what do you think of this theory, page-7

I reckon that to understand the situation the key is just what the "overseas regulatory issues" are.
What can they be?
1.. The transfer of the funds from overseas to pay for the new issue? - Unless the funds are being transferred from a country that has foreign exchabge controls in place then the cross border transfer will not be the problem.
2.. Foreign government controls that restrict/regulate a companys ability to invest in the type of technology that SEN has developed. eg for national defence issues, etc. - Possible, but not likely.
3.. SEN is awaiting approval from a foregin government to buy into a company that has defence contracts in place. Hence the foreign government would need to conduct an indepth probity assessment of SEN. - Quite possible.
4.. SEN is involved in the establishment/listing of a new JV company on a foreign exchange. Most likely the London market, and involving the company to be formed following their sale of eCrypt back in June. Nothing further of SEN's investment in this venture has been announced to date, nothwithstanding back on 29 June the press release about the sale stated (in part)...

"InfoProtect has secured a binding commitment for the investment of £3,000,000 into InfoProtect to fund the working capital for the operations of the business. InfoProtect has also declared its intention to list on the Alternative Investment Market (AIM) in London, UK within three months of the fund raising."

My bet is the delay is related to the formation of this new company.