Ann: Entitlement Issue Prospectus, page-186

They still will not have the funds. Otherwise they would have made this abundantly clear in the prospectus and in all likelihood would have attracted sophisticated investors. The problem is anything short of the full amount is irrelevant as the funding options have dried up. It's quite literally now or never.

The only hope would be a rescue package from the ESA. I would imagine a minimum requirement before this happens would be a successful raise of $15 million. However I don't see this CR raising anywhere near that without another source of funding to enable the first batch to be completed. The way I see it, this CR and a hypothetical grant are co-dependent on one another - ie neither will happen without the other, so I can't see either being successful.

This is of course ignoring the elephant in the room, which is SAS has no competitive or first mover advantage any more, and have no contracts or agreements of real, binding value in which to show a genuine business case to the ESA. It takes more than just being in the right industry.