afternoon repeat, page-104

I agree TeamWilly, "how can a TakeOver offer be put on the table without proof of finance". Business 101 (Show me the Money)! Our board should have told Hanlong to go away and come back when the finance was approved and the board should have continued their negotiations with other suitors.

Hanlongs offer was to purchase 100% of SDL, so show us the money, or else piss off.

"My personal take on this" is that the moment Hanlong placed the TO offer, all negotiations with potential "Chinese" suitors were taken off the table.
Our board has continually said that the preferred partner was the Chinese, thus pissing off all other viable suitors whoever they were (Posco, Vale, BHP, RIO etc), so they walked away from the negotiating table.
Chinese policy is that no other Chinese business will compete against Hanlong or negotiate a better deal, so when Hanlong placed their offer, all of the Chinese suitors walked away from the negotiating table.

The board have now backed them self into a corner as they cannot negotiate with other Chinese companies, and all other suitors have walked away. Our board have lost all negotiating power and are left to the whim of the Hanlong to now renegotiate the initial TO offer down to .45. This .45 comes into play and our board are powerless to renegotiate as there is no one left to negotiate with.

All of the time putting pressure on ShareHolders to accept the deal because our board have no other options left open. The strung out negotiations have continually degraded the SP thus putting even more pressure on ShareHolders.


All of this has taken place and our board still haven't seen any proof of finance from Hanlong.


IN A NUSHELL

Effectively, Hanlong are now controlling the Sundance company without taking over. Our board have no one left to negotiate with and are powerless to control current proceedings as they are not negotiating with Wuhan Steel or other State owned Chinese Companies. HANLONG are now doing the negotiating to get Chinese partners in place.

Chinese banks will not offer finance because Hanlong have not negotiated a deal to finance the project and we the Share Holders have been well and truly SHAFTED.


Our board have been blindsided and are now powerless to control the situation now...... Hanlong are pulling the strings.

Our board are now puppets and the Chinese are the puppeteers.

It's in the hands of the shareholders now and the vote to Sell or Not gets put further and further out of our reach.


Hanlong literally have control of Sundance without giving a cent to shareholders, Nor offering any indication that they can finance the TakeOver.


Our board are doing a great job?


You be the judge!