One word - BREXIT.
It wouldn't surprise me at all if SMS finance team haven't even ventured out to Australia as per Paul's comments on 24/05/2016 with the pending turmoil in Europe.
The German's could bunker down with financing depending on the outcome this weekend.....more likely delays.
Further, a $1.5 million stake in TNG by SMS is nothing more than a token gesture, not a cornerstone. A $1.5 million investment loss to SMS is nothing so if finance falls over.
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