long time, page-32

All,
I have very serious concerns that all & sundry are facing a situation where all of us now stand to loose every cent invested in SDL as a result of incompetence and misleading conduct (note that I've lost about 73% of total investment to date or in other words many many $100ks - but the 25% which is still there might transform into something (even if it is just the 20c others are talking about:

This is what I posted shortly after the AGM.


GC stated: "Sundance will now conduct detailed negotiations with each of the tender groups with a view to
finalising an exclusivity agreement with one of them by the second Quarter of 2014."

It seems they only intend having an exclusivity agreement in place in 2nd qrt(something akin to the hanlong exclusivity provision crap)which suggests that they will only at that stage start finalising an agreement. Again closing the door on SDL, not being able to deal with others if the "lucky party" decides to tell SDL to get stuffed as far as milestones are concerned because they have an exclusivity agreement in place. (Posters have given a different interpretation as to what must be understood under "exclusivity Agreement") Nonetheless, these guys are throwing themselves back into the same shitebowl that they created with hanlong. Once they signed an exclusity (especially with the chinese) they will once again be rolled over a barrel - alternatively, if GC meant to refer to final signed off contracts, we still face significant danger of losing all 'interests' should a party decide to pull a blind one on SDL. HOW vulnerable is SDL right now? I think - VERY.

Management better come out and make clear unabiguous statements as to what is realy going to happen in the next month, 2months, 3 months - even more - before any exclusivity agreement, the matter must be put up for a vote by investors. That vote must exclude everyone who is remotely involved with this new 'worldly plan'. They are, as in the past, playing with words and sending misinformation to investors - only to be able to say later: "That's not what we said or meant"

Unless these guys come out with clear direction so that investors know exactly what lies ahead, I suggest that serious thought must be given to replace existing "incompetence" with new blood that might still be able to straighten the course of the ship. At this stage (except for Southam who is a newby) the rest of the board and management, IMHO, fall in the mentioned category.

Investors must understand that if any one or more of the parties in this new elaborate scheme were to pull out at the eleventh hour, WE ARE STUFFED!!
Question is, did these guys learn from their past mistakes to have contingencies in place so that a DEAl B or DEAL C will immediately be struck with other tenderers the moment any party in DEAL A defaults or withdraws (to avoid a hanlong situation)? - because there will be absolutely no time left to even try and convince or persuade either the Congo or Cameroon to pull the rug. These governments are ready to step up and say: "sorry guys, you had your chance. Now move over!" Don't believe for one minute that "ongoing support/good relations story being shouted out by GJ and GC. To much is at stake for these countries to be bothered about saving the skin of "poor ol' SDL". These states are as frustrated as any LT investor and I think they can't wait to show SDL the door -especially with others who've been knocking on the door for a long time, in particular China having played their foreign investment Card for a long time.

The most frightening of it all is that this scenario will play out in a matter of months and WE need to do something to secure our interests. NHC replaced 3 or 4 boardmembers on DTE in the space of months. If we need to do that, call an EGM and replace, then we need to do just that. That is, if this company continue to fail to provide its shareholders with a clear infallible plan/direction for the way forward. They have failed time after time - give one more chance and it is that one chance to many.

If they continue with their vague smoke and mirror stories, we have no choice but to step in now and remove the incompetent. Please give serious thought and raise your views. Time was of the essence!! Now there is no time!!

Sentiment : None - Just reflecting on everything that transpired over the past couple of years, the unfulfilled promises, misleading statements etc.

Baukauw says good quality are hard to find - BS - Look at the hundreds of thousands of companies worldwide which achieve massive success. There are many that will be very willing to take over the mantle - especially at the rates these guys are being paid at the moment.