Sundance chairman flags board additions

Company News

Sundance Resources Limited (ASX:SDL) chairman George Jones says the thwarted miner will add some additional firepower to its board in an effort to recover from the share throttling failure of the Hanlong mining takeover debacle.

Investors have reacted scornfully to the 21 month takeover negotiation with the Chinese suitor finally going off life support this week, with a 48 per cent share crash on Tuesday backed up by another 9 cent tumble in yesterday’s trading.

Mr Jones responded to shareholder anger by saying the company’s top notch board had done all that could be expected of it during the protracted negotiations.

Despite this, Mr Jones is keen to bring some more skills on board in an effort to complete a new deal.

Despite the Hanlong collapse, the Chinese miner still retains a 14 per cent Sundance stake, its largest shareholder.

Sundance Resources reported a net loss $14.1 million in the first half of the 2013 financial year.