excusing the inexcusable, page-5

As I understand it the problem has been the major shareholders. The company wanted to raise the money and could have months ago even before the approval. The major shareholder wanted to wait until post approval and has since wanted to haggle over the structure of the funding. ACL has the money lined up and has had for months, they need the all clear from the major holders that is what is stalling it. PS knows they need to get it cleared this month.