Here comes the news?, page-49

Hi Matt747,

Confirmation from the article posted in the SDL thread just before, backing up my numbers;

"The addition of Mr Bogolyubov's options, if exercised, and the converted notes will increase Sundance's capital base to 3.7 billion shares, with the Ukrainian billionaire holding about 18 per cent of the company."

I said 15%+, so I was close. If you add Noble's convertible notes the capital base goes above 4Bn shares.

Let's just look at the convertible notes for now. How do you feel about this new investor paying $40m for 400m shares in SDL?

To put it in talk you would understand, your new investor has just effectively paid $40m for 12% of the Mbalam/Nabeba stake held by SDL. How does that fit in with GJ's $3.5Bn NPV comments?