The investor update call said that Q3 would be possible, but...

The investor update call said that Q3 would be possible, but they are still hoping Q2 as they are making very good progress.

This is management's attempt to give us investors a more accurate time-frame as they are now getting closer to the pointy end... it could still come through in Q2.

Management can only give a best estimate, and are not intentially 'spruiking unrealistic expectations' as you suggest.

For them to be this far down the track and still unable to give a certain date on signing... shows that these negotiations are a little more complicated that you may think.

They have no benefit in overpromising and under delivering... but the nature of the industry and the parties they deal with make it inherently difficult to estimate when deals will be signed. If you can't accept that, then you really need to invest in a more predictable industry... because I don't see this changing a whole lot.

Out of interest, have you invested in mining companies? Notice how it is almost 'expected' that delays occur in that industry... yet management always seem to give a best estimate that is always too optimistic?