Ann: Extension of Closing Date and Updated Timetable, page-56

"That SAS only has around 5 million to spend on supplier and that is it. Surely 5 million would not be enough to build 16 pearls let alone launch. In my view, if the bank loan turns out to be nothing more than hot air then the company would need to do another CR, at around 1 cent or go into voluntary administration. Alternatively it could become a shell company like BUR did before it became SAS. Either way, I believe any of those events would happen by early 2020 at the latest."

I agree that this is the heart of the problem. SAS cannot self fund on a falling share price.

SAS have not signed up any NGO partners that could have "donated(pre-paid) for a future service that would benefit their cause" - examples such as social farming, water monitoring, disaster relief (UN,WTO).

SAS have not signed up a technology partner would invest early in SAS in-turn for exclusivity agreements in the hardware that is used on the ground.

SAS has not signed up a telco-partner that could invest early in order to be first to market (once again exclusivity) in new regions. (Maybe MTN will offer this).

Where are the government contracts that Irridium managed to secure before they re-listed on the NYSE.

All possibilities but SAS has not brought in a single contract like this yet.

....but if they can.....