sdl valuation, page-28

Evening folks.

Leon are you serious.You say current value 50c but you factor in discounts for delay and project blow-outs, I'm sorry but they are not current. Where do you see NPV assumes 100% ownership? You are not very accurate in trying to evaluate a business, imo, as you are ignoring future possibilities, apart from the negative of course.

With takeovers you are selling a business.We can't compare this to any others as it is on a new frontier.It has inherent goodwill factors we can not calculate-Owning infrastructure as massive one, and one of the factors you avoid in your analysis.Look to Sinosteel and the Pilbra to see how important this is.Yours may be close to a carbon copy of what Hanlong are arguing with.Our boys are too clever for this.

Many are waiting for a Hanlong revised offer.Considering they are in talks I fear any revised offer announcement will probably come with board approval.We will all hope a JV ann. comes before this, so the pressure is on, imo.

Sentiment has changed somewhat, after the first offer, with some of my and a few others suggesting we should follow what the board suggests as the quality of individuals ensures they have our interests at heart.Many appear willing to accept the boards recomm. which seemed unlikely initially-just an interesting observation folks.

Good luck holders!