As I have posted before, Hanlong increased the risk premium on SDL, far more than the sovereign risk in Cameroon and Congo could ever have done.
Whether Glencore does make a bid, or proposes a JV, there is no doubt that just the suggestion of another party is the first sign of life for SDL in nearly 18 months.
Hanlong have been a curse on SDL, not the floor that some have suggested. Hanlong has effectively capped the growth options that the former board had initiated for the company. If Hanlong is not able to fulfill the undertaking by March 26, the latest in a long line of broken undertakings, they need to be shown the door.
What the suggestion re Glencore shows is the possibilities ahead, the growth options, if only Hanlong weren't there on the other side of the option.
As I have posted before, Hanlong increased the risk premium on...
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