Ann: Invictus Energy Entitlement Rights Offer Opens, page-367

Exactly the time taken looks deliberate...if IVZ can't raise the cash it requires via a farm in etc (which is a distinct possibility sans PPSA) then IVZ run out of money to complete their obligations as far as ZIM is concerned.
Zim are playing the Chinese game IMHO. Hold up the essentials that will propel IVZ forward and starve IVZ of cash by destroying their ability to attract a partner or investment. No money no fun. No money no more exploration. Tick Tock!
Buyout could be the only solution then...the BOD now has an acquisition expert in there.
Maybe SM isn't so silly after all he could be countering and such move from ZIM and at least creating a back door escape.
The drag on this issue is in itself a red flag flying high and flapping in the wind...the wind of change. No more news until when? RI going to succeed? Flow test result not until April. 2 billion shares counting oppies. 10c SP. What is to like?