I'm not sure that ASX will just let SDL recommence trading as many seem to think!
ASX rightly stopped trading until money was in the bank and bona fides of support proven. Cameroon basically went along same lines before considering renewal of the convention.
Anns indicated ANS also took over all negotiations with the Cameroon Govt! (It would be a fair question to ask if SDL still has a strong relationship with the Cameroon Government?)
So now deal is off SDL is back to square one except it looks like they will urgently need to find another white Knight to have any hope of getting convention renewed.
The Cameroon Govt may now just decide to give the mining rights to another interested party!? (Would appear many new parties have been brought into the picture over last couple of years and may now have their ear......)
This would leave SDL with the Congo tenements (which some keep pointing to). As I posted the other day no work has been done on these as a stand alone or presumably any other infrastructure solution for this resource.
It would appear to me that if someone else now gets their hands on Cameroon, SDL will, in all likelihood, either have to accept the Cameroon parties infrastructure terms or sell Congo to them (for how much?).
ASX may consider this still to be a state of flux and not allow resumption of trading until more information on how the Company intends to proceed. If they allow trading I would imagine SDL will need to provide some sort of projected plan and how it would be capitalised.
Seems to me that SDL may not be able to provide that type of proposal under current circumstances, unless of course they have been having talks with others while the ANS deal dragged on!
I could well be wrong, but not sure just restructuring the balance sheet by doing a deal with Noteholders will cut it.
Guess we will see soon enough...............
