Ann: Conclusion of discussions with Skip Capital and Stonepeak, page-18

“While funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved,” a Sun Cable spokesman said.

Sun Cable is backed by mining magnate Andrew Forrest and tech billionaire Mike Cannon-Brookes.Mr Cannon-Brookes is also the company’s chair. The Sun Cable spokesman said the voluntary administration process unlocked a path forward to access additional capital to continue developing the company’s signature Australia-Asia Powerlink (AAPowerlink) project."

TLDR: Twiggy and MCB have decided they would rather invest more money elsewhere. I would be genuinely interested to see what IRR these guys use as their benchmark.... same story obviously applies with Stonepeak Capital