Cruch time...., page-243

I'll take a quick stab in the dark. I initially believed that the key threshold would be dictated by an equity ratio of 2:1, however that assumption was clearly misguided as that has been and gone.

Possibility 1
RMS’s 254.60 million shares are non-voting (?!), leaving Tembo and 1832 AM with a combined 201.1 million shares (approx 18.5%) of the remaining 1.082 billion shares outstanding. It is possible that these parties are not interested in the discussions taking place at the board level.
Possibility 2
An agreement may have been reached that nothing short of a merger of equals will be acceptable. SL has been given the time to continue executing the strategy and if SPR eventually catches up to RMS, a deal may be struck.
Possibility 3
I am throwing dung at walls.

For reference
SPR fully diluted 1.337b
RMS 254.60m
Tembo 110.35m
1832 AM 90.78