It is an interesting point to be sure. Probably need someone with some contract law background to say how much room is available in the interpretation of the conditions.
Would it be possible the non binding agreements would qualify as investment agreements for the purpose of fulfilling the quoted requirement?
Could lilac be considered an investment partner that was triggered upon milestones that have increased their ownership share? They are contributing funding.
I don't think it's realistic to say the company has somehow waived its own conditions and paid out the performance rights, there must be something that has triggered it.
UKEF Site Visit, page-41
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