mr lewis stated sdl not obliged to pay 15m, page-8

cpg

At least 2 articles in press have made comment of independent expert.

The announcement made mention of an Independent Expert's Report (refer pg2)

Due Diligence involves the lawyers and accountants for both companies carrying out research and making reports. Which is why I think is what the papers are speculating (Due Diligence was due to be completed 26th Oct).

Note however, that those same papers eg The Australian and The Age say the $15mill is to be paid though (a lesson never to believe everything you read in the papers).

But if the "independent expert" opinion is to be believed then definitely no pay-out as per MIA (p23) .

Also if MIA mutually terminated by both parties, I think no pay-out.

At the end of the day Sundance/Gindalbie could claim any number of reasons for non-payment (under S11 of MIA). $15mil to cover all possible scenarios playing out, and largely to prevent a 3rd party bidding.

Clear as mud?