glenstrata bid for sdl ?, page-4

Know how you feel Marly8,

In the same boat but more exposed. Had a look and combined personal portfolio and SMSF square up at 0.421c. Will finish in green but after all this time and dissapointment, sure as hell not worth it.

I'm more perturbed about the fact that management is working EXTREMELY hard to get this deal done. OF course they would. Why not?

1st - There's some 13mil options in the waiting to be paid out (lowest exercise price being 25c, i recall) This will be an early payout with the added bonus that now money would have to be paid by the option holders.

2nd - There is further 6mil performance rights issues that have matured - these will be paid out at no cost.

3rd - A further 4mil Performance rights issues of which some 1.6mil will mature 31 December 2012 (this bundle alone equate to some 800k with no cent to be paid) No doubt the matter will be dragged out beyond this date.

4th - On top of that, management will be retained (at their usual, VERY SMALL annual salaries) by Hanlong to build a world class mine that will reap massive profits/gains for all the future chinese stakeholders.

So it's no worder management is working extremely hard to get the deal done. There is no incentive for them to even try to seek out other possible suitors.

Oh, then there is the issues about keeping in tact "good relationships with the Chinese" because there is some other deals with the Chinese that must be secured for certain other companies. No need to mention names but maybe it calls for scrutiny of possible conflict of interest.

The total lack of information (or disinformation) passed through to shareholders in the past 18 months (making announcements only when the rest of the world already new about it) - Hmmm... Corporate responsibility?? and the Need for disclosure?? - shareholders acting on representations/misrepresentations made by management??.

Sorry guys, but after the first suspension, and outcomes achieved (NOT) since then, made me realise that we've been taken for a ride. And don't come with the excuse of complexity of the matter etc etc. This is the mining industry and this is an environment where mining companies have invested for decades and decades - high risk, high reward (for the African location) Nothing comes easy - but it becomes easier through putting your mind and soul to it-Management walked into this project with tunnelvision and couldn't care less about the shareholders. There is no excuse for having allowing this utter joke of a T/O unfolding in the way that it did. - It suggest one thing - the new management weren't sufficiently equiped (experienced) when they took on this baby - It's Africa, not Australia - and they should have taken responsible/adequate measure to be ready for what awaited them.

So marly8, that's my rant for the week.
SDL will work extremely hard to get the deal done - for the reasons highlighted above - not for people like you and I.

Wish all SDL longterm holders the best. BHP mights still pull a dollar from their back pocket.

I don't think I want to give the extremely hard working management the pleasure of cashing in early at other's expense - they don't deserve the windfalls and I'll be voting what I'll be voting.

Not happy Jan!! (em.. GJ) I think some of us might want to have a look at the High Court decision on the Twiggy/FMG - ASIC case that came out today - DISCLOSURE? WHat DISCLOSURE?

Best wishes