Ann: Appendix 4C - quarterly, page-50

There is a key point here that people are missing. M4 was negotiated by Matthew Walker, who at the time held hundreds of millions of shares in the shell. Would it not be in his best interest if it wasn't reached and he therefore wasn't diluted further. People here are assuming that M4 was always meant to be easily achievable, I don't think it was.

It's pretty obvious to me that M4 was at best a stretch target and at worst impossible to achieve and simply a negotiating tactic employed at the time of the backdoor listing.