capital raising, page-13

I hear you david, and point taken.

I am not sure if you knew about the happenings over at MGX about 3 years ago.

It had 2 chinese groups both holding 20% approx of MGX independently. It was later discovered that the 2 groups were related, so FIRB made 1 of them dispose of their stake to a non-related entity, unless a full TO was made.

The actual circumstances are slightly different to SDL's here, but nonetheless in MGX's case FIRB looked at "effective" control of an asset and made a judgement accordingly.

FIRB probably wont need to adjudicate in this case because the asset is held overseas, but it still makes for an interesting academic discussion as it is very likely that the chinese will have "effective control" of SDL without making a full takeover.

But maybe the Cam government has politely said to the chinese, out of respect for the board members who died for the cause, SDL is off limits for a full TO, so the chinese are going as close to the bone as possible with ownership already held at corporate level (on the SDL register) and also most likely at project level as well.

HB