answers to tough questions

A softly worded letter and a drawn-out Q&A initiative doesn't cut it in my opinion.

The Sundance Board is legally obligated to provide shareholders with immediate answers to the tough questions - we shouldn't have to beg or fight them for it.

They can start with these:

1. According to the latest announcement Sundance is waiting on confirmation of NDRC approval - this was nowhere in the timetable before so why has it suddenly come up? What does NDRC approval have to do with the credit term sheet? Why was the credit term sheet not received on the 31st? Why did we get an announcement about NDRC approval and not the term sheet (which is the deadline that was actually missed)?

2. Why is it necessary to extend the timetable by such a long time? [the deadline for the credit term sheet has been extended by almost 2 months, the end date by 3.5 months]

3. Why are shares still in suspension and why is Sundance yet to provide a real update to shareholders? Why wasn't an update ready to go on Thursday last week, or even before that? Do you really have no idea what is going on or are you deliberately holding back information from shareholders?

4. Why are shareholders only finding out that deadlines are going to be missed just before (or even after) they are missed? [this has happened multiple times]

5. Why are shareholders finding out that deadlines are going to be missed in the media and/or by significant declines in the share price right before deadlines instead of through company announcements? [this has also happened multiple times]

6. Why do Sundance continue to bother with the SIA if the deadlines and conditions are just going to be ignored and changed? [the SIA is practically meaningless at this point]

7. Why is Hanlong not being sent away and told to come back with an unconditional offer? Has this option even been considered?

8. At what point are there going to be penalties for Hanlong failing to meet deadlines?

9. How many more delays do there need to be before the SIA is terminated?

10. On what basis was the price negotiated down from 57c to 45c? [this was never properly explained]

11. Economic conditions have signifcantly improved since the price was negotiated down - is it being neogitated back up, and if not why not?

12. Is there any possibility the price will be negotiated down further?

13. What is Sundance doing outside of this takeover? What's the alternative strategy? The first deadline for funding was missed in November 2011 - what have you been doing since then?

14. Why have there been no updates provided to shareholders over the past 18 months on efforts to find an alternative to the Hanlong takeover (another buyer or different source of funding)?

15. What % of Sundance management time/effort is being spent on the Hanlong takeover vs other options?

16. Have there been other potential bidders? [I don't expect specifics, just a confirmation or denial to end the speculation]

17. Is there any chance of another bidder at all at this point, and what is that chance? [I don't expect confidental information, just an informed opinion]

18. How important is the Hanlong takeover to Sundance's short-term/medium-term/long-term prospects. The current behaviour of Sundance (and market opinion) suggests that without it Sundance is basically worthless. Is that really the case? How much does Sundance really depend on this takeover? Why hasn't information on Sundance's true dependence on the takeover been properly commiunicated to shareholders throughout the process?

19. Does Sundance management intend on providing an update that actually addresses these and other shareholder concerns in the immediate future? If not, why not?

20. Can shareholders expect a higher overall standard of updates going forward? If not, why not?

21. Can shareholders expect more regular updates going forward (i.e. fortnightly)? If not, why not?

22. How solid is the most recently updated timetable? Is the deal really going to happen this time or should shareholders expect another delay?

23. Basically everything Sundance management have said in relation to this takeover up until now has turned out to be false so why should shareholders believe anything that is said at this point?