low ball chinese bid tossed out , page-11

Hi baukaw.

Being rather harsh painting all none trading shareholders as retail Muppet's I think.

You have to see it from the point of view of long term shareholders who have been reading every line of every Announcement-Presentation for several years.

I did a bit of printing to-day of Announcements going back to October 2010.
October 8th 2010. Giulio came on board from a senior position with Sinosteel Midwest Corporation.

November 5th 2010. Sundance looking for Chinese funding for Mbalam project. CITIC helping with the vast array of potential funding options available to the Mbalam project in China,commented chairperson George Jones.

March 21st 2011. Hanlong increases share holding in Sundance after Ken Talbot passed away.

May16th 2011.
Mbalam project strategic partner and project financing update.
Company advices and confirms it is in ongoing discussions with several prospective Strategic Partners to provide Equity,Construction,off-take and Finance for the Mbalam Project in Central West Africa. Sundance exploring bringing Strategic Partners into the Project which may include the granting of equity in the Mbalam Project in return for securing long term off-take agreements and the guarantee of project finance.
Numerous follow up discussions have been held with prospective partners on both Commercial and Technical items.
Sundance is pleased with progress that has been achieved in recent months and is confident of successfully concluding arrangements for the introduction of Strategic Partner(s) to the Project by the end of June 2011. It expects to confirm financing arrangements and make a final investment decision prior to the end of 2011.

What happened to these Prospective Partners and Agreements? We have heard no more from the Sundance Board.

May 30th 2011. Sundance says full takeover not on the cards. Sundance refuted claims that its Investment Partner Hanlong Mining was looking to gain control of the company. Sundance said it is not currently in discussions regarding a full takeover and continues its ongoing discussions with several prospective Strategic Partners. In March,Hanlong indicated that its Investment in Sundance was considered Strategic,and that the Company would Assist Sundance in fast-tracking its infrastructure and Mine Development plans.
Sundance expected to announce Strategic Partner by the end of June and confirm Financing arrangements and Final Investment decision on the Mbalam Project prior to the end of the year.

June 29th 2011. Sundance has shortlisted the preferred potential partners and has entered into Commercial Negotiations.

July 18th 2011. Less than seven weeks after saying a full takeover was not on the cards and all the talk of entering into Commercial Negotiations,expected to announce Strategic Partners and Financing arrangements in four weeks on June 30th. Along comes a FULL take over offer from Hanlong seven weeks later.
Sundance said they would continue to progress its ADVANCED Negotiations with Potential Strategic Partners in respect to possible Joint Venture,Financing and Off take Arrangements to develop its Mbalam Iron Ore Project.

Sundance Chairman George Jones said,The Company has the Vision,Passion and Technical expertise to Develop the Mbalam Iron Ore Project.

October 4th 2011 Sundance Directors Unanimously recommends shareholders vote in favour of the Scheme.

What happened with the On Going Advanced Negotiations with Potential Strategic Partners in respect to Possible Joint Venture,Financing and Off take Arrangements?

Problem is that all the talk of Strategic Partners,Joint Venture,Off take arrangements,Advanced talks,Commercial Negotiations,to be signed sealed and delivered by the end of June 2001 and Funding have all disappeared as if they were never spoken of or announced.

It has been the same with all the Broker Reports and Presentations that were taken off the Sundance web site after the Renaissance Capital Report was stopped from being shown to shareholders.

Not following up with anything about the Advanced talks and Arrangements for Finance,Off Take Agreements,Joint Venture etc,after the Directors Unanimous decision on the take over offer has left shareholders in the Dark.
Nothing Black or White. Still there or gone. Waiting or already left us. No or Maybe. Did I dream it or was it real?

As an Investor we need to Trust Company Directors to tell the Truth. Keep us up to date on the situation. Not keep us in the Dark on what is going on with our Investments.

I know Confidentiality is in play in every thing they do.
When they give dates for completion of Agreements and Negotiations, they need to be sure before giving those dates. If not sure, say hoping to close it off by the end of June 2011. If there is a problem with that date say,we need to extend the date to the end of July. Not just forget it was ever spoken about and ignore what they told share holders. Keep us Informed about everything the Company does that can affect our Investment and the Companies Prospects.

I am not knocking any Director in particular,they are all there as a Group,they all need to look at the way they should be keeping Shareholders Better Informed.

Regards
Westcott.