Ann: Deferral of Intergen vendor payments and Appendix 3B, page-3

To provide some balance, negatives I can see:

1.) Company is running out of cash due to lower profits and that profits are largely paper based (accounting treatments, R&D offsets etc.) meaning less free cash flow.
2.) Banks not prepared to loan money to the company (and they must be close to breaching any loan covenants they have in place currently). Clearly, borrowing the money to pay Intergen at current interest rates would have been a more financially sound option.
3.) No CEO in his / her right mind would issues shares at a discount unless they really had to.

What is interesting is that Intergen must have exceeded the hurdles that were set. Given that the recent announcement was about disappointing results from that part of the business, were the performance criteria set too low?