hanlong offer for sundance will stand, page-25

anthonychea - because the take over agreement is subject to conditions precedent (CP's) which SDL are responsible for. If those CP's are not met Hanlong has the right to withdraw from the agreement. One of those CP's that SDL is responsible for is securing mining conventions and permits by 29th Feb. If SDL have not secured those by that date Hanlong has the right to withdraw from the agreement (and therefore offer a new price). Hanlong could also waive that CP (as SDL waived Hanlong's CP regarding the Highly Confident Letter). I believe it very unlikely they will waive the CP but will probably extend it.