the fact of the matter is we have been screwed by bad timing, but nothing that could be helped..
SDL is at a stage where we had to get conventions/licences, which couldn't happen without first proving we could get the financing in place - which as we know means either a JV or takeover - so we can then move to construction stage.
Unfortunately for us, these steps have coincided with global market turmoil, which is now being felt to some extent in China and therefore Australia - blame the Greeks, Spanish, Italians and the US for that matter.
Hanlong/Chinese have played it beautifully, seeing the opportunity in a depressed market to buy an asset for a song and taking advantage of SDL's predicament. Happens in all markets (e.g. liken it to buying a house at a mortgagee sale for way under mkt value) - its great for those that have the cash at the right time. Its business, and Hanlong walk away winners here, however there is no use blaming management.
As others have posted, management's hands were tied as they had little options in terms of securing the financing. Hopefully the majority of us will still wlak away with a profit, even if it is less than we had hoped, but maybe we also walk away with some hard lessons.
All the best to all holders, whatever your decisions.
SDL Price at posting:
45.5¢ Sentiment: None Disclosure: Held
