fundamental valuation of sundance, page-27

IMO a Number of issues and I did not pick the drop that it has had.

Chairman JONES and directors proposed merger b/w GBG and SDL. A lot of angst from GBG shareholders in hindsite probably right.
SDL unable to supply expert valuation. Had not drilled enough holes. Price started to fall couple of directors purchased shares Talbot purchased another million stabilized price for a bit.
Supposed to have extra 2 x drill rigs in working prior to xmas 2007 didn't happen
Delays in assays and announcements
No of shares on issue 1 billion + and need to go back to market or raise loans. Nobody wants to lend.

I originally looked and Cameroon had been politically stable for 25 years forgot to keep checking each day for news articles. Rising prices of oil & food have caused problems across Africa not just Cameroon but Sovereign Risk just got worse.

Better short term opportunities at home. E.G. BRM

Biggest one for myself is that the Finance meltdown need large sums of money to build the railway.

Iron Ore Prices Great next year, good 2010 but what about 2011. More iron ore being developed RIO and BHP to expand output. See announcements.

Up Side - Raised 60 million last year so they have money haven't checked cash rate burn.

Could be a takeover target by Chinese if prove up resource. Especially at current prices.

Speculation is that a couple of large hedge funds who owned shares needed money and have been selling down pushing price lower.