Page 39 - Sundance Resources 2014 Annual Report
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SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
37
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Mbalam Convention
–The Government of Cameroon has extended the date to complete the conditions precedent to
the Mbalam Convention to at least 30 June 2015. Failure to achieve the conditions precedent prior to that date will, if
no further extension is granted, result in the cessation of the Mbalam Convention which may be considered an event of
default as defined in the various convertible note deeds in place.
Business strategies and prospects for future financial years
Sundance’s business strategy is focussed on the development of the Mbalam-Nabeba Iron Ore Project; including the
development of a port, rail, mine plants and associated infrastructure via EPC contracts which are supported by debt
funding from Export Credit Agencies (ECAs), Development Finance Institutions (DFIs) and Commercial Banks. This
approach allows for alternative equity structures in the infrastructure and mine plants, with the potential for different parties
and ownership structures in both areas. This strategy is underpinned by a secure offtake contract which allows for potential
equity participants to get offtake ownership if required.
To support this strategy Sundance will:
• Maintain business relations and protection of key assets in Cameroon and Congo;
• Retain key staff who are integral to the development of the Project and relationships in country; and
• Prudently control cash flow and continuously look for cost reductions.
The achievements of the past mean that many of the prerequisites required to obtain project funding, proceed to project
development and to construction are largely in place.
6. Directors’ Meetings
The number of directors’ meetings (including meetings of committees of directors) and number of meetings attended by
each of the Directors at the directors’ meetings and of members at the meetings of the committees of the Company during
the financial year were:
Director
Directors’
Meetings
C
Audit & Risk
Management
Committee|
Meetings
Nomination &
Remuneration
Committee
Meetings
Project Oversight
Committee
Meetings
A
B
A
B
A
B
A
B
Mr G Jones
10
10
-
-
-
-
-
-
Mr G Casello
10
10
-
-
-
-
8
9
Mr W King
(i)
-
-
-
-
-
-
-
-
Mr M Blakiston
9
10
2
3
-
-
-
-
Mr B Eldridge
(ii)
9
10
2
3
3
4
7
9
Ms F Harris
9
10
3
3
4
4
-
-
Mr A Marshall
10
10
-
-
4
4
9
9
Mr D Southam
(iii)
8
8
1
1
-
-
-
-
(i) Mr King was appointed on 30 May 2014;
(ii) Mr Eldridge resigned as the Chair of the Nomination & Remuneration Committee effective from 2 July 2014. Mr King was appointed Chair of this committee also effective from 2 July 2014; and
(iii) Mr Southam was appointed on 11 September 2013.
A
- Number of meetings attended
B
- Number of meetings held while the director held office
Bolding of the number of meetings attended denotes the Chairman of the Board or Board Committee.
In addition to the above meetings, a number of matters were dealt with by way of circular resolution during the year.
7. State of Affairs
The following significant changes in the state of affairs of the Group occurred during the financial year.
• On 22 October 2013, Sundance announced it had signed legally binding agreements to raise A$40 million through the
issue of convertible notes and options to Noble Resources International Pte Ltd (‘Noble’) and an investor consortium of
Blackstone Alternative Solutions, L.L.C., the D. E. Shaw Group and Senrigan Capital (‘Investor Consortium’). These funds
were received in November 2013.
Other than the above, there was no significant change in the state of affairs of the Group during the financial year.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014
