george jones chairman's letter, page-19

I'd be more inclined to go along with this takeover if GJ and the board hadn't been totally outplayed on their takeover defence by Hanlong. SDL just got taken to the cleaners from a 57c HIGHLY CONDITIONAL BID to a 45c CONDITIONAL BID 12 months later.

First and foremost the conditions should have been dropped, there should have no conditions attached to the bid. the only reason why conditions were attached to it was because Hanlong didn't have any finance/money. They essentially needed SDL's management to HELP them.

So SDL bioard and management get lead down the garden path by their 'friends' Hanlong then get squeezed to accept a lowered offer of 45c and take it to shareholders.

Meanwhile the size of the resource has increased almost 100% - and GJ doesn't want us to be emotional. Put it this way I'm neither desperate or emotional.

Lets not just sweep the last 12+ months of bumbling, and woeful board decisions and pretend they didn't happen.