WAPRC needs to obtain China's NDRC approval. Up to now, there is no news at all. If it is approved, WAPRC can remit $100 million to ANS. The money will go to ANS and in exchange with the money, ANS will issue shares to WAPRC so WAPRC will own 60 per cent of ANS.
It is up to WAPRC as the controlling shareholder of ANS with her representative on the board whether to approve the subscription for the shares of SDL or not. ANS board has the discretion to hold the money and not subscribing for the SDL shares if Mbalam convention is not extended.
So please do not twist the issue. The Trading suspension has nothing to do with the Mbalam extension. Please note, $100 million will be remitted by WAPRC to ANS and not to SDL. So there should not be a concern that SDL will have $58 million without the Mbalam permit.
ANS has stated clearly if the application for OI to China NDRC is approved, WAPRC can remit $100 million to ANS in Australia. If the deal with SDL is off, ANS will not subscribe the shares of SDL and of course, ANS will not give $58 million to SDL and the money will be used for other projects.
It is the time that both ANS and SDL disclose the REAL ISSUE for the delay to investor/market. They can not keep saying that something which is beyond their control. They should specify what is beyond their control. Is it in regard to China NDRC approval?
ANS Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held