, page-98

I'm a holder of SDL but have held another IO upstart, WDR, for sometime now. We've had a botched TO from the Chinese (SP was punished as result) but now we're secured all the debt we need and an off-take agreement with a world class commodity house - Noble. First shipment of IO is scheduled for end Nov. Very exciting.

Noble have secured the rights to the first 5yrs of WDR's DSO and they provided a revolving credit facility to get us across the line with Macquarie for $80m debt.

If their past performance is anything to go by, it could be that Noble will behind the much speculated off-take agreement with SDL. Fits their MO perfectly.

If SDL do secure an offtake agreement, IMO, it's one of the final pieces left to fall before another large deal(be it debt, equity or change of control).

This is not intended as a cross-promo, more to highlight that:

a) Noble are very active in IO right now
b) Have a propensity to provide finance AND off-takes agreements for solid projects

All in all, sounds like SDL is heading down the same path of WDR, albeit a much large path made of African IO.