Ann: Half Year Report and Accounts, page-46

Not to unnecessarily quibble, but I don’t agree that they “should” have secured funding by now. Or at least we can’t conclude that they should have. They almost certainly “could” have but we don’t know if that would have been smart.

If they are looking for plain cash for equity then they can raise, as they did last time with sophisticated investors, at essentially market rates. If they are looking to sell at any sort of premium then they likely need to hit delivery milestones. They could be in a situation where they have an offer like “if you can hit x committed revenue and y technical milestones then we’ll buy your shares at z premium.”

Anyways, the point is that until we see the agreement (knock on wood we do) then we really won’t be able to judge whether it could or should have been done sooner.