Ann: ANS: Proposed $100m Placement & Strategic Investment in Sund, page-234

I appreciate that this proposal is a giant ray of light for holders, however it is still a very puzzling transaction and raises far more questions than answers.
I have posted before that from SDL perspective the proposal appears purely to clean up the balance sheet and put some working capital in to try and convince the Cam Gov that SDL now has the firepower to proceed. It also gives the noteholders some capital back and importantly changes control. It doesn't detail any proposal for project development, except that belated .02 Option issue (which could hardly be called a commitment)
If WAPRC has some much bigger backers, why not put it out there, surely in the interests of gaining an extension the more info the better!! (And, of course why the deal through ANS anyway?) Appears to be hastily put together! Of course these blokes might have some large backers and everything will be go, but there is very little to go on...................
The proposal also is very clear that there is no certainty it will proceed and the whole proposal appears relatively silent on any prior discussion in regard to takeover provisions or regulatory controls such as FIRB. It also details a funding table for expected expenditure for ANS (posted on this before), however the final paragraph in regard to use of funds reads:-
If the Proposed Sundance Transaction does not complete, the $58M which was proposed to be allocated for that transaction, will be retained for general working capital, for the purposes of exploring the development of the Oakajee Project and for the purpose of identifying and pursuing Other Western Australian Projects.
To me that is a rather blase comment and seems an offhand way of suggesting how over half your commitment will be used??
Obviously ASX is totally correct in this instance to get to the bottom of this, firstly to confirm the substance of WAPRC and its backers and secondly the issues with change of control of these 2 Australian Companies!!
Hope for holders sake this has a lot more substance behind it, but at the moment it just doesn't add up..........