"it has no logical merit for a company with a billion dollar market cap, no other alternatives, no funding , no approvals to say No "
So do you know what other alternatives Sundance may have had in mid 2011 if they said FLAT OUT NO to Hanlong's highly conditional scheme? Do you? They were weeks away from a JV so they told the ASX. Make no mistake, it is the scheme that has caused the undue amount of uncertainty around the company and the boards acceptance of it along with the plethora of conditions. I assume they accepted the conditions because the 57c price decided upon was about right and they didnt EXPECT things to drag on for 2 years. Kind of got themselves in a big jam and totally misread Hanlong and China. IMO not enough due diligence as to how the 57c deal and scheme would consummate was completed. This is a total stuff up by GJ and Casello.
If SDL shareholders had the opportunity to lock in a JV or funding deal in 2011 when SDL had the leverage and iron ore was riding high YOU MIGHT be singing a different tune. In fact everything you say is a contradiction.
Management took shareholders down this path and they've been burned. Basically most long tremors have left the register.
Obviously, there are very few OPTIONS when a board puts all the companys eggs in one basket at 57c then get shafted at 45c because you jumped into bed with a two faced bull shit artists called China.
SDL Price at posting:
26.5¢ Sentiment: None Disclosure: Not Held
