Takeover target Sundance Resources Limited
(ASX:SDL) has revealed a key condition of its takeover by China’s Hanlong Mining has been delayed.
The iron ore explorer says the Financier Commitment Letter from the China Development Bank is now expected in mid October, pushed back from the original deadline at the beginning of this month.
The delay is understood to have been caused by the Mid-Autum Festival holiday period in China and the need for Hanlong and the China Development Bank to finalise the conditions surrounding the facility.
Sundance has again requested its shares are suspended from trade as it enters into a five business-day good faith consultation period with its suitor Hanlong.
Sundance Resources recorded a net loss of $25.3 million in the 2012 financial year.
