IVZ Share Price, page-26037

I feel like SM has stated what happened. Maybe I just inferred it but below is my recollection of what he said:

• The plan was to raise enough funds to drill another well, flow test and shoot 3D seismic through a combination of the placement to sophisticated investors as well as the rights issue to existing shareholders.
• The rights issue failed, therefore, there were not enough funds to proceed with the planned work program
• As a result, Invictus needed to seek alternative financing routes and decided that a JV was needed to proceed with the work program because the company is no longer able to raise enough via the capital raises at a reasonable share price.
• The JV is dependent upon the PPSA so we are waiting on the PPSA to be signed before we can get funding via the JV.
• Therefore, once we get funding from the JV, we will embark on a continuous work program involving drilling at least 1 well, deepening and testing M-2, and shooting 3D seismic. This work program will last 18 to 24 months and will be funded via the JV farmout.

So the hold up is waiting on the PPSA to be signed, which has delayed everything by over a year. Would you agree that SM has communicated the above? If not, what items would you disagree with?