The family and management were greedy for selling out and...

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nemu

344 Posts.

18/02/15

15:22

Post #: 14777569
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Originally posted by BLUTO ↑

There seems to be a general misunderstanding on this thread.
Management had no say in the Hanlong purchase of the Talbot stake.
Once the Talbot stake was purchased it effectively prevented any other Chinese SOE from competing against Hanlong.
Any body wishing to bid for Sundance would have had too convince Hanlong to part with its shares, as a full takeover could only happen with Hanlongs consent.
A brilliant move by Hanlong, effectively forcing management to "play ball".
As a board they had to try and put a positive spin on this, so they used Hanlong's takeover as a guarantee of funding for the project. This showed both governments that they were making headway and I believe this is largely why the Mbalam convention was signed. Before this we really had nothing.
So the board can mention " interested parties ", but really what's an interested party? If I rocked up to Sundance today and said I'd like to see if I can finance this project, GC would say he had been meeting with an "interested party" (not sure how far $10,oo0.oo will get me though).
It was almost like, the Chinese mafia controlled, Hanlong knew that the plane crash was going to happen, and positioned themselves to buy the Talbot stake as soon as it was available.
No doubt Hanlong had us bent over, and were giving us a jolly good rogering, but at the end of the day it was a brilliant corporate move on their behalf, however as it fell through it's turned a once Billion dollar company, into a penny dreadful, with a market cap of less than 10% of what it once was.
Ciao

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The family and management were greedy for selling out and leaving small holders in limbo. Blame it on HL if you like but ultimately holders can have themselves to blame for not bailing out years ago.

As for management, you can't say anything about them these days without getting suspended. 2 things comes to mind: Corporate governance and fiduciary duty.

This whole saga is fairly predictable.

SDL Price at posting: 2.6¢ Sentiment: None Disclosure: Not Held
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The family and management were greedy for selling out and...

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