Ann: Project Update, page-280

The ANS/WAPRC acquisition deal is less likely to be completed by 30 June 2019. So please forget this deal and its effect on the share price.

More relevant question to ask is as follows.

Question: Will noteholders extend again the ANS/WAPRC acquisition deal beyond 30 June 2019?

On the other hand, noteholders have given the deadline to SDL that the SDL shares trading should resume by 1 July 2019 (see SDL announcement on 11 Nov 2018). As long as the ANS/WAPRC remains valid and they still can not satisfy all the conditions in the agreement, the ASX will not lift up the SDL shares suspension.

If the ANS/WAPRC acquisition deal will not be extended by noteholders, there are two possible scenarios:

1. Noteholders convert the note to shares and becoming the major shareholders of SDL in July 2019 and SDL become debt free.

or or

2. New credible bidder (acquirer) with strong financial position proposes new acquisition deal to the SDL board and the ASX is happy with this bidder. In this case, the SDL shares can resume trading in July 2019 as demanded by noteholders.