Yes the Con Note issues are looming large and comments are just...

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16/03/15

19:29

Post #: 14923117
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Originally posted by Hotazel ↑

From pg17 of report. The area which i've put in bold is particularly intriguing> They are set on CONVERTING (and not redeem through payment) the Hanlong note. At current Sp that means in excess of 200mil share to the new secret SOE. Plus whatever the secret SOE accumulated over past months and months, plus Hanlong share to transfer in due course. Looks like the secret SOE, even before being made public or any announcement to the markets, will be owning 30% of SDL.

I like the expression
"reasonable likelihood". Are you Friggin kidding me??? "reasonable!! likelihood"??? Indicative of how little these monkeys trust themselves!! Boy! do we have trouble.

"The ability of the Consolidated Entity to continue as a going concern is dependent on:

(i) Extending the maturity date of the convertible notes with Noble and the Investor Consortium which are due for repayment in November. There is a reasonable likelihood that Sundance will be able to:

a) reach agreement with Noble to extend the maturity date of the convertible note, obtain ASX approval and shareholder approval to extend the maturity date of the Noble convertible note and options to early 2017 prior to the maturity date of 4 November 2015; and
b) enter into the revised Investor Consortium documentation and obtain shareholder approval to extend the maturity date of the Investor Consortium convertible note and options to early 2017 prior to the maturity date of 4 November 2015;

(ii) The conversion of the Hanlong convertible note into Sundance shares prior to the current maturity date of 31 December 2015; and
(iii) The continued monitoring and management by the Directors of the quantum and timing of all discretionary expenditures including exploration and development costs and wherever necessary these costs will be minimised or deferred to suit the Consolidated Entity’s cash flow forecast or that the funding shortfall can be met through traditional sources of equity or debt funding."

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Yes the Con Note issues are looming large and comments are just a "we hope"
Also of major concern is the ongoing finance issue (as flagged here by many) The only comment was:-
"During the period Standard Bank together with Sundance prepared a detailed information memorandum and financial modelling for potential financiers after considering the optimum financing structures. A number of meetings with potential debt and equity providers in China, Europe and the Middle East were held."

Didn't bother including anything about anyone telling them to wait until io market improves and certainly doesn't sound like they had positive responses!!

SDL Price at posting: 2.2¢ Sentiment: None Disclosure: Not Held
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