http://aust-sino.com/files/files/984_217._Pre-Discovery_Action_Commenced_by_Sundance_-_13Oct2021.pdf 13 October 2021 Pre-Discovery Action Commenced by Sundance AustSino Resources Group Ltd (AustSinoor the Company) refers to the announcement made by Sundance Resources Limited (Sundance) dated 11 October 2021, within which Sundance notes it has applied to the Supreme Court of Western Australia seeking pre-action discovery against the Company and its Executive Chairman, Mr Ding. The Company categorically denies any involvement or wrongdoing associated with Sundance losing any rights it says it had to pursue its iron ore project and infrastructure project in Congo and Cameroon. The Company considers the public statements that have been made by Sundance in relation to AustSino to be an opportunistic attempt by Sundance to distract its shareholder and investor base from the fact that Sundance failed to properly manage the project and key stakeholders. The fact pre-action discovery is necessary demonstrates that despite its efforts and the public allegations made, Sundance has not been able to establish any wrongs as having been committed by the Company and is fishing for any information that might help it to sell the narrative that it is not responsible for its current positon, in an attempt to have its shareholders and investors blame third parties for what is actually a failure by Sundance itself. Efforts to try and shift blame to AustSino (and Mr Ding) using announcements to create an implicit narrative that there have been covert and underhanded activities reflects poorly on Sundance. The Company is currently considering the pre-action discovery proceedings taking into account the Court’s powers under the applicable legislation, the breadth of the request and costs involved. The Company will vigorously defend any substantive actions Sundance brings against the Company for wrongdoing,if they are commenced,including considering potential counterclaims to recover some of the considerable funds it expended in an effort to seek to undertake the proposed placement into Sundance. ____________________________________________
My own interpretation: SDL's incompetent management does not have a case, to wit, SDL has not delivered any expected outcomes in over a decade of involvement, nor showed signs that this trajectory was about to magically change.
SDL Price at posting:
0.6¢ Sentiment: Sell Disclosure: Not Held
