I always thought the deal was just a way to win votes at the AGM and buy some time to keep control. In the past three years, there's no record of Locke funding any litigation or other deals. Nigel needed an out from this endless extension mess, and asking for security was a smart move since we all know they don't have it.
In my opinion, the Locke story is over, and we'll probably hear about shareholders stepping up with funding in the next few weeks.
Just my two cents, but they need cash, and that seems like their only option.
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