Ann: AGM - Chairman address and CEO presentation, page-44

Yes, it's really all about relationships. If SPL and AZD can work together and grow in a way that is mutually beneficial, all well and good. But no company wants to pay through the nose for something they can get a lot cheaper - they have to be accountable to their own shareholders as well and justify the cost. And nobody wants to slap down big money to buy out a company, no matter how large the optionality, if the IP can easily be replicated by a competitor. So it's possible that they are testing the IP and slowing things down to consider all the options. At some point something is going to give, but the sooner SPL can get revenues through the door with their own products and grow a big cash pile the better!