Dear Grace,Do not blame others. Please accept the reality that How an ant could swallow an elephant? This was the reason why the ASX asked two simple questions to the ANS board regarding the acquisition deal i.e., source of funds and capital structure in September 2018.
This sophisticated investor subscribed the shares at 0.013 for the amount of $3 million on 2 August 2018 and promised to pay within 14 days so the payment was due on 17 August 2018. In the same announcement on 2 August 2018, the ANS board explained that they had reached exclusive right with SDL to discuss the iron ore project until 31 August 2018. In the same announcement on 2 August 2018, the ANS board suggested that the capital of $3 million raised from this sophisticated investors would be also used for working capital and also expenditure related to discussion of the iron ore project with SDL etc. The Question: Why did not this sophisticated investor pay on 17th August 2018 with the fact that he was given a discounted price at 0.013????? Finally, the acquisition deal was signed in September 2018. Why did not this sophisticated investor pay $3 million after knowing the fact that the acquisition deal had been signed between ANS and SDL in September 2018. All parties should know in September 2018 that the SDL Mbalam conventiion had not been extended when the acquisition deal was signed between ANS and SDL. So please do not blame SDL regarding the Mbalam convention extention. It is not relevant to the problem faced by the ANS. The reason was simple because the ASX took very tough action and suspended both ANS and SDL shares from trading on the ASX in September 2018 even after the acquisition deal was announced to the market in September 2018.
We should thank to the ASX, the regulator who suspended both ANS and Shares in September 2019 otherwise many investors would be trapped at a higher price if the ANS and SDL shares were allowed to resume for trading after the announcement of the acquisition deal.
This is the time for you to apologize and do not blame others or SDL board.
