This reads pretty well to me...looks like hes read a few of your comments re emotional considerations!
Dear Shareholders:
As a significant shareholder in Sundance, I fully appreciate the mixed emotions associated with the somewhat turbulent events of the past year. The ups and downs and the challenges and the achievements have combined to ensure that Sundance continues to be an extraordinary story with its place cemented in Australian corporate history.
And just when it seemed Sundance was finally set to sail on smooth waters, another wave of global uncertainty hit, this time bringing with it a particular focus on the iron ore and steel markets. Yet through all this to-ing and fro-ing, the key driving force at Sundance has never changed - our commitment to maximising returns for shareholders. I totally understand that in the heat and emotion of recent times, shareholders would have had a wide range of views as to which course of action the Sundance Board should adopt. And while some of these reactions would have perhaps been justifiable, the objective of maximising shareholder returns was the ultimate determining factor for the Board. With this firmly in mind, I am confident that the agreement we have struck with Hanlong represents not only an attractive result for shareholders, but also the best outcome in the circumstances. Furthermore, should a superior offer present itself, your Board is free to discuss it, negotiate it and recommend it to you. Importantly, the structure of the agreement with Hanlong also reflects the fact that the decision on whether the deal proceeds should be made by those who own the Company. In light of this, a shareholder vote on the Hanlong offer is planned to be held in the coming months. Details of this vote, including proxy forms, will be sent to you along with the Independent Expert’s Report in the Scheme Book. As Chairman, I would urge you to consider all the relevant facts in these circumstances, put emotional considerations aside and cast your vote based on the financial merits of the issue. I genuinely believe that this is the best approach to ensuring shareholder returns are maximised. I would like to thank my fellow Directors, Management and Staff at Sundance for their extraordinary amount of hard work and commitment. Combining the tasks of running the Company, advancing the Mbalam Project and managing the corporate developments has been extremely demanding. Your efforts and achievements have been outstanding.
Many thanks also to shareholders for your ongoing support. It is much appreciated.
SDL Price at posting:
35.0¢ Sentiment: None Disclosure: Held