eim top 3 holder march report, page-5

No Wonder EIM are are peeved / worried about PLV suspension and financing issues as SDL is another of their major holdings - Is it only me that can see the similarities between Timeone / Weg ? SS& T and Hanlong


Hanlong fiasco raises issues

PUBLISHED: 13 hours 30 MINUTES AGO | UPDATE: 13 hours 30 MINUTES AGO


The Hanlong Sundance Resources takeover fiasco (“China Development Bank seeks new Sundance bidder”, AFR, April 12), which ran for 22 months, raises some important issues.

In October 2011 there was a press release in which the advisers to the bid were said to be Bank of America Merrill Lynch (BAML) and Mallesons Stephen Jaques (MSJ).

The release also noted that the Export Import Bank of China was providing $1.5?billion credit to Hanlong, of which at least a billion was left after its guarantee to Moly Mines.

Yet in March this year Hanlong couldn’t even manage $5? million due. It had also failed to provide a term sheet. Further, the takeover prices announced were always ultimately at the discretion of China’s National Development and Reform Commission, and because of this price that turned out to be not really a definite price, many shareholders missed at least two opportunities to sell to advantage.

Letters to ASIC have produced no action and contacts with BAML and MSJ have produced no information about how and why their client ended up wasting everyone’s time. ASIC’s advice to contact the FIRB forgot that the FIRB will not deal with the public.