Ann: ANS: Market Update, page-29

The problem is with ANS/WAPRC

Please see the SDL update few days ago. ANS/WAPRC still can not satisfy the ASX conditions such as source of funds for relisting. What has been happening? It has nothing to do with the Mbalam convention extension since ANS said in previous announcement, if the SDL and ANS deal does not go through as stated in the agreement, they will use $58 million allocated to SDL for other projects. Noteholders should see this sign and should not be locked for another 4 months until 31 March 2019 for something which is not certain.

Extract from SDL announcement:

Trading Halt Update On 25 September 2018, AustSino announcedthat it had agreed to a $100M placement from a private Chinese entity, WesternAustralian Port Rail Construction (Shanghai) Ltd (“WAPRC”). Of the placementfunds, $58M was to be used by AustSino towards satisfaction of its obligationsunder the Agreement.

Sundance went into voluntary suspension pending AustSinoproviding further information to the ASX in relation to AustSino’s proposedtransactions including regarding WAPRC and its corporate/capital structure, thesource of funds and the new controllers of AustSino following the completion ofthe WAPRC placement (which in itself is a control transaction).

 

Sundance will provide a further update on the trading haltasit receivesfurther information from AustSino and the ASX.