cap raising disappointing in view, page-7

to bucaneer
yes these are interesting questions.

Just on your last point about conflicting objectives in the activities report...
I also noticed the page 3 and page 13 variations, but you need to consider the wording in a bit more detail.

The third objective on page 3 states
"To progress discussions with Strategic Partners with a view to securing all required
financing, infrastructure development and off-take agreements for Project development."

"To progress discussions..."
To progress discussions...not complete them and the discussions relate to a number of identified project activities as shown below.

On page 13 it states,
"Sundance is pleased with the progress that has been achieved in recent months and
looks forward to successfully concluding arrangements for the introduction of strategic
partner(s) to the Project and confirmation of project financing and final investment
decision prior to the end of 2011."

This paragraph actually includes 3 project activities being
- introduction of strategic partners
- confirmation of project financing
- final investment decision

This concurs with the project schedule in the recent investor presentation that identifies the following three items;

- Securing a strategic partner by end of 2nd qtr
- Completing the financing plan in the 3rd qtr
- making the final investment by end of 3rd quarter

So the period for completing these three activities is between now and the end of 3rd quarter, or as put on page 13, "prior to the end of 2011".

The next activity is the start of construction and the schedule mentions the "early start" as being end of this year so those previous three items all need to be completed prior to the end of year to allow for the early start of construction, which what I believe page 13 is stating.

In project management, the definition of early start basically is the earliest an activity can start based on the previous activities critical path and schedule constraints. The early start sometimes shifts to a later date, but not always.

In summary there may seem to be conflicting timelines but really it's in the detail of the activity names and where they sit in the schedule.
So in my opinion SDL are currently consistent in their project activitiy estimates.