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Re: CHINA/AUSTRALIA - Hanlong lifts bid for Sundance: report

Released on 2012-02-29 14:00 GMT

Email-ID 1219135
Date 2011-10-06 14:15:20
Perfect. I'll look forward to it. Sleep well.

On 10/6/11 7:12 AM, William "Bill" O'Chee wrote:

Dear Jen,
I shall remember that, but I do plead I was delayed by that business
lunch. :)
I shall call you this evening your time. I have just come back from a
district RSL meeting, and am too tired for words. You have a great day,
and we can talk tonight about these corruption issues and other China
matters (including Hanlong Sichuan).
William O'Chee
Himalaya Consulting
Australia: +61 7 31033306
Aust mob: +61 422 688886
China mob: +86 1365 1001069
On 06/10/2011, at 8:35 PM, Jennifer Richmond wrote:

You called after my bed-time. I try desperately to get 6 hours and
turn the phone off at 11pm. Not always so, but I try.

On 10/6/11 2:43 AM, William "Bill" O'Chee wrote:

I tried calling you, but to no avail.
Will try tomorrow evening your time.
William O'Chee
Himalaya Consulting
Australia: +61 7 31033306
Aust mob: +61 422 688886
China mob: +86 1365 1001069
On 06/10/2011, at 12:46 AM, Jennifer Richmond wrote:

A little discussion from our side.

-------- Original Message --------

Subject: Re: [EastAsia] Fwd: Fwd: INSIGHT - CN65 Re:
CHINA/AUSTRALIA - Hanlong lifts bid for Sundance: report
Date: Wed, 05 Oct 2011 09:43:06 -0500

We do know that Sundance directors unanimously recommended
Hanlong's 57c cash per share offer yesterday, implying a market
cap of $A1.65 billion, or a 65.3 percent premium.

The new offer was reportedly contingent on Sundance securing an
agreement with govts of Cameroon and Congo to approve conventions
for the Mbalam project. Govt approvals in these countries were not
expected to come unless Sundance could show it had the necessary
financing - the increased bid has done that - so I'd be surprised
if these govts did not make regulatory approvals now.

Sundance did the right thing by holding out for a higher bid
because we know Hanlong wants to get its hands on the project to
try and break the stranglehold of BHP Billiton, Rio Tinto and
Vale. Hanlong chairman Liu Han told Sichuan Daily that the
successful purchase of Sundance will have a huge impact on Chinese
mining and Chinese iron markets. Liu also said that Hanlong has
signed a deal with an unnamed Chinese construction company to
build the rail and port infrastructure for the Mbalam project,
which it said would produce iron ore at a "very competitive" $US21
a tonne.

Don't forget that there were also insider trading allegations
against Hanlong employees in Oz on Sept 14, although it's starting
to look like this might not be a deal breaker. Getting a read on
Oz's foreign investment review board (FIRB) thinking on this is
going to be more difficult. I will say that FIRB just approved a
plan (yesterday) by Rio Tinto and Japan's Mitsubishi to to
basically mop up the remaining shares in coal miner Coal & Allied
that they don't already own. Rio currently owns 75.5 percent of
Coal & Allied, and Mitsubishi 10.2 percent. They've offered $125 a
share, valuing the miner at $10.8 billion, minus the special
dividend of up to $8 per share proposed by Coal & Allied. I
mention this because sometimes it feels like FIRB makes approval
decisions in waves...

-------- Original Message --------

Subject: [EastAsia] CHINA/AUSTRALIA - Hanlong lifts bid for
Sundance: report
Date: Mon, 03 Oct 2011 11:19:43 -0500

Hanlong lifts bid for Sundance: report

Chinese group Hanlong Mining has lifted its takeover offer
for Sundance Resources Ltd, in order to secure an agreement
on the deal from the takeover target, according to a reports
by Reuters Media.

Sources told Reuters that Hanlong has raised its offer from
the 50 cents per share bid made in July. The new bid would
be revealed by Tuesday, the sources said.

Hanlong's initial bid valued Sundance at around $1.4

Earlier this morning, Sundance was placed in a trading halt,
ahead of an announcement on its possible acquisition by

"The company requests an immediate trading halt of its
securities until open of trading on Wednesday 5 October,
2011, or release of an announcement by the company,"
Sundance said.

"The reason for the request is to provide an update
regarding the proposal from Hanlong Mining Limited to enter
into a Scheme of Arrangement to acquire 100 per cent of the
issued capital of Sundance Resources Limited."

An announcement would be made to the market prior to open of
trading on Wednesday, the company said.

Hanlong is also looking to take over Bannerman Resources
Ltd, with a $144 million bid.

However, the Australian Securities and Investments
Commission (ASIC) is investigating trades by Hanlong
employees in both Sundance Resources and Bannerman Resources
and has obtained court orders to restrict their travel.

In September, Hanlong Mining said it would stand down its
executives who were being investigated by the corporate
watchdog for suspected insider trading in the Chinese
company's takeover targets.

Sundance shares last traded at 43 cents a share.

With AAP

Jennifer Richmond
w: 512-744-4324
c: 512-422-9335

Jennifer Richmond
w: 512-744-4324
c: 512-422-9335