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dim view by proactive investors UK :

Shares suspended on Potential for Delay in Hanlong Offer
• Rumours are circulating that the Hanlong offer is at risk of not meeting deadline.
• Shares in Sundance were suspended when there were reports that Hanlong founder Liu Han had been detained by police in Beijing.
• Unless the bid had an agreed extension it is at risk of collapsing – Hanlong has not finalised the credit term sheet which is due by March 26th.
• There are also rumours that the price will be subject to negotiation.
Conclusion: The likelihood of this bid materialising appears to be diminishing. The offer from the Chinese has been opaque with little known about Hanlong and its partners – funding was to come from the China Development Bank of around A$1bn with the balance coming from a provincial bank – the Bank of Beyang of around A$350m – we had thought this was a surprising name when the deal was announced given that the main exposure of the bank seems to be SMEs in Deyang. If this deal happens then Sundance is to be congratulated as committing to $1bn in a remote zone with a muted outlook for iron ore needs a lot of conviction.