number 3 shareholder not happy with number 1 ?

Looks Like EIM are getting dusted on SDL and PLV - not happy with the Chinese way of business and who can blame them !

The Sundance Resources share price had risen following news agency reports sourced in China that progress was being made toward the takeover of the company by Hanlong
Mining. However, by the time of the shareholder meeting scheduled to consider the scheme of arrangement to implement the takeover not all the necessary preconditions
had been fulfilled and the meeting was, consequently, adjourned. At the end of the month, Sundance Resources had been suspended from ASX trading at the company’s
request. Subsequently, after visiting China, Sundance Resources directors said they expected to receive an extension of time to complete the takeover from the NDRC, the Chinese regulatory agency whose approval is needed for any deal to proceed.

Pluton Resources was also suspended from official quotation at the end of the month, at its request, pending an announcement about its Cockatoo Island iron ore project. Pluton Resources began iron ore shipments in December 2012, funded by prepayments from iron ore buyers, but its agreement with its own Chinese partner for a 50/50 joint venture to operate Cockatoo Island has fallen through and arrangements are being renegotiated.

The experiences of both Sundance Resources and Pluton Resources raise a general question about the reliability of privately funded Chinese investors especially now that
fears of iron ore supply shortages have dissipated and cyclically high sector returns have fallen. The change in conditions has delayed realisation of the Fund’s anticipated investment gains from Sundance Resources but Pluton Resources is producing iron ore ahead of schedule and should begin reporting profitable operations during 2013.



Of the 19 stocks in the portfolio, nine stocks increased in value and 10 declined. The largest gains were made from Sylvania Platinum and Horizon Oil. The stocks that detracted most from performance were 3D Oil, Pluton Resources and Nucoal Resources

No stocks were removed from the portfolio and no fresh positions were initiated. The Manager made net sales of securities equivalent to 11.7% of the opening value of the
Fund as it took advantage of some of the price strength which has come to typify the early part of January. The largest sales were in Fortescue Metals Group, Horizon Oil and Sundance Resources


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